Corporate Diversification
记录了美国经济中多元化企业的显著存在，并从市场势力、代理问题和资源利用三个视角解释企业为何多元化。实证研究综述发现，市场势力观点支持不足，而代理和资源观点证据充分。
This paper documents the significant presence of diversified firms in the U.S. economy and presents three views on why firms diversify. The market power view argues that firms diversify to wield conglomerate power across markets. The agency view argues that diversification is undertaken by managers pursuing their own interests at the expense of the firm's owners. The resource view argues that firms diversify in response to excess capacity in productive factors. A review of recent empirical research finds little support for the market-power view and a substantial amount of evidence that is consistent with the agency and resource views.