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The Relationship among Slack Resources, Diversification and Performance
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|摘要:||Whether diversification strategy can bring extra benefits for a company has been an issue for several years. However, these empirical studies produced inconsistent results. Previous researchers either explore the positive、negative or non-linear relationship between diversification and performance, but also the research about moderating effect between the two variables and the antecedent of diversification. Nevertheless, these studies could only partially explain inconsistent result, and often ignore the relationship between diversification and slack capability. Besides, the different direction of diversification and performance relationship didn’t have the clear results. Therefore, this study attempts to reveal the perspective in organization slack and diversification. The process of choosing the diversification strategy, they often use the slack resources as the buffer to react the opportunities in the market. For these reasons, the main subject of this study is whether the slack resources the firm owned influence the type of diversification they should decide. And the performance of the diversified firm to related or unrelated.
Empirical samples were taken from 1997 to 2007 database of electronic public companies in Taiwan. Through Hausman test, we choose the regression model of fixed effect to confirm the research hypothesis. The result implies that diversification are linked to slack resources, included recoverable slack is preferred to associate with related diversification strategy and potential slack to unrelated diversification. Besides, the relatedness of diversification are positive related with performance and the related diversification also exist inverted-U curve relationship. Therefore, we make up the gap among slack resources and diversification, and hence provide a various dimension of research for future scholars in the field of strategy management of diversification. We suggest the electronic public companies in Taiwan place the importance on the environment that more cautious the companies have to enforce the diversification strategy.|
多角化策略是否帶來企業效益？學術界長期以來爭論不休，然而這些實證研究結果卻產生了許多不一致的現象。許多研究深入探討多角化與廠商績效間可能的線性與非線性關係，並進一步瞭解兩者之間可能存在之調節現象與前置因素，這些議題大多忽略了多角化與剩餘能力配置的關係。此外，對於不同產品的多角化方向與績效亦未有定論。因此本研究從多角化策略相關性與組織餘裕類別的角度，探討兩者間的可能關係；企業在選擇多角化階段中，常試圖以組織餘裕做為策略的緩衝，並利用這些餘裕基礎進一步地回應市場機會，投入相關或非相關產品。是故，本研究探討兩個主要議題分為(1) 廠商擁有何種資源餘裕時，應執行的多角化策略型態；(2) 多角化方向的相關性與績效表現的關聯。 在資料分析上，本研究利用1997 年至2007 年台灣地區電子企業已上市公司的樣本進行分析。實證結果顯示多角化策略與餘裕資源有相關聯性，可回復組織餘裕傾向用於相關多角化策略，而非相關多角化策略與潛在組織餘裕相契合。此外，多角化的相關性皆與績效有正向關係且相關多角化與績效有曲線關係。本研究以餘裕資源觀點提供多角化策略管理多元的解釋方向。
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