An Environmental Perspective on Diversification: The Effects of Chemical Relatedness and Regulatory Sanctions
研究了企业多元化时，其所在行业与目标行业在化学品使用上的关联性以及目标行业的监管制裁如何影响多元化决策，发现化学品关联性提高多元化概率，而监管制裁呈倒U型影响。
This study integrates resource-based and institutional theory perspectives to examine relationships between the relatedness of chemicals used within the home and target industries of a potential diversifier, target industry regulatory sanctions, and the likelihood of diversification. First, we provide evidence that the level of such chemical relatedness between a home and a target industry increases the likelihood of diversification. Second, we find that the level of target industry regulatory sanctions has an inverted U-shaped effect on the likelihood that a firm will diversify into that industry. We also provide some evidence that chemical relatedness amplifies the inverted U-shaped effect of target industry regulatory sanctions.