[23]Gort,Michael。,1962,DiversificationandIterationinAmeri-canIndustry,PrincetonUniversityPress
[24]Hadlock,C。,Ryngaert,M。,Thomas,S。,2001,Corpo-rateStructureandEquityOfferings:AreThereBenefitstoDiversifica-tion?,JournalofBusiness74,613-635
[25]HarrisMilton,ArturRaviv。,1990,CaptialStructureandthe Informationalroleofdebe,JournalofFinance45,321-349
[26]Harris Milton,ArturRaviv。,1991,TheTheoryofCapital Structure,JournalofFinance46,297-355
[27]Hart,O。,2001,FinancialContracting,JournalofEconom-icsLiteratureDecember,1079-1100
[28]Herfindahl,O。,1950,ConcentrationontheSteelIndustry,UnpublishedPh。D。Dissertation,ColumbiaUniversity
[29]Holmstrom B。,Milgrom P,1987,Aggregationandlinearity intheprovisionofintertemporalincentives,Econometric55,303-308
[30]Holmstrom B。,Milgrom P,1991,Multi-taskprincipal-agent analysis:incentivecontracts,assetownershipandjobdesign,Journalof Law,EconomicsandOrganization7,24-52
[31]Hyland,D。andJ。Diltz,2002,WhyFirmsDiversify:AnEmpiri-calExamination,FinancialManagement31,51-81
[32]JensenMC。,1986,Agencycostsoffreecashflow,corporate finance,andtakeovers,AmericanEconomicReview76,323-329
[33]Jensen,M。C。and Meckling,W。H。,1976,Theoryofthe firm:managerialbehavior,agencycostsandownershipstructure,Jour-nalofFinancialEconomics3,305-360
[34]Khanna,T。andPalepu,K。,1997,WhyFocusedStrategiesMay BeWrongforEmerging Markets,HarvardBusinessReview,July-August,3-10
[35]Khanna,T。,Palepu,K。,2000,Isgroupaffiliationprofita-bleinemerging markets?AnanalysisofdiversifiedIndianbusiness groups,JournalofFinance55,867-891
[36]Lang,L。H。P。and R。M。Stulz,1994,Tobinsq,corporate diversificationandfirmperformance,JournalofPoliticalEconomy102,1248-1280
[37]LeeKeonbeomPengMikeW,LeeKeun。,2003,FromDiver-sificationPremiumtoDiversificationDiscountDuringInstitutionalTransi-tion,Manu:FisherCollegeofBusiness,TheOhioStateUniversi-ty
[38]Lewellen,W。,1971,APureFinancialRationalefortheCon-glomerateMerger,JournalofFinance26,521-537
[39]Li,David,andShanLi,1996,A TheoryofCorporateScope andFinancialStructure,JournalofFinance,51:691-709
[40]Lichtenberg,F R。1992,Industrialde-diversification andits consequencesforproductivity,JournalofEconomicBehaviorandOrgani-zation,18,427-438
[41]Lins,K。and H。Servaes。,1999,InternationalEvidenceon the ValueofCorporate Diversification,JournalofFinance54,2215-2239
[42]Lins,K。,Servaes,H。,2002,Iscorporatediversification beneficialinemerging markets?,FinancialManagement31,5-32
[43]Maksimovic,Vojisllav,and Phillips,Gordon,2002,Do Conglomerate Firms Allocate ResourcesInefficiently acrossIndustries?TheoryandEvidence,JournalofFinance,57,721-767
[44]Matsusaka,J。G。,2001,Corporate diversification,value maximizationandorganizationalcapabilities,JournalofBusiness74,409-431
[45]Montgomery。CA。1994.Corporatediversification。JournalofE-conomicPerspectives8,163-178
[46]ModiglianiF,MillerM H。,1958,Thecostofcapital,cor-porationfinanceandthetheoryofinvestment。AmericanEconomicReview48,261-297
[47]MuellerD。C。1969,Atheoryofconglomerate merg-ers。QuarterlyJournalofEconomics,83,。643-659
[48]Mueller D。C。1977,Theeffectsofconglomerate mergers:a surveyoftheempiricalevidence,JournalofBankingand Finance,Vol。1 pp。315-347
[49]MontgomeryC,1982,The MeasurementofFirm Diversifica-tion:SomeNew EmpiricalEvidence,AcademyofManagementJournal25,299-307
[50]Morck,R。,Shleifer,A。,and Vishny,R。W。,1990,Do managerialobjectivesdrivebadacquisitions?,JournalofFinance45,31-48
[51]Myers,S。and N。Majluf,1984,Corporatefinancingandin-vestmentdecisions whenfirmshaveinformationthatinvestorsdonot have,JournalofFinancialEconomics13,187-221
[52]Penrose,Edith。T。,1959,Theory ofthea Growth ofthe Firm,Oxford,BasilBlackwell