Guest Editors: Professor Sanjoy Sircar, and Professor SK Shanthi, and Editorial Assistant: K. Srinivasa Reddy (

Key benefits to the authors: There is one best paper award, which will be awarded by the Guest Editors of this issue of ISMO. The forthcoming issue of International Studies of Management & Organization (Ranked “B” in ABDC Rankings and Indexed in Scopus) focuses on Diversification Strategy of Firms in Emerging Economies and its objective is to shed light on uncovered strategic decisions of emerging-market firms in the existing international business (IB) literature. The concept of diversification strategy has been significantly investigated in developed market enterprises (DMEs), and covered topics such as related and unrelated firm performance, motives behind international diversification and cultural aspects. Corporate diversification was found to improve shareholders value in the short-run and enhances firm value in the long-run (e.g. Erdorf et al. 2013; Purkayastha et al. 2012). However, does diversification offer extra returns to the shareholders and improve the firm’s value in firms in emerging-markets? What are the determinants (motives) of emerging-market firms' diversification choice? Does diversification strengthen the firm competitiveness? Most of the studies conclude that diversification is the choice of top-level management for maximizing firm value and shareholders premium. Thus, a recent review on corporate diversification and firm value by Erdorf et al. (2013) concluded that firm’s value is influenced by industry-specific and macroeconomic factors, and that those factors may vary for different organizations. They also suggest that diversified firms, as compared with focused firms, seem to have higher returns, and tend to acquire discounted business divisions. Conversely, it is also argued that there is a growing amount of academic research on various aspects of management in emerging markets but few scholars have studied diversification-strategy using fewer samples (e.g. Mishra and Akbar 2007). Therefore, this issue will bridge the existing knowledge gap and will add knowledge to the IB literature on corporate diversification and firm value, especially of firms in emerging economies. With this backdrop, the guest editors invite scholars to submit their papers on the following themes or other related issues.

The papers can be conceptual, empirical, and case-study based.

  • Diversification, learning and resource-seeking
  • Costs and benefits of diversification strategy
  • Diversification of state-owned, public and private enterprises
  • Diversification and group affiliation (e.g. Khanna and Palepu 2000)
  • Concentric diversification and firm performance
  • Conglomerate diversification and firm performance
  • Market expansion, product diversification and firm performance
  • Determinants of concentric vs. conglomerate diversification
  • Diversification announcements and shareholders value creation
  • Diversification of firms within emerging markets/developed, and comparison
  • Diversification of family-business enterprises
  • Diversification of small- and medium-sized enterprises
  • Private equity investments, acquisitions and diversification
  • Diversification and its effect on capital structure
  • Diversification and firm competitiveness
  • Diversification and corporate governance
  • Cross-border diversification strategies and firm performance (e.g. Donnelly 2013; Luo and Tung 2007)
  • Critical aspects and risks in corporate diversification
  • Comparative studies with reference to above themes

Case studies development and analysis (Single or Multi) Submission and Publication Information:

Submission of First Draft via e-mail: 30 April, 2014

First round review comments returned to authors: 30 September, 2014

Resubmission of First-round selected papers via e-mail: 31 December, 2014

Second round review comments returned to authors (If necessary): 28 February, 2015

Final Decision: 31 March, 2015 Number of papers: 4 to 6 papers

Submission guidelines: The papers should confer with the theme. It is advised that there is a greater interest in selecting papers, which are comparative, empirical and case-study based. The papers must be relevant to theory testing/development, and/or policy implications. Further, authors should submit their papers in structured format that includes abstract, introduction, literature review, methodology, results and discussions and conclusions. ( Please do not hesitate to contact the Editorial Assistant for more information.

References: Donnelly, N. 2013. “The Emergence and Internationalization of Irish MNEs – Exploring “Small Country Effects.” International Studies of Management & Organization 43(1): 26-51. Erdorf, S.: T. Hartmann-Wendels: N. Heinrichs, and M. Matz. 2013. “Corporate Diversification and Firm Value: A Survey of Recent Literature.” Financial Markets and Portfolio Management 27(2): 187-215. Khanna, T., and K. Palepu. 2000. “Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups.” Journal of Finance 55(2): 867-891. Luo, Y., and R. L. Tung. 2007. “International Expansion of Emerging Market Enterprises: A Spring Board Perspective.” Journal of International Business Studies 38(4): 481-498. Mishra, A., and M. Akbar. 2007. “Empirical Examination of Diversification Strategies in Business Groups: Evidence from Emerging Markets.” International Journal of Emerging Markets 2(1): 22-38. Purkayastha, S.: T. S., Manolova: and L. F. Edelman. 2012. “Diversification and Performance in Developed and Emerging Market Contexts: A Review of the Literature.” International Journal of Management Reviews 14(1): 18-38.