Removed due to plagiarism
This work is licensed under a
Creative Commons Attribution 4.0 International License
[1] Amihud, Y., & B. Lev.(1981).Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal of Economics,12(2), 605-617.
DOI: https://doi.org/10.2307/3003575[2] Anderson. Randy I., John D.Stowe., & Xuejing Xing.(2011).Does corporate diversification reduce firm risk? Evidence from diversifying Acquisitions. Review of Pacific Basin Financial Markets and Policies,14(3),485–504.
DOI: https://doi.org/10.1142/s0219091511002214[3] Berger, P. G., & E. Ofek .(1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65.
[4] Chen,Chiung-Jung., & Chow-Ming Joseph Yu .(2012). Managerial ownership, Diversification, and Firm performance: Evidence from an Emerging Market, International Business Review,21(3),518-534.
DOI: https://doi.org/10.1016/j.ibusrev.2011.06.002[5] Choe, C., & X. Yin .(2009). Diversification discount, information rents, and internal capital markets. The Quarterly Review of Economics and Finance, 49(2),178-196.
DOI: https://doi.org/10.1016/j.qref.2007.10.003[6] Fluck, Z., & A. W. Lynch.(1999).Why Do Firms Merge and Then Divest? A Theory of Financial Synergy, The Journal of Business, 72(3), 319-346.
DOI: https://doi.org/10.1086/209617[7] Gomes, J., & D. Livdan .(2004). Optimal Diversification: Reconciling Theory and Evidence. The Journal of Finance, 59(2), 507-535.
DOI: https://doi.org/10.1111/j.1540-6261.2004.00641.x[8] Jensen, M.C.(1986).Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
[9] Jensen, M. C., & K. J. Murphy (1990). Performance Pay and Top-Management Incentives. The Journal of Political Economy, 98(2), 225-264.
[10] Kahloul, Ines., & Slaheddine Hallara .(2010).The impact of diversification on firm performance and risk: An empirical evidence. International research journal of finance and economics,35,150-162.
[11] Khanna, T., & K. Palepu .(2000). Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups. The Journal of Finance, 55(2), 867-891.
DOI: https://doi.org/10.1111/0022-1082.00229[12] Lang, L. H. P., & R. M. Stulz .(1994). Tobin's q, Corporate Diversification, and Firm Performance, The Journal of Political Economy, 102(6), 1248-1280.
[13] Mansi, S. A., & D. M. Reeb .(2002).Corporate Diversification: What Gets Discounted?. The Journal of Finance, 57(5), 2167-2183.
DOI: https://doi.org/10.1111/0022-1082.00492[14] Martin, J. D., & A. Sayrak .(2003).Corporate diversification and shareholder value: a survey of recent literature. Journal of Corporate Finance, 9(1), 37-57.
DOI: https://doi.org/10.1016/s0929-1199(01)00053-0[15] Maksimovic, V., & G. Phillips .(2007). Conglomerate Firms and Internal Capital Markets.in B.E. Eckbo, ed., Handbook of Corporate Finance, 1, Elsevier B.V.
DOI: https://doi.org/10.1016/b978-0-444-53265-7.50022-6[16] Matsusaka, J. G .(2001).Corporate Diversification, Value Maximization, and Organizational Capabilities ,The Journal of Business, 74(3), 409-431.
DOI: https://doi.org/10.1086/321932[17] Palich L. E., Cardinal L. B., & Miller C. C .(2000).Curvilinearity in the diversification performance linkage: an examination of over three decades of research. Strategic Management Journal ,21(2), 155-174.
DOI: https://doi.org/10.1002/(sici)1097-0266(200002)21:2<155::aid-smj82>3.0.co;2-2[18] Raei, Reza., Tehrani, Reza & Banafsheh Farhangzadeh.(2015). A Study on Relationship between Diversification Strategy, Firm Performance and Risk: Evidence from Tehran Stock Exchange. International journal of business and social science.6(1),112-118.
DOI: https://doi.org/10.1016/s2212-5671(16)30016-8[19] Rajan, R., H. Servaes., & L. Zingales.(2000).The cost of diversity: the diversification discount and inefficient investment. Journal of Finance, 55(1), 35-80.
DOI: https://doi.org/10.1111/0022-1082.00200[20] Shleifer, A., & R. W. Vishny.(1989).Management Entrenchment: the case of manager specific investment. Journal of Financial Economics, 25(1), 123-139.
DOI: https://doi.org/10.1016/0304-405x(89)90099-8[21] Shleifer, A., & R. W. Vishny.(1992).Liquidation Values and Debt Capacity: A Market Equilibrium Approach. The Journal of Finance, 47(4), 1343-1366.
DOI: https://doi.org/10.1111/j.1540-6261.1992.tb04661.x[22] Scharfstein, D.S.(1998).The dark side of internal capital markets II: Evidence from diversified conglomerates. NBER Working Paper Series, 6352.
DOI: https://doi.org/10.3386/w6352[23] Scharfstein, D.S., & J. C. Stein .(2000).The dark side of internal capital markets: divisional Rent seeking and inefficient investment. Journal of Finance 55(6), 2537-2564.
DOI: https://doi.org/10.1111/0022-1082.00299[24] Schoar, A.(2002).Effects of Corporate Diversification on Productivity. The Journal of Finance, 57(6), 2379-2403.
DOI: https://doi.org/10.1111/1540-6261.00500[25] Scott, J.T.(1982).Multimarket Contact and Economic Performance. The Review of Economics and Statistics, 64(3), 368-375.
[26] Stein, J.C.(1997).Internal capital markets and the competition for corporate resources. Journal of Finance, 52(1),111-133.
DOI: https://doi.org/10.1111/j.1540-6261.1997.tb03810.x[27] Stein, J. C .(2003). Agency, Information and Corporate Investment.in G. M. Constantinides, M. Harris and R. Stulz, ed., Handbook of the Economics of Finance, Elsevier Science B.V.
[28] Teece, D. J .(1980). Economies of scope and the scope of the Enterprise. Journal of Economic Behavior & Organization, 1(3), 223-247.
DOI: https://doi.org/10.1016/0167-2681(80)90002-5[29] Teece, D. J .(1982). Towards an economic theory of the multiproduct firm. Journal of Economic Behavior & Organization, 3(1), 39-63.
DOI: https://doi.org/10.1016/0167-2681(82)90003-8[30] Tirole, J. (1995).The Theory of Industrial Organization. Cambridge, MA: MIT Press.
[31] Villalonga,B.(2000).An Empirical Analysis of Diversification Motives. Unpublished Manuscript, Los Angeles, Anderson Graduate School of Management, University of California.
[32] Villalonga, B .(2004). Diversification Discount or Premium? New Evidence from the Business Information Tracking Series. The Journal of Finance, 59(2), 479-506.
DOI: https://doi.org/10.1111/j.1540-6261.2004.00640.x[33] Wernerfelt, B., & Montgomery, C. A.(1988).Tobin's q and the importance of focus in firm performance. American Economic Review, 78(1), 246–250.
[34] Williamson ,O.E.(1970).Corporate Control and Business Behavior: An Inquiry into the Effects of Organizational Form on Enterprise Behavior. Englewood Cliffs, N.J, Prentice Hall.
[35] Williamson, O. E.(1975). Markets and Hierarchies: Analysis and Antitrust Implications. Collier Macmillan Publishers, Inc., NY.
[36] Zuckerman, E.W.(1999).The Categorical Imperative: Securities Analysts and the Illegitimacy Discount. American Journal of Sociology, 104(5), 1398-1397.
DOI: https://doi.org/10.1086/210178