Le recentrage : une revue des approches financières

Refocusing deals with the tendency of the groups to grow on controlled markets. It is a result of several constraints : capital budgeting in a world sized competitive environment, maximizing the return on capital employed, taking over the goodwill for the benefit of financial investors, leaving to the asset managers the part of diversifying the risks. Refocusing appears to be a long-term trend. It has to be distinguished from the specialization specific strategy; it is even consistent with various related diversification maneuvers. As if all groups had to converge to their own optimal level of diversification. Re-focusing means a tendency of groups to choose portfolio strategies relevant with business relatedness.