麦肯锡为500强企业做的咨询报告3.pdf

《麦肯锡为500强企业做的咨询报告3.pdf》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、DIVERSIFICATIONSTRATEGYANDFINANCIALPERFORMANCE:ANEMPIRICALSTUDYOFJAPAN’STEXTILEINDUSTRYASLIM.COLPANANDTAKASHIHIKINOª(KyotoUniversity,InstituteofEconomicResearch,andªKyotoUniversity,GraduateSchoolofEconomicsandtheUniversityofTokyo,InstituteofSocialScience)DIVERSIFICATIONSTRATEGYANDFINANCIAL

2、PERFORMANCE:ANEMPIRICALSTUDYOFJAPAN’STEXTILEINDUSTRYAbstractIntheadversarialmarketenvironmentthatJapanesetextileindustryhaslongfaced,thetopmanagementofthelargesttextileenterpriseshasadoptedthekeystrategyofdiversificationintonewproductmarkets.WeexaminehowtheproductdiversificationofJapaneset

3、extilefirmsaffectedtheirfinancialperformancesfrom1979to2002.Wefindthatthedissimilarbusinessmodelsthatthemanagementadoptedintermsofdiversificationyieldedcontrastingperformances.Theresultsalsosuggestthattheeffectsofdiversificationstrategiesvariedoverdifferenttimeperiods.Ultimately,whentheent

4、erprisesattempteddiversifyingtheirproductandbusinessportfolios,itwasnotthecapabilityinvestmentsinmarketingorfinancefunctionsthatwouldnurturesustainablecompetitiveadvantages.Onlythemanagement’scommitmenttothedistinctivecapabilitiesintechnologyensuredthefirms’continuousgrowthandprofitability

5、IntroductionDiversificationhasbeentheprimarystrategicmeasureforeconomicadjustmentsemployedbythelargeenterprisesinJapan’smaturedtextileindustry,eversinceforthemacro-andmicro-economicreasonstheenterprisesstartedexperiencingthechronicandstructuraltroublesinthe1970s.Thispaperexaminestheeffecti

6、venessintermsoffinancialoutcomesofproductdiversificationstrategiesthattheJapanesetextilefirmshavefollowedsincethelate1970s.Asthesampleofthelargestcompaniesincludesthosewithdifferentoriginsandevolutionarypatterns,thetextileindustryofJapanisanappropriategroundtotestthelong-termeffectivenesso

7、fvariouselementsandtypesofresourcesandcapabilitiesthattheenterprisesutilizedfordiversificationmeasures.1Withafewexceptions(Kodama,1995,DeliosandBeamish,1999,GembaandKodama,2001)theempiricalanalysesofrecentdiversificationmeasuresadoptedbytheJapanesefirmshavebee