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Indexada en JCR Social Sciences Edition: Índice de impacto 2009: 4.464 Posición que ocupa la revista en la categoría Management: 4 de 11.This study analyzes whether a diversification strategy facilitates subsequent divisionalization (and hence that 'structure follows strategy'), and/or whether the multidivisional structure leads to a diversification strategy (and hence that 'strategy follows structure'). In theoretical terms, thisstudy is original in that it institutes a debate between the Chandler thesis and other perspectives that challenge the generalizability of the strategy-structure nexus. Interestingly, this new study with contemporaneous data for the period 1993&-2003 sheds light on this contested issue and postulates that despite the criticism of Chandler's contribution, it still works. Our results show that strategic diversification affects structural divisionalization, and in turn, structural divisionalization affects strategic diversification.