This article examines the growth strategies and ownership of the 40 largest corporations in Spain and Denmark from 1973 to 2003 in the light of European economic integration. It follows the tradition of the Harvard Program and builds on the work of Richard Whittington and Michael Mayers on the history of European corporations. These studies have been extended in three ways: geographically, introducing a small north European and a medium sized south European economy; methodologically by supplementing internationalization to diversification as main growth strategies; and chronologically by analysing three decades of corporate changes, 1973-2003. The result showed no convergence in diversification or ownership patterns while in both countries the largest corporations were less market oriented and more international at the end of the period.

Taking as its starting point Alfred D. Chandler's studies of big business, this investigation explores how the largest corporations in Italy and Spain transformed their strategies and structures during the second half of the twentieth century. Empirical evidence reveals that, in contrast to the more advanced nations of Europe, these two southern European countries did not adopt either product diversification or the multidivisional structure until later in the century and, even then, did so only partially. By forming business groups and focused companies, the two nations came up with their own viable alternatives to the dominant paradigm that originated in the United States and spread among the bigger European economies.

Bringing together research teams in up to 15 European countries, this project represents an ambitious attempt to analyse the impact of European integration on the corporate community. In particular, the research will investigate the Strategy-Structure-Ownership-Performance (SSOP) issues associated with the top 50 firms in each of those countries between 1957 and 2007, looking especially for any evidence of convergence towards a 'European' norm. A substantial database will be generated from this research, alongside a wide range of case studies that will enrich the quantitative evidence. This will provide the necessary information required for a reassessment of the views J.F. Wilson et al.of Rugman, of Whittington and Mayer, and of Whitley, on the nature of international business activity.

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