本国的环境中，公司多元化战略与企业绩效外文翻译.doc

外文翻译 原文 Home Country Environments ,Corporate Diversification Strategies and Firm Performance Material Source: Academy of Management Journal Author: William P. Wan、Robert E. Hoskisson Research on corporate diversification has made significant contribution to the field of strategic management in the past decades (HoskissonHitt,1990). With few exceptions,however, most prior studies have assumed away the country environmental differences in which the diversification strategies are adopted. In product diver- sification research, recent theories and empirical studies are mostly grounded in the corporate refocusing, or downscoping, experiences of the United States in the past two decades (HoskissonHitt,1994). However, there is evidence that even firms in the United States might have benefited from unrelated diversification in the 1960s when conglomerates enjoyed efficient internal capital markets in the absence of a m- atured external capital market (HubbardPalia,1999).Such benefits began to dim- inish in the 1970s along with economic and regulatory improvements in the1970s an d 1980s (Markides,1992). Contextual differences become even more salient when we attempt to apply extant theories and findings across countries. For example, dive- rsified business conglomerates have dominated many economies throughout the wo- rld (KhannaPalepu,1997), while in the United States they have decreased as a si- gnificant form. As such, our knowledge about the product diversification strategies pursued by firms in other countries is limited. More recently, the topic of international diversification has also captured the atention of corporate diversification researchers (e.g.,Hitt,Hoskisson,Kim, 1997;TallmanLi,1996).Despite its significant contribution, this line of research likewise has its theoretical and empirical focus predominantly centered on firms located in a few countries, mainly the United States or Japan, and seldom examined firms locate -d in other countries (TallmanShenkar,1