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1、外文翻译原文HomeCountryEnvironments,CorporateDiversificationStrategiesandFirmPerformanceMaterialSource:AcademyofManagementJournalAuthor:WilliamP.Wan、RobertE.HoskissonResearchoncorporatediversificationhasmadesignificantcontributiontothef-ieldofstrategicmana
2、gementinthepastdecades(Hoskisson&Hitt,1990).Withfewexceptions,however,mostpriorstudieshaveassumedawaythecountryenvironmentaldifferencesinwhichthediversificationstrategiesareadopted.Inproductdiver-sificationresearch,recenttheoriesandempiricalstudiesar
3、emostlygroundedinthecorporaterefocusing,ordownscoping,experiencesoftheUnitedStatesinthepasttwodecades(Hoskisson&Hitt,1994).However,thereisevidencethatevenfirmsintheUnitedStatesmighthavebenefitedfromunrelateddiversificationinthe1960swhenconglomeratese
4、njoyedefficientinternalcapitalmarketsintheabsenceofam-aturedexternalcapitalmarket(Hubbard&Palia,1999).Suchbenefitsbegantodim-inishinthe1970salongwitheconomicandregulatoryimprovementsinthe1970sand1980s(Markides,1992).Contextualdifferencesbecomeevenmor
5、esalientwhenweattempttoapplyextanttheoriesandfindingsacrosscountries.Forexample,dive-rsifiedbusinessconglomerateshavedominatedmanyeconomiesthroughoutthewo-rld(Khanna&Palepu,1997),whileintheUnitedStatestheyhavedecreasedasasi-gnificantform.Assuch,ourkn
6、owledgeabouttheproductdiversificationstrategiespursuedbyfirmsinothercountriesislimited.Morerecently,thetopicofinternationaldiversificationhasalsocapturedtheatentionofcorporatediversificationresearchers(e.g.,Hitt,Hoskisson,&Kim,1997;Tallman&Li,1996).D
7、espiteitssignificantcontribution,thislineofresearchlikewisehasitstheoreticalandempiricalfocuspredominantlycenteredonfirmslocatedinafewcountries,mainlytheUnitedStatesorJapan,andseldomexaminedfirmslocate-dinothercountries(Tallman&Shenkar,1990).Although
8、extantresearchhasgenerallysupportedapositiverelationshipbetweeninternationaldiversificationandperformance(e.g.,Geringer,Beamish,&daCosta,1989;Hittetal.,1997),theapplicabilityofsuchtheoreticalargumentsandfindingsacrosscountrieshasyettobeadequatelyexam
