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1、StrategicManagementJournalStrat.Mgmt.J.,21:51±80(2000)PRODUCTANDINTERNATIONALDIVERSIFICATIONAMONGJAPANESEMULTINATIONALFIRMS12*31J.MICHAELGERINGER,STEPHENTALLMANandDAVIDM.OLSEN1CollegeofBusiness,CaliforniaPolytechnicStateUniversity,SanLuisObispo,California,U.S.
2、A.2SchoolofManagement,Cran®eldUniversity,Cran®eld,U.K.3DavidEcclesSchoolofBusiness,UniversityofUtah,SaltLakeCity,Utah,U.S.A.Thispaperexaminestherelationshipofperformancewithproductandinternationaldiversi®-cationonJapanesemultinational®rmsfrom1977to1993.Weshowt
3、herelationshipsbetweendiversi®cationandperformancechangeovertimethroughtheuseofmultipletimeperiodsandaccountingforkeiretsumembership.Resultsshowthatwhilediversitystrategiesvarybetweenkeiretsuandnon-keiretsu®rms,performanceisnotmuchdifferent.Acrosstimeperiods,p
4、erformancevariesconsiderably,butstrategiesarelessvariable.Productdiversityhasweakeffectson®rmperformanceonlyinonetimeperiod,whileinternationaldiversi®cationhasnegativeprofitabilityandpositivegrowthconsequencesininsomeperiods.Theseresultssuggest®rstthatdiversi®
5、cationstrategiesandtheireffectsonperformancevaryacrosstimeperiodsandgenerallyproducesomeunexpected®ndings.Wedonot®ndstronginteractivediversityeffects.CopyrightÓ2000JohnWiley&Sons,Ltd.INTRODUCTIONmarkets,whilesimultaneouslyreducingdiversi®-ablerisks(Kim,Hwang,a
6、ndBurgers,1993).TheAlargebodyofbusinessstrategyliteratureexam-resultsofextensiveempiricalanalysisofbothinestherelationshipsbetweenproductdiversi®-productandinternationaldiversi®cationeffectscationand/orinternationaldiversi®cationandonperformancearesomewhatcont
7、radictorybut®rmperformance.Fromaconceptualpointoftendtosupporttheseexpectations,asdiscussedview,increasinglevelsofdiversi®cationshouldbyHitt,Hoskisson,andKim(1997),Tallmanhavepositiveeffectsonperformanceduetoecon-andLi(1996),Datta,Rajagopalan,andRasheedomiesof
8、scopeandscale,marketpowereffects,(1991),Geringer,Beamish,anddaCosta(1989),riskreductioneffects,andlearningeffects.Grant,Jammine,andThomas(1988),andGrantRelatedproductdiversi®cation
