By William T. Jackson

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Example text

The reasons are linked to issues both internal and external to the firms. Internally, the lack of divisional synergies, and the cost of bureaucracy were expected to weigh heavily on multi-industry firms. Externally, the pressures already described reduced the size of the sample and may threaten to destroy it completely. Moreover, the internationalization of business has perhaps decreased the opportunities for conglomerates only to developing markets. ) Fifty-eight of the firms in the full multi-industry sample did not appear for five continuous years, leaving 41 multi-industry firms in our sample.

Indeed, given the presence of powerful factors mitigating the market evaluation of the conglomerates, it is a wonder any appeared on the list during the latter part of the period. HOW DID THE CONGLOMERATES PERFORM AGAINST GLOBAL MEANS? Given the challenges, appearing and, more importantly, remaining on the Global 1000 list should be a direct function of organizational performance, rather than of being situated in protected markets for corporate control. As stated, the Business Week list includes the largest firms by market capitalization in the world, during a protracted period of expansion, marked by especially high rates in some sectors.

People who believe in work ethic have a high internal locus of control (Furnham, 1987); Lied & Pritchard, 1976) and a high need for achievement (Feather, 1982; Furnham, 1982). The McClelland-Weber type thesis of attitude toward work combines with Spence and Helmreich’s construct of mastery and competitiveness motive (1983) to determine achievement motivation. Academy of Strategic Management Journal, Volume 3, 2004 39 THE STUDY: COMPARING SENIOR MANAGERS TO OTHERS To help answer our question, we extend the work of Ward (1993).

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