000			02314naa a2200241uu 4500
001			1082210295637
003			OSt
005			20240523062554.0
008			110822s2010 xx ||||gr |0|| 0 eng d
100	1		_aLEVINTHAL, Daniel A. _924929
245	1	0	_aOpportunity costs and non-scale free capabilities : _bprofit maximization, corporate scope, and profit margins
260			_aU.S.A : _bWiley-Blackwell, _cjuly 2010
520	3		_aThe resource-based view on firm diversification, subsequent to Penrose (1959), has focused primarily on the fungibility of resources across domains. We make a clear analytical distinction between scale free capabilities and those that are subject to opportunity costs and must be allocated to one use or another, thereby shifting the discourse back to Penrose's (1959) original argument regarding the stock of organizational capabilities. The existence of resources and capabilities that must be allocated across alternative uses implies that profit-maximizing diversification decisions should be based upon the opportunity cost of their use in one domain or another. This opportunity cost logic provides a rational explanation for the divergence between total profits and profit margins. Firms make profit-maximizing decisions to increase total profit via diversification when the industries in which they are currently competing become relatively mature. Due to the spreading of these capabilities across more segments, we may observe that firms' profit-maximizing diversification actions lead to total profit growth but lower average returns. The model provides an alternative explanation for empirical observations regarding the diversification discount. The self-selection effect noted in recent work in corporate finance may not be indicative of inferior capabilities of diversifying firms but of the limited opportunity contexts in which these firms are operating.
650		4	_aDesenvolvimento Organizacional _912229
650		4	_912540 _aCapacitação Profissional
650		4	_aFinanças _912128
650		4	_912712 _aTeoria Administrativa
700	1		_aWU, Brian _945353
773	0	8	_tStrategic Management Journal _g31, 7, p. 780-801 _dU.S.A : Wiley-Blackwell, july 2010 _xISSN 01432095 _w
942			_cS
998			_a20110822 _b1029^b _cFernanda
998			_a20111019 _b1508^b _cKeicielle
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c40219 _d40219
041			_aeng