다각화는 벤처기업에게도 유용한 전략인가?

Effects of diversification strategy on firm performance is one of the major issues in strategic management field. Lots of researches to test it have been carried out, however, most of them have used the samples of large firms. As diversification strategy is useful to secure the firm's long-term stability and growth potential, it can be assumed that all the firms use it. Recently it is prevailing that diversification strategy is adopted by not only small and medium-sized firms but also the ventures. This is an interesting phenomenon in a sense that ventures are assumed to be in weak resource conditions and to concentrate their relatively scarce resources on the narrow business areas that are risky and cutting-edge in nature. The purpose of this research is to test empirically the effect of diversification strategy of the ventures on firm performance. Corporate valuation model of Ohlson(1995) is used to test the diversification effects, and the result shows that diversification negatively affects on the ventures' firm performances. The empirical results implies that concentration strategy is more valuable for the ventures than diversification. The results provide the policy makers the implication that it is needed to redefine the concept of venture in a more strict and narrow perspective; i.e., firms pursuing growth by diversifying to the business areas unrelated to their own nature are need to be excluded from the venture. It also seems that the promotional policies of the government must be adjusted to support only the ventures who are focusing their own businesses, but those pursuing diversification to the unrelated areas.