• Korean Journal of Construction Engineering and Management
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• v.6 no.5 s.27
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• pp.128-138
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• 2005

The success of mergers and acquisitions(M&A) have been evaluated by either measuring ex ante expectations for the specified time period(Window) or assessing long term-based post operating performance (ex post operating performance). In this study, utilizing cumulative abnormal return(CAR) method, M&As which are observed in both domestic and U.S. construction industries were analyzed then research outcomes are compared. Analysis results indicate that stockholders of public construction companies did not realize significant economic gains from M&As. In other words, there was no synergistic gains from the construction M&As. Also, no significant performance difference was observed between related and unrelated diversifications.

• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.59-69
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• 2010

Although international construction market gradually takes a important position among the export industries, the previous studies about international construction entry strategy have just focussed on trend investigation or suggestion for revitalization. Moreover, in order to prepare the market uncertainty such as world financial crisis and to plan the long term strategy, specific strategy studies based on corporate level are required. Therefore, this study estimates the nine strategic index and four financial index of 31 companies that performed 1920 international projects from 1993 to 2007 and evaluate the performance as three periods by multi-regression analysis. Also, this study analyze dynamic correlation between these index and the performance considering times. this study verifies that market diversification, product diversification, localization and decrease of debt to asset ratio make a good effect on the international order as long term strategy and shows that collaborated entry with domestic corporations, alliance entry with host country's company, alliance entry with third country's company, portion of labor cost and portion of management expense differently make a influence on the performance as times. these results will be helpful for the construction companies to plan the international entry strategy reasonably and specifically.

• Journal of the Korea Institute of Building Construction
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• v.21 no.4
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• pp.319-331
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• 2021

This study analyzed diversification and diversification indices by region and construction type of overseas construction in major global countries using the Berry-Herfindahl Index. The analysis found that advanced European countries account for most of the countries with a high overseas share of global design and construction companies, and a high degree of diversification by engineering and by region. Korea is pushing for diversification through the specialization of construction enterprises by type of construction, and design enterprises are concentrated in some areas and specializations by type of construction and region. In the future, Korea's global construction companies need to strengthen their overseas competitiveness by diversifying their overseas business areas and their industrial sectors in the way that advanced countries have.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.10
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• pp.490-497
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• 2018

This study is to identify factors influencing therapeutic diversification strategy for Korean pharmaceutical companies. So, it purposes to find deciding factors for companies to adopt strategy for diversification or specialization. In this paper, we set six factors that are expected to influence diversification. The factors are asset scale, sales, profitability, and growth potential. Also, we included number of employees and SG&A cost ratio as factors that reflect business characteristics. We analyzed the impacts of each factor on diversification and found a relationship amongst each other. In this paper, regression analysis is applied with forward selection method, considering that it takes 5 years for companies to decide on diversification strategy. As a result, asset scale, the number of employees and profitability have significantly influenced decisions of diversification at t-1 time, and growth potential was significantly influenced at t-2 time. Korean pharmaceutical companies generally tend to go with specialization model if they have larger asset scale, higher profitability and growth potential. However, they have tendency to decide on diversification strategy, if they have large number of employees. Overall, the result of this study is expected to provide useful information for Korean pharmaceutical companies to set the suitable strategy for their situation to become a competitive company in global pharmaceutical market.

• Journal of Digital Convergence
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• v.11 no.12
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• pp.41-47
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• 2013

In circumstances that case studies of management strategy for the domestic media company were rare, this study was performed case analysis of CJ E&M, representative new media/contents company in Korea. An evolutionary perspective is applied to diversification of the business and the external environmental analysis/resource based view are applied to capability evaluation since the inauguration as analysis frameworks. Unlike other media companies, CJ E&M have increased synergies of scale through horizontal, vertical diversification and superior contents strategies. furthermore, there are many advantages of enthusiasm of the leadership, expertise, high human configuration, creative corporate culture, effective contents portfolio. However, it is necessary to note that too much emphasis on competition and the performance of the organization may make organizational atmosphere rigid and weaken the global competitiveness.

• Journal of Technology Innovation
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• v.18 no.2
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• pp.175-219
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• 2010

Since diversification can be a necessary means for company's survival and the conservation of its success, hundreds of studies have been done by three schools of industrial economics, strategic management, and Neo-Schumpeterian economics for over 30 years. However, any school has not presented a model comprehensively explaining diversification' success or failure. The study tried to suggest a theoretical framework integrating findings came from three schools. The framework considers both firm's technological capabilities and sector-specific characteristics as well as reflects a Neo-Schumpeterian view emphasizing technological aspects. The goal of the study is finding major reasons of success and failure during company's diversification through studying three diversification cases of Samsung. Our findings show that the diversification toward TFT-LCD was easier and more successful than the diversification toward microprocessor because DRAM is more similar to TFT-LCD than microprocessor. Samsung also tended to build only the types of capabilities which were originated from capabilities accumulated in DRAM business. Our findings give firm's strategists a lesson that they can increase the probability of success in diversification, if only they should simultaneously consider a new sector's characteristics, a firm's technological capabilities accumulated in old sectors, and the availability of old capabilities for being applied to a new sector.

• Journal of Korean Electronics
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• v.21 no.7
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• pp.45-48
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• 2001

• Korea Petroleum Association Journal
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• no.11 s.81
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• pp.58-62
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• 1987

• Railway Journal
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• v.12 no.6
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• pp.45-50
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• 2009

• Management & Information Systems Review
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• v.35 no.4
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• pp.1-19
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• 2016

The researchers in strategic management have focused on identifying the effects of CEO's demographic characteristics and experience on the strategic choices and performance of firms. On the other hand, they have failed to identifying the effects of CEO's psychological characteristics on them because of the difficulties over data collection and measurement for variables. To overcome this limitation of prior researches, this study is designed to achieve two specific objectives. The first is to examine the effect of CEO narcissism on diversification strategy and performance of listed corporations on Korean securities market in an economic downturn. The other is to examine the moderating effects of various corporate governance systems that are related to board and/or ownership structures on those relationships. The empirical setting for this study was drawn from a multi-year(2011~2014) sample of large listed corporations in Korean securities market. To achieve the objectives, the hypotheses of research are analyzed by implementing multiple regression analyses in two separate models. The results of these analyses show that CEO narcissism is positively related to the diversification of listed large corporations in Korean securities market. Regrading the moderating effects, the stake of institutional investors weakens the positive relationship between CEO narcissism and firm's diversification. The findings of this research imply that CEO narcissism can intensify the tendency of Korean corporations to adopt high-risk and high return strategy in an economic downturn. Thus, firms might be able to use CEO narcissism to drastically restructure the business portfolio in an economic downturn. However, Korean corporations should be very cautions to maximize the positive effect of CEO narcissism. They might be use the institutional investors as their corporate governance system to monitor and control the opportunism of CEO in the decision for diversification in an economic downturn.