CORPORATE DIVERSIFICATION REVISITED: The Political–Legal Environment,the Multilayer‐Subsidiary Form,and Mergers and Acquisitions

This article examines causes of product‐line diversification in the largest 200 U.S. corporations between 1986 and 1996. The analysis shows that some corporations decreased their level of diversification. However, in contrast with previous studies, other corporations became more diversified. Change in the number of first‐level subsidiaries and the value of mergers and acquisitions influenced corporate diversification. In contrast with the multidivisional form, the organizational characteristics of the multilayer‐subsidiary form give management greater capacity to socialize capital, pursue mergers and acquisitions, and manage a large and diversified corporation. This multilayer‐subsidiary form limits the managerial problem of bounded rationality by organizing product lines and product groups in legally independent subsidiary corporations that are embedded in their respective markets.     

Reference citations in B. F. Skinner’s Verbal Behavior

The Analysis of Verbal Behavior -     

ABSTRACTS

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Abstracts

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A Bayesian view of assessing uncertainty and comparing expert opinion

A Bayesian approach to the problem of comparing experts or expert systems is presented. The question of who is an expert is considered and comparisons among well-calibrated experts are studied. The concept of refinement, in various equivalent forms, is used in this study. An informative example of the combination of the opinions of well-calibrated experts is described. Total orderings of the class of well-calibrated experts are derived from strictly proper scoring rules.     

Technical Uncertainty in Quantitative Policy Analysis — A Sulfur Air Pollution Example

Expert judgments expressed as subjective probability distributions provide an appropriate means of incorporating technical uncertainty in some quantitative policy studies. Judgments and distributions obtained from several experts allow one to explore the extent to which the conclusions reached in such a study depend on which expert one talks to. For the case of sulfur air pollution from coal-fired power plants, estimates of sulfur mass balance as a function of plume flight time are shown to vary little across the range of opinions of leading atmospheric scientists while estimates of possible health impacts are shown to vary widely across the range of opinions of leading scientists in air pollution health effects.     

Managers' attitudes about firm responsibilities

A mail survey was conducted in order to investigate whether the importance a manager attaches to corporate ethical and legal responsibilities varies according to personality characteristics, demographic variables, or the perceived moral climates in the manager's firm. Respondents were middle- and lower-level managers in 112 for-profit businesses located throughout the United States. As expected, attitudes about corporate ethical responsibility were significantly related to (1) the individual's capacity for empathy and (2) a perceived caring climate in the firm; attitudes about corporate legal responsibility were significantly related to (1) the individual's hierarchical position and (2) an organizational climate perceived to be supportive of law.Data collection for this research was subsidized by the Old Dominion University Research Foundation and the ODU College of Business and Public Administration Bureau of Research.