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A Theory of Diversification

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5 the object (capital concentration), the linking verb (diversifying). As for the subject, I shall define the very large firms (VLFs). I will also provide such firms with an historical reference (Chandler 1997). With regard to the object I will show the significant merger waves of last century (Nelson 1959). As far as the linking verb is concerned, I will provide the diversification with three possible definitions (Gort 1962, Rumelt 1974, Salter 1979). The second part is concerned with the theory. It now comes in useful to show some methodological points. In line with a mathematical approach, in chapter 3 I will provide the theory with a list of landmarks (like for the postulates in Euclidean geometry) wherein the theory can be assessed. Then in chapter 4 I will divide the theory into two blocks, each of which is based on an assumption (as in the hypothesis). Therefore I shall show the reasoning (as in the demonstration) that leads to the desired conclusion (as in the thesis) 2 . Having looked at the methodology, we can continue the outlining of contents. In chapter 3 I will list six propositions that serve the purpose of giving a quick picture of the theory of VLFs (Leijonhufvud 1986, La Grassa 1996, Pagano and Rowthorn 1997). In chapter 4 I will discuss the softening of the budget constraint (Kornai 1986) and the increasing returns (Leijonhufvud 1995, Arrow, Ng, and Yang 1999, Heal 1999). The former shows that many ex-post incentives to diversification can be grouped into the rationale of relaxing the budget constraint. The latter concerns the ex-ante rationale for VLFs to diversify. Therefore I will show at once the robust connection that exists between geographical and conglomerate diversification and the evident link to the reality. Finally I will discuss a few Strategic Management issues concerning the role of the top management. In the conclusion I will highlight the results and I will point out eventual developments of related topics. In addition to the final references, I will also write those relevant to each chapter, given that each chapter refers to quite different literature. 2 Another methodological point is that I will not examine the internal life of VLFs in details because I am inclined to believe that managers, consultants, and Strategic Management theorists have much more to say about that than a candidate economist.

Anteprima della Tesi di Wladimiro Marcelli

Anteprima della tesi: A Theory of Diversification, Pagina 2

Tesi di Laurea

Facoltà: Economia

Autore: Wladimiro Marcelli Contatta »

Composta da 65 pagine.

 

Questa tesi ha raggiunto 955 click dal 20/03/2004.

 

Consultata integralmente una volta.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.