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Comparison with other cohorts

Only 5 firms out of the 34 in the Irish 1973–1987 cohort had diversified (all related) and only 3 out of the 28 in the Scottish 1973–1987 cohort had diversified (one related/vertical, one vertical, one unrelated). 4 of the 5 Irish and all 3 Scottish diversified firms were above the median size in their cohort. No Irish and only one Scottish (non–high technology) firm in this cohort had made an acquisition. Five years later, the 1978–1992 Irish cohort of 28 firms had 8 diversifiers (5 related and 3 related/vertical) and the 1978–1992 Scottish cohort of 29 had 2 (both related/vertical). Four Irish but  no Scottish firms in this cohort had made at least one  acquisition.  This difference in diversification activity between Ireland and Scotland is commented on in the discussion.

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