IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Zur Notwendigkeit des Corporate Portfolio Management: Eine Würdigung der wissenschaftlichen Forschung der letzten vier Jahrzehnte

Listed author(s):
  • Nippa, Michael
Registered author(s):

    Obwohl wenige große Unternehmen Ein-Produkt Organisationen sind, widmet die wissenschaftliche Forschung dem Management von Mehr-Produkt Portfolien erstaunlich wenig Aufmerksamkeit. Trotz einer Vielzahl von Arbeiten im Umfeld der Diversifikations- und M&A-Forschung wird dem Corporate Portfolio Management (CPM) und CPM Instrumenten seit den 1980er Jahren kaum Beachtung geschenkt, wie unsere kritische Bestandsaufnahme der einschlägigen Veröffentlichungen im strategischen Management und verwandten Disziplinen offenbart. Es stellt sich die Frage: Warum ist das so? Wir untersuchen zwei Gründe für eine solche Geringschätzung - der begründete Verdacht einer ökonomischen Unterlegenheit der Unternehmensdiversifikation sowie die mögliche Unangemessenheit von CPM Instrumenten - und skizzieren eine Reihe von Anregungen im Hinblick auf praktische Implikationen und zukünftige Forschungsaktivitäten.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Paper provided by TU Bergakademie Freiberg, Faculty of Economics and Business Administration in its series Freiberg Working Papers with number 2011,02.

    in new window

    Date of creation: 2011
    Handle: RePEc:zbw:tufwps:201102
    Contact details of provider: Postal:
    Lessingstraße 45, 09596 Freiberg/ Sn

    Phone: 0049/3731/39-2049
    Fax: 0049/3731/39-4389
    Web page:

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    in new window

    1. Shleifer, Andrei & Vishny, Robert W., 1991. "Takeovers in the '60s and the '80s: Evidence and Implications," Scholarly Articles 10498058, Harvard University Department of Economics.
    2. Timothy M. Devinney & David W. Stewart, 1988. "Rethinking the Product Portfolio: A Generalized Investment Model," Management Science, INFORMS, vol. 34(9), pages 1080-1095, September.
    3. Evgeny Lyandres, 2007. "Strategic Cost of Diversification," Review of Financial Studies, Society for Financial Studies, vol. 20(6), pages 1901-1940, November.
    4. William F. Sharpe, 1963. "A Simplified Model for Portfolio Analysis," Management Science, INFORMS, vol. 9(2), pages 277-293, January.
    5. Vojislav Maksimovic & Gordon Phillips, 2002. "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," Journal of Finance, American Finance Association, vol. 57(2), pages 721-767, 04.
    6. JS Armstrong & Roderick J. Brodie, 2004. "Portfolio Planning Methods: Faulty Approach or Faulty Research? A Rejoinder to 'Making Better Decisions' by Wensley," General Economics and Teaching 0412017, EconWPA.
    7. Raghuram Rajan & Henri Servaes & Luigi Zingales, 2000. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," Journal of Finance, American Finance Association, vol. 55(1), pages 35-80, 02.
    8. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. " Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, vol. 52(1), pages 135-160, March.
    9. Joao Gomes & Dmitry Livdan, 2004. "Optimal Diversification: Reconciling Theory and Evidence," Journal of Finance, American Finance Association, vol. 59(2), pages 507-535, 04.
    10. Tomas Jandik & Anil K. Makhija, 2005. "Can Diversification Create Value? Evidence from the Electric Utility Industry," Financial Management, Financial Management Association, vol. 34(1), Spring.
    11. David J. Denis & Diane K. Denis & Keven Yost, 2002. "Global Diversification, Industrial Diversification, and Firm Value," Journal of Finance, American Finance Association, vol. 57(5), pages 1951-1979, October.
    12. Belén Villalonga, 2004. "Diversification Discount or Premium? New Evidence from the Business Information Tracking Series," Journal of Finance, American Finance Association, vol. 59(2), pages 479-506, 04.
    13. Kesten C. Green & J. Scott Armstrong, 2005. "Competitor-oriented Objectives: The Myth of Market Share," Monash Econometrics and Business Statistics Working Papers 17/05, Monash University, Department of Econometrics and Business Statistics.
    14. An Yan, 2006. "Value of Conglomerates and Capital Market Conditions," Financial Management, Financial Management Association International, vol. 35(4), pages 5-30, December.
    15. Sattar A. Mansi & David M. Reeb, 2002. "Corporate Diversification: What Gets Discounted?," Journal of Finance, American Finance Association, vol. 57(5), pages 2167-2183, October.
    16. Antoinette Schoar, 2002. "Effects of Corporate Diversification on Productivity," Journal of Finance, American Finance Association, vol. 57(6), pages 2379-2403, December.
    17. Ike Mathur & Manohar Singh & Kimberly C. Gleason, 2004. "Multinational Diversification and Corporate Performance: Evidence from European Firms," European Financial Management, European Financial Management Association, vol. 10(3), pages 439-464.
    18. Jose Manuel Campa & Simi Kedia, 2002. "Explaining the Diversification Discount," Journal of Finance, American Finance Association, vol. 57(4), pages 1731-1762, 08.
    19. Juan Santalo & Manuel Becerra, 2008. "Competition from Specialized Firms and the Diversification-Performance Linkage," Journal of Finance, American Finance Association, vol. 63(2), pages 851-883, 04.
    20. Hiroyuki Itami & Tadao Kagono & Hideki Yoshihara & Akimitsu Sakuma, 1982. "Diversification Strategies and Economic Performance," Japanese Economy, M.E. Sharpe, Inc., vol. 11(1), pages 78-106, October.
    21. Servaes, Henri, 1996. " The Value of Diversification during the Conglomerate Merger Wave," Journal of Finance, American Finance Association, vol. 51(4), pages 1201-1225, September.
    22. Ronald W. Best & Charles W. Hodges & Bing-Xuan Lin, 2004. "Does Information Asymmetry Explain The Diversification Discount?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 27(2), pages 235-249.
    23. Ulrich Pidun & Harald Rubner & Matthias Krühler & Robert Untiedt & Michael Nippa, 2011. "Corporate Portfolio Management: Theory and Practice," Journal of Applied Corporate Finance, Morgan Stanley, vol. 23(1), pages 63-76, 01.
    24. JS Armstrong & Roderick J. Brodie, 2004. "Effects of Portfolio Planning Methods on Decision Making: Experimental Results," General Economics and Teaching 0412016, EconWPA.
    25. An Yan, 2006. "Value of Conglomerates and Capital Market Conditions," Financial Management, Financial Management Association, vol. 35(4), Winter.
    26. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:zbw:tufwps:201102. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.