We survey the recent literature on corporate diversification. How does corporate
diversification influence firm value? Does it create or destroy value? Until the beginning of …

We survey the recent developments in the literature on corporate diversification. This
literature is voluminous, diverse, and quite old. To make the task more manageable, we …

This paper argues that the documented discount on diversified firms is not per se evidence
that diversification destroys value. Firms choose to diversify. We use three alternative …

We estimate the effect of corporate diversification on firm value using a sample of 766
segment-year observations during 2004–2008 for firms listed on the Australian Stock …

We examine the relation between corporate diversification, real earnings management, and
firm value. Our analysis indicates that industrial diversification and the combination of …

Prior literature finds that diversified firms sell at a discount relative to the sum of the imputed
values of their business segments. We explore this documented discount and argue that it …

Recent research focuses on explaining the diversification discount. However, there is little
direct evidence regarding the relation among ownership structure, corporate governance …

We provide international evidence on the level and value of corporate diversification using a
sample of 145 Singapore firms. We find that the level of diversification is positively related to …

In this paper we show that the main empirical findings about firm diversification and
performance are consistent with the maximization of shareholder value. In our model …

Research summary: Prior theory suggests that the performance effects of a firm's
diversification strategy depend on a firm's individual resources and capabilities and the …