Does corporate ownership structure affect its strategy towards diversification?
研究发现所有权集中度越高的公司多元化程度越低，且多元化通常导致价值损失，聚焦则提升价值，凸显代理问题对企业战略的潜在负面影响。
We claim that there is a link between corporate control structure and managers’ strategy towards unrelated mergers and risk diversification. Companies with greater ownership concentration are less diversified. Evidence also shows that corporate diversification generally results in value loss while focussing is value increasing. This highlights the potentially detrimental effect of agency problems on corporate strategy. Copyright © 1999 John Wiley & Sons, Ltd.