How capital structure influences diversification performance: A transaction cost perspective

Extant theories agree that debt should inhibit diversification but predict opposing performance consequences. While agency theory predicts that debt should lead to higher performance for diversifying firms, transaction cost economics (TCE) predicts that more debt will lead to lower performance for firms expanding into new markets. Our empirical tests on a large sample of Japanese firms support TCE by showing that firms accrue higher returns from leveraging their resources and capabilities into new markets when managers are shielded from the rigors of the market governance of debt, particularly bond debt. Furthermore, we find that the detrimental effects of debt are exacerbated for R&D intensive firms and that debt is not necessarily harmful to firms that are either contracting or managing a stable portfolio of markets. Copyright © 2013 John Wiley & Sons, Ltd.     

企业网络研究综述

现代企业网络研究呈现出多学科交叉、多角度切入的特点.文章对企业网络研究进行了脉络梳理,划分出企业网络研究的四个视角,即基于交易成本理论的资源配置方式,基于资源基础理论的企业战略选择,基于社会网络理论的企业生存方式以及基于多理论整合的价值创造和实现机制.在整理和综述的基础上分析了现有研究存在的问题,并对未来研究进行了展望.