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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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