| 초록 |
The relationships between strategies, corporate structure, and performance of large food manufacturing U.S. firms is explained in this paper. Literature on agency theory, transactional cost economics, and the traditional strategic management perspective were employed to identify the variables that are important in corporate management and necessary in analyzing corporate performance. This study includes size and multi-organizational ownership hierarchy as variables to configure corporate structure. While classified corporate strategy as diversification, financing and investment, the variables used to configure corporate strategies are related and unrelated diversification, ownership by institutional investors, debt, investment in R&D, and investment in advertisement. Meanwhile, accounting measure was employed as the variable to configure firm performance. The study found that the three variables classified as corporate strategy are direct causes of corporate accounting performance and that there are no indirect causes. Unrelated diversification, investment in advertisement and debt, on the other hand, were found to have a direct causal influence on corporate accounting performance. Related diversification, unrelated diversification and that, in general, the strong performance of alrge U.S. food manufacturing firms during the 1990s was mainly achieved by internal expansion through investment in advertisement, rather than the external expansion of these firms through unrelated diversification. External monitoring of debt also played an important role in enhancing the accounting performance of large U.S. food manufacturing firms.
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