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Structural Expansion vs. Structural Reorganization

This paper discusses firms’ growth strategies: organic growth (internally generated growth) vs. inorganic growth (growth via acquisitions). We find that when market uncertainty drops, a decentralized firm (D-firm) is more likely to carry out a structural expansion (inorganic), while a centralized firm (C-firm) is more likely to carry out a structural reorganization (organic). When market competition subsides, a D-firm is more likely to carry out a structural reorganization or stay put, while a C-firm is more likely to carry out a structural expansion or stay put. When the market expands, a D-firm is more likely to carry out a structural expansion or stay put, while a C-firm is more likely to carry out a structural reorganization.