Diversification, Organization, and Value of the Firm
研究了公司多元化与组织结构如何共同影响企业价值，发现多元化折价部分源于组织结构而非仅产业范围，对理解企业价值决定因素有参考价值。
Because corporate diversification coevolves with organizational structure, a discount for diversification, which is widely documented in the literature, can be caused by organizational structure rather than by the industrial scope of the firm. I examine this possibility based on a large sample of Japanese firms for which the legal (parent–subsidiary) structure of the organization is easily observable. I identify a significant discount for diversified firms with and without control over the organizational structure. I also find that firms with a legally segmented structure (e.g., holding companies) are deeply discounted. My results suggest that diversification and organization are both important determinants of firm value.