Performance differences in related and unrelated diversified firms
基于80家企业的样本，通过回归模型分析相关与非相关多元化企业在资产回报率上的绩效差异，发现研发支出是相关多元化企业绩效优势的重要决定因素。
Abstract This paper investigates performance differences (in terms of ROA) between related and unrelated diversified firms. Two regression models of performance are estimated using a sample of 80 firms. Performance differences are associated with advertising expenditures, accounting determined risk, research and development expenditures and capital intensity. The models suggest that research and development expenditures are an important determinant in the performance advantage enjoyed by related diversified firms.