Abstract
The present paper investigates relatedness and coherence with reference to both product and technological diversification. In particular, it is argued that: (i) relatedness can be disentangled into three dimensions: industry-, technology- and firm-specific; and that (ii) coherence refers to both product and technological diversification. We provide empirical support of our premises with a study of a large cross-firm panel of technological and economic activity for 248 large firms over the period 1977–1995. The results support the view that large firms’ diversification processes are characterised by product-based coherence at the beginning of the period considered, and by technology-based coherence more recently.
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