Papers by Luis Angel Guerras-Martin
Strategic Management Journal
Palgrave Macmillan UK eBooks, 2016
Corporate Diversification and Technological Resources Dynamics in an Organic Growth Context
The international diversification-performance link in Spain: Does firm size really matter?
International Business Review, Apr 1, 2016
This study provides new insights into the link between international diversification and firm per... more This study provides new insights into the link between international diversification and firm performance in a sample of large manufacturing firms and SMEs based in Spain for the 1994–2008 period. Specifically, the focus is on how the nature and shape of this relationship may vary over time with firm size. The results show the existence of a horizontal-S curve when the whole sample of firms is considered in the empirical analysis. However, major differences are found between SMEs and large firms, and even within the actual group of SMEs. Strong support is found in large firms for the existence of a horizontal-S curve. Within the group of SMEs, there are small firms with a linear and negative relationship, whereas medium-sized firms record a U-shaped form. These findings suggest that as the international diversification-performance link is size-dependent, future research should explicitly consider firm size in order to better understand the nature of this relationship.
Strategic Management Journal
Palgrave Macmillan UK eBooks, 2018
BRQ Business Research Quarterly, 2020
This study explores both the individual impact of geographical diversification and its effect com... more This study explores both the individual impact of geographical diversification and its effect combined with product diversification on small and medium-sized enterprises’ (SMEs) performance. Unlike most prior studies, this study distinguishes between related and unrelated product diversification. The research setting is a sample of manufacturing SMEs (1994–2014). By using dynamic panel data models, the results provide statistical support for the existence of a horizontal S-shaped relationship between geographical diversification and performance. The findings also indicate that while related product diversification positively enhances the performance of those SMEs engaged in geographical diversification (albeit not indefinitely), unrelated product diversification may significantly impair it, especially for SMEs opting for low and high levels of international diversification. Our study reveals that product and international diversification strategies in the case of SMEs are complement...
Journal of Business Research, 2020
This study analyses the effect that the institutional environment for corporate governance and th... more This study analyses the effect that the institutional environment for corporate governance and the economic cycle have on the relationship between the business portfolio restructuring (BPR) strategy and corporate performance. For this purpose, we use institutional theory, incorporating the notion of organizational slack to highlight the differences in firm performance between institutional settings along the different phases of economic cycle. We found that market-oriented corporate governance systems generate, during a period of economic growth, a smaller positive effect of each particular BPR movement on company performance, compared to network-oriented systems. Additionally, market-oriented corporate governance systems contribute to counteract part of the negative effect of the economic crisis. In contrast, network-oriented corporate governance systems are not able to avoid the potentially negative effect of an economic crisis on this relationship, amplifying the negative effect of the economic crisis on performance. We use data from 15 European countries for the period 1998-2015.
Journal of International Management, 2019
This study examines the individual effects of product diversification on performance and the mode... more This study examines the individual effects of product diversification on performance and the moderating effects of international diversification on the product diversification-performance link in the context of a boom and bust cycle. Most prior research on firm strategies largely neglect the business cycle. We use data on a large sample of Spanish manufacturing firms from 1994 to 2014. In this period, the Spanish economy experienced a boom period (1994-2008) and a bust period involving a severe economic crisis (2009-2014). Our study highlights the important role of each stage of the economic cycle. Specifically, with respect to product diversification, our findings show that in a boom, moderate diversifiers obtain better profitability levels than their highly diverse or limited diversification counterparts do. In contrast, during an economic downturn, moderate and high diversifiers can be equally effective up to some point of optimization. Our findings also reveal a negative and significant effect of internationalization on profitability, independent of the stage of the economic cycle. Product and international diversification are complementary strategies during a period of economic growth when firms opt for moderate levels of product diversification. Meanwhile, when firms choose high levels of product diversification, both types of strategies are complementary during the boom cycle, but substitutive during the bust cycle.
Journal of Business Research, 2020
This paper is an initial attempt to use a bibliometric approach for an exhaustive literature revi... more This paper is an initial attempt to use a bibliometric approach for an exhaustive literature review of corporate diversification in order to propose a new comprehensive framework for its study. We conduct an in-depth analysis of the historical evolution of research over the period 1970-2017 in six eight-year stages, shedding light on the main issues in each stage and the links among them using a sample of 1,253 articles. Attention is also paid to the three disciplines in this research stream: Strategic Management, Economics, and Finance. Our analysis reveals how the research on corporate diversification has extended the range of topics addressed and added new theoretical approaches and methodological tools, thereby ensuring greater maturity in its development. Emergent and prevailing research streams are identified, as they are expected to play a key role in the near future. We conclude by recognizing the need for an integrated theory on corporate diversification.
Four decades of research on product diversification: a literature review
Management Decision, 2012
PurposeThe purpose of this study is to gain new insight into the true nature of the relationship ... more PurposeThe purpose of this study is to gain new insight into the true nature of the relationship between product diversification and performance, as well as to explore the roles the home country environment and time can play on this relationship.Design/methodology/approachThe study reviews a large part of the research that has addressed the relationship between product diversification and performance over the last four decades.FindingsThis study identifies the main views (models) that can help scholars to adequately understand, both theoretically and empirically, the potential effect of product diversification on performance: the premium diversification model; the discount diversification model; and the U‐inverted model. The study confirms a wide diversity of results. Drawing from the institutional‐based view, it is argued that a significant part of this heterogeneity stems from the effect of two factors that have often been ignored: the home country environment and time period. The...
Restructuring and Performance in Europe:The effect of Institutional Environment and Business Cycle
Academy of Management Proceedings, 2018
This study analyses the effect of the institutional environment and the business cycle on the rel... more This study analyses the effect of the institutional environment and the business cycle on the relationship between Business Portfolio Restructuring (BPR) strategy and corporate performance. A sampl...
Emprendimiento y Negocios Internacionales, 2021
Se analiza el efecto conjunto de las estrategias de diversificación e internacionalización sobre ... more Se analiza el efecto conjunto de las estrategias de diversificación e internacionalización sobre los resultados empresariales teniendo en cuenta el ciclo económico, en las empresas manufactureras españolas entre 1994-2014. En dicho período, la economía española experimentó un elevado crecimiento económico (1994-2008), seguido de una profunda crisis (2009-2014). Nuestro estudio revela que ambas estrategias conducen a mejores resultados en la etapa de crecimiento cuando la internacionalización se combina con niveles moderados de diversificación relacionada. Cuando optan por altos niveles de diversificación no relacionada, la combinación con la estrategia de internacionalización solo lleva a mejores resultados en la etapa de crecimiento.
Diseño Organizativo de la Empresa
Portfolio Restructuring Strategy Focused in Value Creation: The Grupo Uralita Case
Revista Europea de Dirección y Economía de la Empresa, 2009
"In spite of the importance and extension of portfolio restructuring strategy in... more "In spite of the importance and extension of portfolio restructuring strategy in diversified companies around the world there is a significant shortage of studies in the Spanish corporative context. This work starts from a resource based view approach model of analysis of portfolio restructuring. It tries to provide empirical evidences through an in depth analysis of the Grupo Uralita case, a Spanish company that has developed recently a portfolio restructuring strategy. The exploratory empirical results shown, according to theoretical arguments, that portfolio restructuring corrects overdiversification that generate inefficiencies and value destruction and drives the company to an optimal exploitation of core competences that lead to improve economic results and to increase significantly value creation in the stock market."
Collaboration network of knowledge creation and dissemination on Management research: ranking the leading institutions
Scientometrics, 2016
The aim of this paper is to measure the relevance of the institutions in the academic community i... more The aim of this paper is to measure the relevance of the institutions in the academic community involved in creating and disseminating knowledge in the field of Management through their position in the collaboration network. This relevance is defined by an original and more comprehensive approach to the analysis of each institution’s importance through degree centrality, as it includes scientific output, while at the same time taking into account the level of collaboration between institutions, as well as the impact of the publications in which each institution is involved. This approach enables us to draw up a ranking of the 103 leading institutions, as well as overcome some of the limitations of prior studies by considering the role each institution plays in the academic community, not only through its scientific output or citations but also through the relationships it forges with other institutions. Our findings confirm the existence of elite groups worldwide that collaborate with other minor institutions, whereas major institutions collaborate less with each other.
Adjusting organisational design as a factor of success in cooperation agreements between companies
Innovar: Revista de Ciencias Administrativas y Sociales
The purpose of this article was to analyse how adjusting organisational design affects the succes... more The purpose of this article was to analyse how adjusting organisational design affects the success of cooperation agreements between companies. The information processing model was thus used for theoretical reference. This model was originally proposed by Galbraith for analysing a company's internal organisational design; it has thus been adapted here to the specific characteristics of external design (or cooperation agreements) and related to information processing needs and capacity. Furthermore, different approaches have been developed and used for measuring the adjustment construct. The results obtained from a sample of international R+D agreements revealed that adjustments made to information capacity and needs for carrying out the tasks involved in a specific agreement had a positive influence on success when information needs exceeded capacity. When an approach emphasising efficiency was used, the results showed the opposite relationship between adjustment and success.
Fundamentos de Dirección Estratégica de la Empresa
El presente texto trata de servir de soporte básico para la formación universitaria de los alumno... more El presente texto trata de servir de soporte básico para la formación universitaria de los alumnos de grado en Administra¬ción y Dirección de Empresas y de otras carreras afines, interesados en las materias relacionadas con la Dirección y la Estrategia de la Empresa. El libro está especialmente indicado para cursos cortos, y adaptado a la metodología docente propuesta por el Espacio Europeo de Educación Superior (Acuerdo de Bolonia). También puede ser de gran utilidad, como una primera aproxima¬ción, para aquellos estudiantes que sigan cursos de post-graduado en Universidades, Escuelas de Negocios o entidades similares, así como un punto de referencia obligado para todos los profesionales y hombres de empresa que, desde el mundo de la práctica, asumen una visión eminentemente aplicada de los negocios y tienen la responsabilidad de la consultoría o la dirección de empresas. Desde este triple punto de vista, el libro se convierte en un manual de trabajo introductorio en el que se integran las cuestiones y problemas más relevantes que conforman el cuerpo teórico del modelo directivo conocido como la Dirección Estratégica de la Empresa www.guerrasynavas.com
Cuadernos de Economía y Dirección de Empresas, 2013
1998 y 2010, tanto en lo que se refiere a la producción científica como al grado de centralidad d... more 1998 y 2010, tanto en lo que se refiere a la producción científica como al grado de centralidad de cada institución en la red. También se establece cómo ha influido el grado de intermediación de las instituciones que participan en la red en el incremento de su producción científica durante el desarrollo y evolución de la comunidad académica. Finalmente se presenta un ranking de las 10 instituciones con mayor grado de intermediación en la red.
The choice of growth method: strategies and resources
Academia Revista Latinoamericana de Administración, 2014
Purpose The purpose of this paper is to investigate the effect of a firm's growth strategy (s... more Purpose The purpose of this paper is to investigate the effect of a firm's growth strategy (specialization and diversification) and its specific resources, such as intangible assets and previous experience in the choice of growth method (organic or external). Design-methodology-approach The paper analyses 859 external growth arrangements and 1,057 cases of organic growth. A binomial logistic regression is used to test the hypotheses. Findings Results show that firms prefer to grow internally when their growth strategy is specialization, but prefer external growth methods – such as mergers, acquisitions and alliances – when their growth strategy is diversification and they have previous experience in these methods. Research limitations-implications This study applies only to the European case and could be extended to Latin American companies for a comparative analysis. Practical implications This paper may help managers to identify important factors and issues to be considered wh...
Business portfolio restructuring: a comprehensive bibliometric review
Scientometrics, 2014
ABSTRACT Business portfolio restructuring (BPR) has received considerable attention in the busine... more ABSTRACT Business portfolio restructuring (BPR) has received considerable attention in the business practice. However, to the best of our knowledge, there are no studies applying extensive qualitative and quantitative methods to address the research into BPR. The aim of this paper is to fill this gap by presenting the first complete bibliometric review about BPR research. In this study, the extant literature published between 1993 and 2012 and their most cited bibliographic references are analyzed using bibliometric techniques. Three main results are found: first, the intellectual basis for this field involves the subjects of management and finance as its principal contributors with economics as its central support. Second, the theoretical platform for the study of BPR deals mainly with the agency approach, transaction costs, and resource-based view. Third, the financial crisis of 2008 explains an important part of current research priorities and trends of BPR academics.
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Papers by Luis Angel Guerras-Martin