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Conglomerates revisited

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  • Jeffrey R. Williams
  • Betty Lynn Paez
  • Leonard Sanders

Abstract

Recent studies of corporate restructuring have arrived at conclusions that are contradictory when applied to conglomerates. Studies, often based only on manufacturing firms, argue for and against the benefits of conglomerate diversification. This paper reviews the more recent developments in this literature. We then construct a comprehensive sample of conglomerates that allows us to examine changes in conglomerate behavior over the period 1975–84 as manifested in acquisition and divestiture decisions. Our results suggest that conglomerate managers are reducing the complexity of the conglomerate enterprise by decreasing the average number of businesses managed, and by increasing the degree of business‐relatedness within the conglomerate enterprise.

Suggested Citation

  • Jeffrey R. Williams & Betty Lynn Paez & Leonard Sanders, 1988. "Conglomerates revisited," Strategic Management Journal, Wiley Blackwell, vol. 9(5), pages 403-414, September.
    • Handle: RePEc:bla:stratm:v:9:y:1988:i:5:p:403-414
    DOI: 10.1002/smj.4250090502
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    Cited by:

    1. Adrian Lüthge, 2020. "The concept of relatedness in diversification research: review and synthesis," Review of Managerial Science, Springer, vol. 14(1), pages 1-35, February.
    2. Erl, Ludwig & Kiesel, Florian & Koenigsmarck, Markus & Schiereck, Dirk, 2023. "Performance effects of sell-offs and the role of sell-off experience," The Quarterly Review of Economics and Finance, Elsevier, vol. 88(C), pages 244-257.

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