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"Diversification"
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A Study on the Impact of Multinational Innovation on Export Diversification of Chinese Enterprises
Against the backdrop of the accelerated evolution of the new industrial revolution, the global flow of innovation factors has accelerated, and innovation activities have increasingly broken through geographical restrictions, exhibiting deeply globalized characteristics. This paper employs a cross-country panel data-set for the period 2009-2015 based on the Chinese listed enterprises and multiple sources such as the CEPII database, and constructs a multiple fixed-effects model to conduct benchmark regression and heterogeneity analyses. To ensure the convinced regression results, this paper further applies three robustness methods for testing. It is found that, firstly, multinational innovation as a whole significantly increases the level of export diversification of enterprises, and this finding passes the robustness test. Among them, the promotion effect of foreign patent applications in China on export diversification is significantly stronger than that of Chinese overseas patent applications. Secondly, the heterogeneity analysis based on the level of national economic development shows that patent layout and technology introduction for high-income countries have a more significant effect on export product diversification, while the effect of low-income countries is relatively limited.
Journal Article
The experience economy : competing for customer time, attention, and money
\"Twenty years ago, this seminal book on experience innovation by Joseph Pine and James Gilmore explored how savvy companies excel by offering compelling experiences for customers--resulting not only in customer allegiance but also in a more profitable bottom line. Translated into more than fifteen languages, The Experience Economy has become a must-read for leaders of enterprises large and small, for-profit and nonprofit, global and local. In a brand-new preface, Pine and Gilmore make an even stronger case for experiences as the critical link between a company and its potential audience. The authors take this enduring idea and broaden its application to the demands of today's increasingly distractible, time-starved world. Experiences and transformations are the basis for future business growth and prosperity, and The Experience Economy offers the script from which managers can continue to generate value in ways that are aligned with a strong customer-centric strategy\"-- Provided by publisher.
Book
Les chiffres clés de la Veille économique mutualisée (VEM) de la filière forêt-bois
La filière forêt-bois s'est dotée d'un outil inédit regroupant toutes les données existantes qui permet de produire les chiffres clés de la filière. Ainsi, en 2022 la production en valeur de l'ensemble de la filière forêtbois a atteint 76,6 Mds€. La valeur ajoutée s'est élevée à 24 Mds€ en hausse par rapport à 2021 de 4 % principalement portée par le bois énergie et l'amont forestier. L'augmentation de la valeur ajoutée de la filière est plus rapide que celle de l'économie française. Le nombre d'ETP s'établit désormais à un peu plus de 417 000 en 2022. La filière forêt-bois représente ainsi 12,9 % de l'emploi des filières à base industrielle. Le solde du commerce extérieur de la filière bois s'établit à – 11 Mds€ en 2022, en dégradation de 24 % par rapport à l'année 2021 (à un rythme moins rapide que le déficit commercial de l'économie française). Cela s'explique par une très forte demande, notamment dans la construction et la rénovation et les besoins de diversification énergétique dans le contexte de fortes hausses des prix. Avec un taux de couverture de la demande par l'offre nationale de 55 % et un faible taux d'exportation (30 %), la filière forêt-bois française se caractérise par son orientation vers le marché intérieur. Les différents produits de la filière sont réalisés avec une part importante de bois provenant de ressources françaises, avec des retombées socio-économiques associées : réduction des émissions de carbone, emplois et valeur ajoutée créés dans les territoires...
Journal Article
Opportunity costs and non-scale free capabilities: profit maximization, corporate scope, and profit margins
The resource-based view on firm diversification, subsequent to Penrose (1959), has focused primarily on the fungibility of resources across domains. We make a clear analytical distinction between scale free capabilities and those that are subject to opportunity costs and must be allocated to one use or another, thereby shifting the discourse back to Penrose's (1959) original argument regarding the stock of organizational capabilities. The existence of resources and capabilities that must be allocated across alternative uses implies that profit-maximizing diversification decisions should be based upon the opportunity cost of their use in one domain or another. This opportunity cost logic provides a rational explanation for the divergence between total profits and profit margins. Firms make profit-maximizing decisions to increase total profit via diversification when the industries in which they are currently competing become relatively mature. Due to the spreading of these capabilities across more segments, we may observe that firms' profit-maximizing diversification actions lead to total profit growth but lower average returns. The model provides an alternative explanation for empirical observations regarding the diversification discount. The self-selection effect noted in recent work in corporate finance may not be indicative of inferior capabilities of diversifying firms but of the limited opportunity contexts in which these firms are operating.
Journal Article
Within-industry diversification and firm performance-an S-shaped hypothesis
This study shows that the interplay between \"adjustment costs\", \"coordination costs\" and within-industry diversification benefits, results in an S-shaped relationship between within-industry diversification and firm performance. At low levels ofwithin-industry diversification, coordination costs are negligible but \"adjustment costs\" are higher than the synergy benefits of a limited product scope, hence leading to negative performance outcomes. At moderate levels of within-industry diversification synergies between related product categories substantially increase and outweigh the rise in adjustment and coordination costs, resulting in positive performance outcomes. Yet, extensive within-industry diversification gives rise to considerable coordination costs, which, coupled with adjustment costs, outweigh synergy effects and hamper performance. The study further shows that a greater change rate ofwithin-industry diversification results in negative performance outcomes.
Journal Article
The Oxford handbook of spatial diversity and business economics
'The Oxford Handbook of Spatial Diversity and Business Economics' provides academics, researchers, and advanced students in various disciplines - such as business, economics, and geography - with an overview of the role of diversity in modern advanced economies.
BOOK
Industrial Diversification in Europe: The Differentiated Role of Relatedness
There is increasing interest in the drivers of industrial diversification, and how these depend on economic and industry structures. This article contributes to this line of inquiry by analyzing the role of industry relatedness in explaining variations in industry diversification, measured as the entry of new industry specializations, across 173 European regions during the period 2004-2012. First, we show that there are significant differences across regions in Europe in terms of industrial diversification. Second, we provide robust evidence showing that the probability that a new industry specialization develops in a region is positively associated with the new industry's relatedness to the region's current industries. Third, a novel finding is that the influence of relatedness on the probability of new industrial specializations depends on innovation capacity of a region. We find that relatedness is a more important driver of diversification in regions with a weaker innovation capacity. The effect of relatedness appears to decrease monotonically as the innovation capacity of a regional economy increases. This is consistent with the argument that high innovation capacity allows an economy to break from its past and to develop, for the economy, truly new industry specializations. We infer from this that innovation capacity is a critical factor for economic resilience and diversification capacity.
Journal Article