This article analyzes the relationship between sales growth and variance for diversified firms. Distinguishing product niches linked by scale free versus non-scale free resources, this study predicts that the more a firm diversifies leveraging on a non-scale free resource, the more likely its sales growth and variance are positively correlated. However, this relationship is negatively moderated by the presence of a scale-free resource such that the presence of scale-free resources of high value implies a negative correlation. These theoretical intuitions are consistent with data from 2008 to 2013, reflecting firm sales growth rates in five industries spanning 45 product niches in seven EU countries and the United Kingdom. These industries prioritize shelf space as a non-scale free resource, and brand as a scale free resource.

中文翻译：

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利用协同效应与资源重新部署：多元化公司产品组合的销售增长和差异

本文分析了多元化企业的销售额增长与方差之间的关系。区分由规模自由与非规模自由资源相关的产品利基，本研究预测，公司利用非规模自由资源的多元化程度越高，其销售增长和差异就越有可能正相关。然而，这种关系受到无标度资源的负面影响，因此高价值的无标度资源的存在意味着负相关。这些理论直觉与 2008 年至 2013 年的数据一致，反映了跨越七个欧盟国家和英国的 45 个产品细分市场的五个行业的公司销售增长率。这些行业优先考虑货架空间作为非规模的免费资源，并将品牌视为非规模资源。