Diversification strategy and systematic risk

Cynthia A. Montgomery and Harbir Singh

Strategic Management Journal, 1984, vol. 5, issue 2, 181-191

Abstract: This paper addresses the relationship between diversification strategy and systematic risk (beta). Beta values are examined for six diversification categories, and it is found that betas for unrelated diversifiers are significantly higher than those of other firms. Possible contributions to this difference, including market power, capital structure, and capital intensity are explored.

Date: 1984
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