The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets
研究发现多元化企业比专注型企业有更高的劳动生产率，并能将劳动力重新配置到前景更好的行业，同时内部劳动力市场为工人提供更优的行业转换机会和更小的工资损失。
We document differences in human-capital deployment between diversified and focused firms. We find that diversified firms have higher labor productivity and that they redeploy labor to industries with better prospects in response to changing opportunities. The opportunities and incentives provided in internal labor markets in turn affect the development of workers' human capital. We find that workers more frequently transition to other industries in which their diversified firms operate and with smaller wage losses compared with workers in the open market, even when they leave their original firms. Overall, internal labor markets provide a bright side to corporate diversification.