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"industrial diversification"
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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
Taking a break is for accomplishing a longer journey: hospitality industry in Macao under the COVID-19 pandemic
Purpose
This paper aims to analyze how a real-time COVID-19 pandemic is impacting Macao’s hospitality industry, and illustrates why lessons from COVID-19 are an opportunity for further development for the city.
Design/methodology/approach
This case study highlights local government and hospitality industry responses to a real-time crisis. Academic studies, media news and reports have been collected to illustrate why the Macao’s response to the COVID-19 pandemic could be taken as a city case study example. Previous crisis experience provided guidance to Macao’s success in this pandemic.
Findings
Macao has succeeded in managing the adverse effects of COVID-19, illustrating the coexistence of challenges and opportunities from experiencing the epidemic. With no COVID-19 cases in the city, cross-border tourism with China resumed in September. Macao is undeniably over reliant on the gambling industry to provide tax income and employment, creating an unbalanced industrial structure. However, the Chinese and Macao Governments, the hospitality industry and other stakeholders, have presented high levels of engagement, unity and rational courses of action during the pandemic. This paper examines Macao’s two orientations – intra and post-coronavirus – which are shown to be instrumental in the city’s future tourism development.
Practical implications
As the paper is Macao-specific, some generalization may not be applicable. The lessons and strategies proposed in the paper may only be theoretically and temporarily workable in this real-time situation. However, as COVID-19 will remain for some time globally, the efficacy of the findings justifies further ongoing analysis and application beyond Macao.
Originality/value
The case offers a first-hand analysis on the governance of Macao to negate the impacts of COVID-19, enabling a comprehensive review on the practices and policies that were effective during the virus outbreak. There is reference for researchers and practitioners in the public policy domain, and particularly in the area of crisis management and destination resilience. The result is worthy of future exploration on how the mechanism of centralized government facilitates risk management, and the rebuilding of a tourism economy in a crisis context, comparing this to other national systems.
Journal Article
Industrial Diversification, Entrepreneurship, and Urban Economic Resilience
Based on the relevant framework of evolutionary geography, this article explores the direct effect of industrial diversification on urban economic resilience and its indirect effect on urban economic resilience through entrepreneurial spirit. The research finds that during the period from 2018 to 2023, cities with a stronger degree of industrial diversification demonstrated stronger economic resilience in the face of external shocks. Industrial diversification can not only disperse the risks from external shocks, but more importantly, it can stimulate entrepreneurial spirit, thereby promoting innovation and transformation in industries and enhancing the economic resilience of cities.
Journal Article
Industrial diversification and family firm internationalization: the moderating effect of family governance structure
Despite extensive research on the internationalization of firms in emerging economies, why family firms under similar institutional conditions follow divergent global expansion paths remains poorly understood. This study examines how industrial diversification affects the scale and scope of internationalization in family firms and the moderating role of family governance structures. Using panel data from Chinese-listed manufacturing family firms from 2013 to 2020, we reveal that industrial diversification generally impedes both the scale and scope of internationalization. We address this research gap by proposing a novel theoretical distinction between “restrictive” and “broad” family governance structures. This distinction elucidates why family firms in similar institutional environments exhibit divergent internationalization paths, thereby bridging the gap in the literature on family firm strategy interactions. Specifically, we demonstrate that restrictive governance structures limit strategic flexibility and exacerbate the negative effect of diversification on internationalization, whereas broad governance structures mitigate this effect by enabling more adaptive strategic behavior. Furthermore, heterogeneity analysis further shows that the constraining effect is stronger in “natural” family firms. These findings advance our understanding of governance heterogeneity in family firms and offer practical strategic insights for family firms seeking to balance diversification and internationalization through governance reforms.
Journal Article
Corporate Diversification, Managerial Shareholding and Accrual-Based Earnings Management: Evidence from Nigeria
Previous studies hold that information asymmetry and offsetting accrual hypotheses explain the role of diversification in earnings management. Our paper adds to this line of research by examining the effect of corporate diversification on earnings management and investigating whether managerial shareholding matters in the relationship between diversification and earnings management in the context of an emerging economy. The study used a sample of 45 companies listed on the Nigerian Stock Exchange from 2008 to 2018 and the Generalized Least Square (GLS) regression technique. The results revealed that industrial and geographical diversification have significant positive effects on earnings management. The result also showed that managerial shareholding has a significant negative moderating effect on the relationship between industrial diversification and earnings management. These findings suggest the need for regulators to encourage managerial shareholding in diversified firms through share-based remuneration to have more reliable earnings.
Journal Article
IJV announcements and shareholder value creation: do industrial diversification and relatedness matter?
Purpose This study empirically examines how industrial diversification and partner business relatedness influence shareholder value, focusing on US multinational enterprises’ (MNEs) worldwide joint venture (JV) announcements, with particular emphasis on East Asian economies. Design/methodology/approach Drawing on theories from finance, strategic management and international business, we apply a standard event study methodology and employ three parametric and nonparametric tests (i.e. the Patell Z-test, the rank test and the generalized sign test) to assess the impact. We calculate abnormal returns (ARs) as the difference between actual and expected returns and average them across firms to obtain the average AR for each day in the [−10, +10] window, thereby capturing potential information leakage before JV announcement and delayed market reactions afterward (Brown and Warner, 1985; Fama, 1998). Findings We find robust evidence of a diversification premium, confirming that diversification through IJVs increases shareholder value for US partners and partnering with businesses in unrelated industries can amplify the value gains from diversification. Practical implications The findings suggest that IJVs can be a more effective entry mode than acquisitions or greenfield investments when MNEs expand into non-core business areas, offering strategic guidance for both investment mode choice and partner selection. Social implications Our findings have important implications for firms’ investment mode and partner selection decisions when they expand internationally. Originality/value To the best of our knowledge, this study is among the first to systematically investigate the combined effects of industrial diversification and partner business relatedness on shareholder value in the context of US firms undertaking IJV investments in East Asian economies.
Journal Article
Advantages of thermal industry cluster and application of particle swarm optimization model
This paper first analyzes that the waste heat before the flue gas of thermal power company enters the desulfurizationwer can be heated by the low pressure economizer, and then the heated condensate can be incorporated into the regenerative system, so as to recover the waste heat and improve the unit efficiency. In this paper, the possible lay-out scheme of the low pressure economizer in the thermal system is constructed firstly, and then the mathematical model of the equivalent enthalpy drop increment of the unit is established with the water partition coefficient as the independent variable. Particle swarm optimization and co-ordinate rotation are used to optimize the model, and the results show that particle swarm optimization is more effective in solving the problem. After the low pressure economizer is added to the unit, the heat consumption of the whole plant of the unit is reduced by 61.131, the unit efficiency is increased by 0.783%, and the coal consumption of the whole plant is reduced by 2.293. Finally, from the perspective of industrial agglomeration, industrial diversification and economic resilience, this paper analyzes the advantages of diversified agglomeration of thermal power companies.
Journal Article