Veiklos ir geografinės diversifikacijos rūšių sąryšis bei įtaka įmonių veiklos efektyvumui
Abstract
Įmonių veiklos diversifikacija dažnai nagrinėjama ir analizuojama užsienio šalių mokslininkų veikaluose. Tyrimai parodė, jog pati veiklos diversifikacija ne visuomet yra geriausias pasirinkimas ir, palyginti su specializuotomis įmonėmis, neigiamai veikia veiklos efektyvumo rodiklius. Tačiau priėjus prie neigiamos išvados pamirštama kita diversifikacijos forma – geografinė diversifikacija, reiškianti išėjimą už nacionalinės rinkos ribų. Šiame straipsnyje nagrinėjamas ryšys tarp Lietuvos įmonių veiklos efektyvumo ir veiklos diversifikacijos, rezultatus vizualizuojant priklausomybės grafiku. Taip pat pateikiamas veiklos ir geografinės diversifikacijos sąryšio bei santykio su specializacija tyrimas. Since the 1980’s there has been substantial interest by the academic and business communities in the relation between firm value and corporate diversification. Most research on this subject has focused on the negative impact on firm value of diversification across different lines of business (industrial diversification). Recent studies have demonstrated that, on average, industrially diversified firms are more than 10 percent less valuable than combinations of comparable single industry. However, in addition to diversifying across the lines of business, firms can also diversify their activities across national markets (gographic diversification). In contrast to the negative value impact of industrial diversification, the majority of the theoretical predictions for geographic diversification suggest it should have a positive value impact on the firm. This paper covers the description of diversification forms and research results of industrial diversification impact of financial efficiency for Lithuanian diversified firms. In this paper we also estimate the average value impact of geografical and industrial diversification in a framework where we simultaneously control both forms of diversification. In this paper value differences across diversification choices for both an excess market value of equity-to-sales ratio and assets-to-book value of assets ratio are compared. This shows that geographic diversification is associated with significant increases in both value measures, while industrial diversification is associated with significant reductions.