Based upon studies of American firms, various management theories and models have been developed. Concern has been expressed as to the universality of these theories and models given other national environments. Fifty-four Italian manufacturing firms were classified as to diversification. Composite descriptions for each cluster of firms were compared to Scott's Stages of Corporate Development model and to two representative American multidivisional firms. Elements of the Italian environment and of the socioeconomic characteristics of senior managers are suggested as contributing to the observed differences.