A Concept of Conglomerate Diversification
提出并检验了一个衡量企业集团多元化的新概念，反映企业对经济周期各行业波动敏感度的差异，发现通过合理选择业务板块分散周期影响的企业运营风险更低。
This study develops and tests a new concept of conglomerate diversification that reflects afirm's sensitivity to the cyclical behavior and differential amplitude of economic sectors throughout the business cycle. The measure is shown to describe unique aspects of conglomerate diversification that are not captured by other commonly used SIC-based diversification measures or by the Rumelt categorization scheme. The measure is also used to evaluate the association between conglomerate diversification and the reduction of operating risk. The results indicate that conglomerates that diversify the effects of the business cycle through the proper selection of business segments are characterized by lower operating risk than otherfirms.