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The effect of within-industry diversification on firm performance: synergy creation, multi-market contact and market structuration
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The effect of within-industry diversification on firm performance: synergy creation, multi-market contact and market structuration
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Journal Article
The effect of within-industry diversification on firm performance: synergy creation, multi-market contact and market structuration
2004
Overview
This paper examines the effect of diversification upon intra-industry performance. We propose that intra-industry diversification promises three sets of benefits, which, separately and in combination, provide firms with a competitive advantage: synergies arising from economies of scope; premiums from mutual forbearance enabled by multi-market competition; and efficiencies derived from market structuration. The additive and integrative effects of the first two have not been explored. The benefits of market structuration remain untheorized and thus untested. The test of our theoretical model in the Canadian general insurance industry indicates that mutual forbearance provides advantage under specified conditions, that market structuration also provides advantages, but that diversification per se does not.
Publisher
John Wiley & Sons, Ltd,John Wiley and Sons,Wiley Periodicals Inc
Subject
