META-ANALYTIC EVIDENCE ON THE RELATIONSHIP BETWEEN PRODUCT DIVERSIFICATION STRATEGIES AND FINANCIAL PERFORMANCE

Auf Basis meta-analytischer Integration von 82,742 empirischen Befunden aus 104 publizierten Studien testen wir die weitverbreitete Theorie, dass Produktdiversifikationsstrategien den finanziellen Erfolg von Unternehmen beeinflussen. Wir unterscheiden dabei explizit Korrelationen, die lediglich eine Assoziation suggerieren, von Korrelationen, die es erlauben, auf Kausalität zu schließen. Unsere Ergebnisse zeigen, dass die Sequenz der Variablenmessung sowie die Multidimensionalität der Variablenkonstrukte empirisch beobachtete Zusammenhänge zwischen Diversifikationsstrategien und Erfolg stark beeinflussen. Unter anderem zeigt die Analyse, dass verwandte und unverwandte Diversifikation lediglich mit simultan gemessenem- und nicht mit zeitlich verzögertem bilanz- und markt-basiertem Unternehmenserfolg signifikant korrelieren. Vor diesem Hintergrund stellt diese Studie vormalige metaanalytische Ergebnisse sowie Teile der vorherrschenden Theorie zu Erfolgseffekten von Diversifikationsstrategien in Frage. Des weiteren bietet unsere Studie wichtige Hinweise für das Design der Mess-Strategien zukünftiger Forschung in diesem Themenkreis.Corporate Strategy, Financial Performance, Meta-Analysis, Product Diversification

China’s Dual State Revival Under Xi Jinping

Under President Xi Jinping, China has undergone autocratic reclosure. Drawing on Fraenkel’s 1940 analysis of Germany’s then dictatorship as a duality of coexisting normative and prerogative modes of governance established to normalize ‘emergency’ exemptions from legality, this Article argues that this process can be understood as a Dual State revival at a point in time when rule of law corroded in liberal-democratic systems with more robust legal institutions and protections

Waste No Land: Property, Dignity and Growth in Urbanizing China

The Chinese state does not allow rural collectives to sell land, but takes land from them and makes it available on the urban property market. While rural land rights are thus easily obliterated, the newly created urban rights in what used to be rural land enjoy legal protection. The state justifies these land takings by the need for urbanization and economic growth. The takings have resulted in an impressive contribution of the construction and property sector to state revenue and GDP growth, but also in unfairness toward peasants evicted from their land and homes. The example discussed here shows that certain economic theories of property rights are consistent with discrimination and should therefore be rejected. A further conclusion is that we must reconsider the claim that property rights are desirable because they serve economic growth. The discussion here contributes to an understanding of property in terms of dignity, rather than wealth

Waste No Land: Property, Dignity and Growth in Urbanizing China

The Chinese state does not allow rural collectives to sell land, but takes land from them and makes it available on the urban property market. While rural land rights are thus easily obliterated, the newly created urban rights in what used to be rural land enjoy legal protection. The state justifies these land takings by the need for urbanization and economic growth. The takings have resulted in an impressive contribution of the construction and property sector to state revenue and GDP growth, but also in unfairness toward peasants evicted from their land and homes. The example discussed here shows that certain economic theories of property rights are consistent with discrimination and should therefore be rejected. A further conclusion is that we must reconsider the claim that property rights are desirable because they serve economic growth. The discussion here contributes to an understanding of property in terms of dignity, rather than wealth