What leads to international diversification? Is globalization good for both small and big firms? These were the complex questions that brought Michael Hitt, Laszlo Tihanyi, Toyah Miller, and Brian Connelly together. The quartet researched together for two years and wrote International Diversification: Antecedents, Outcomes, and Moderators, which recently received the Journal of Management 2006 Best Paper Award.
“The article doesn’t say everything there is to say about international diversification, but it provides a guiding framework that helps scholars organize and understand the literature,” says Connelly. “There are pools of knowledge out there that don’t necessarily talk to each otherâ€”this helps bring them all together.”
The Journal of Management (JOM) publishes scholarly articles that have an impact on the world of management, covering topics such as strategic and human resource management, organizational behavior and theory, and entrepreneurship. JOM publishes six issues per year, and one of those issues is a review issue. Hitt, Tihanyi, Miller, and Connelly’s paper served as the 2006 lead review article, covering all research found on international diversification. Only 10 percent of articles submitted to the JOM are accepted. To be accepted for publication is an honor in itself; to be named the best is a stellar accomplishment.
The quartet studied international diversification because globalization has steadily become a vital part of business, regardless of the specific field. They studied past research on international diversification, discussed gaps in the literature, and developed a new conceptual model that identifies the key relationships associated with international diversification. Their review also provided recommendations to readers for further research.
“Even what we would consider successful firms aren’t necessarily successful in international strategy. That’s why this research is important,” says Hitt.
Michael Hitt is a Distinguished Professor in Management and holds the Joe B. Foster ’56 Chair and Conn Chair, and Laszlo Tihanyi is an associate professor in management and also a Mays Research Fellow. Toyah Miller and Brian Connelly are both management PhD candidates and instructors. International Diversification: Antecedents, Outcomes, and Moderators is currently used in PhD seminars, and its authors hope it will be a great help to future business professionals.