International Evidence on the Value of Corporate Diversification
研究德国、日本和英国公司多元化的估值效应，发现德国无显著折价，日本和英国分别有10%和15%的折价，且公司治理差异影响多元化对股东财富的作用。
ABSTRACT The valuation effect of diversification is examined for large samples of firms in Germany, Japan, and the United Kingdom for 1992 and 1994. We find no significant diversification discount in Germany, but a significant diversification discount of 10 percent in Japan and 15 percent in the U.K. Concentrated ownership in the hands of insiders enhances the valuation effect of diversification in Germany, but not in Japan or the U.K. For Japan, only firms with strong links to an industrial group have a diversification discount. These findings suggest that international differences in corporate governance affect the impact of diversification on shareholder wealth.