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Product diversification and stability of employment and sales: first evidence from German manufacturing firms

  • Nils Braakmann
  • Joachim Wagner

In this study, we use a unique rich newly built data set for German manufacturing enterprises to investigate the relationship between product diversification and the stability of sales and employment. We find that contrary to portfolio theoretic considerations, more diversified firms exhibit a higher variability of sales and employment. However, the effects are negligibly small from an economics point of view.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036841003742629
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Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 43 (2011)
Issue (Month): 27 ()
Pages: 3977-3985

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Handle: RePEc:taf:applec:v:43:y:2011:i:27:p:3977-3985
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  1. Hirsch, Seev & Lev, Baruch, 1971. "Sales Stabilization Through Export Diversification," The Review of Economics and Statistics, MIT Press, vol. 53(3), pages 270-77, August.
  2. Martin Gornig & Bernd Görzig, 2007. "Verstärkte Spezialisierung deutscher Unternehmen," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 74(20), pages 333-335.
  3. Ernest H. Hall Jr., 1995. "Corporate Diversification and Perfor Mance: An Investigation of Causality," Australian Journal of Management, Australian School of Business, vol. 20(1), pages 25-42, June.
  4. Bernd Görzig & Martin Gornig & Ramona Pohl, 2007. "Spezialisierung und Unternehmenserfolg im verarbeitenden Gewerbe Deutschlands," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 76(3), pages 43-58.
  5. Nils Braakmann & Joachim Wagner, 2009. "Product Differentiation and Profitability in German Manufacturing Firms," Working Paper Series in Economics 115, University of Lüneburg, Institute of Economics.
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