A Longitudinal Study of the Cause and Consequences of

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A Longitudinal Study of the Cause and Consequences of Changes in Diversification in the U.S.
Pharmaceutical Industry 1977-1986
Author(s): Charles W. L. Hill and Gary S. Hansen
Reviewed work(s):
Source: Strategic Management Journal, Vol. 12, No. 3 (Mar., 1991), pp. 187-199
Published by: Wiley-Blackwell
Stable URL: http://www.jstor.org/stable/2486592 .
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Strategic Management Journal, Vol. 12, 187-199 (1991)

S
A LONGITUDINALTUDY OF THE CAUSE AND
CONSEQUENCESOF CHANGESIN
IN
DIVERSIFICATION THE U.S. PHARMACEUTICAL
INDUSTRY1977-1986
W a CHARLES . L. HILL nd GARYS. HANSEN
Graduate School of Business Administration, University of Washington, Seattle,
Washington, U.S.A.

The paper hypothesizes that diversification by firms based in the pharmaceutical industry during the 1977-86 time period was primarily undertaken to reduce the risks associated with being dependent upon a technologically dynamic environment. Consistent with this non-efficiency motive for diversification, declining economic performance is predicted. A longitudinal empirical analysis provides support for these propositions.

INTRODUCTION
The relationship between diversification…...

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