Doctoral Dissertation

Financial Performance and Diversification Strategy of Indian Business Groups

Doctoral Dissertation; Indian Institute of Management (IIM) Calcutta, India, 2002.

Abridged Abstract

The industrial scenario in India has been and is dominated by business houses. There is a gap in empirical research on the relation between diversification and performance of Indian business groups, both before and after economic liberalization. This study used consolidated financial statement and capital market data of 240 large groups over a period of twelve years to study their performance vis-à-vis their diversification strategy. We found that product diversification was negatively related to shareholder value creation and profitability measures for all the three equal sub-periods of the study, having different economic and competitive conditions. The various management issues behind this are further explored.


The author gratefully acknowledges partial funding of this research project by (a) the Indian Institute of Management (IIM) Calcutta and (b) the Aditya Birla Center of London Business School.

An updated version of my Doctoral Dissertation has been published as a co-authored book.

Indian Business Groups
Strategy and Performance

Cambridge University Press India, 2015

Ram Kumar Kakani, Santosh Sangem and Madhvi Shethi

See Books section for details.


Images in this section are from my Professional Life and Life at LBSNAA collections.

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