Competition from Specialized Firms and the Diversification–Performance Linkage
发现多元化对绩效的影响因行业而异：当行业中非多元化竞争者少或专业化企业总市场份额小时，多元化企业表现更好；反之则更差。研究结果对重新评估多元化与绩效的关系有启示。
ABSTRACT In this study, we show that the effect of diversification on performance is not homogeneous across industries and explore analytically and empirically the implications of this finding for the diversification literature. Diversified firms perform better in industries with a small number of nondiversified competitors or, equivalently, when specialized firms have a small combined market share, but worse as the presence of specialized firms increases in the industries in which they compete. The results are robust to the use of methods that alleviate the self‐selection problem and call for a reassessment of the diversification–performance relationship.