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3 1. Aggarwal, Rajesh K., and Andrew A. Samwick, 2003, Why Do Managers Diversify Their Firms? Agency Reconsidered. The Journal of Finance 1, pp.71~ Amihud, Yakov, and B. Lev, 1981, Risk Reduction as a Managerial Motive for Conglomerate. The Bell Journal of Economics 12, pp.605~ Amit R., and J. Livant, 1988, Diversification Strategies, Business Cycle, and Economic Performance. Strategic Management Journal 9, pp.99~ Berger, Philip G., and Eli Ofek, 1995, Diversification s effect on firm value. Journal of Financial Economics 37, pp.39~ Berry C. H., 1975, Corporate Growth and Diversification. Princeton, NJ, Princeton University Press. 6. Booth, James R., Marcia Millon Cornett, and Hassan Tehranian, 2002, Boards of Directors, Ownership, and Regulation. Journal of Banking & Finance 26, pp.1973~ Campa, Jose, and Simi Kedia, 2002, Explaining the Diversification Discount. The Journal of Finance 41, pp.1731~ Claessens, Stijn, Simeon Djankov, and Larry H.P. Lang, 2000, The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics 58, pp.81~ Chandler A. D., 1962, Strategy and Structure: Chapter in the History of American Industrial Enterprise. Cambridge MA MIT Press. 10. Chevalier, Judith, 1999, Why Do Firms Undertake Diversifying Mergers? An Examination of the Investment Policy of Merging Firms. Working paper, University of Chicago. 11. Cho, Myeong-Hyeon, 1998, Ownership Structure, Investment, and the Corporate Value: An Empirical Analysis. Journal of Financial Economics 47, pp.103~ Core, John E., Robert W. Holthausen, and David F. Larcker, 1999, Corporate Governance, Chief Executive Officer Compensation, and Firm

4 Performance. Journal of Financial Economics 51, pp.371~ Denis, David, Diane Denis, and Atulya Sarin, 1997, Agency Problems, Equity Ownership, and Corporate Diversification. The Journal of Finance 1, pp.135~ Denis, David, Diane Denis, and Atulya Sarin, 1999, Agency Theory and The Influence of Equity Ownership Structure on Corporate Diversification Strategies. Strategic Management Journal 20, pp.1071~ Denis, David, Diane Denis, and Keven Yost, 2002, Global Diversification, Industrial Diversification, and Firm Value. The Journal of Finance 5, pp.1951~ Gibbons, Robert, and Kevin J. Murphy, 1992, Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence, Journal of Political Economy 100, pp.468~ Gort M., 1962, Diversification and Integration in American Industry. Princeton NJ, Princeton University Press. 18. Harris, Milton, and Artur Raviv, 1988, Corporate Governance Voting Rights and Majority Rules. Journal of Financial Economics 20, pp.203~ Hermalin, Benjamin E., and Michael L. Katz, 1996, Corporate Diversification and Agency. Working Paper. 20. Jacqemin A. P., and Berry C. H., 1979, Entropy Measure of Diversification and Corporate Growth. Journal of Industrial Economics 27, pp.359~ Jensen, Michael C., 1986, Agency Cost of Cash Flow, Corporate Finance and Takeovers. American Economic Review 76, pp.323~ Jensen, Michael C., and Kevin J. Murphy, 1990, Performance Pay and Top Management Incentives, Journal of Political Economy 98, pp. 225~ Jensen, Michael C., and R. Ruback, 1983, The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11, pp.5~ Jensen, Michael C., and William H. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of

5 Financial Economics 3, pp.305~ Jin, Li, 2002, CEO compensation, diversification, and incentives. Journal of Financial Economics 66, pp.29~ Lamont, Owen A., and Christopher Polk, 2002, Does Diversification Destroy Value? Evidence from the Industry Shocks. Journal of Financial Economics 63, pp.51~ Lane, Peter J., Albert A. Cannella, and Michael H. Lubatkin, 1998, Agency Problems as Antecedents to Unrelated Mergers and Diversification: Amihud and Lev Reconsidered. Strategic Management Journal 19, pp.555~ Lane, Peter J., Albert A. Cannella, and Michael H. Lubatkin, 1999, Ownership Structure and Corporate Strategy: One Question Viewed From Two Different Worlds., Strategic Management Journal 20, pp.1077~ La Porta, R., Lopez-de-Silanes, F., Shleifer, A., 1999, Corporate Ownership around the World. Journal of Finance 54, pp.471~ May, Don O., 1995, Do Managerial Motives Influence Firm Risk Reduction Strategies? The Journal of Finance 4, pp.1291~ McConnell, John J., and Henri Servaes, 1990, Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics 27, pp.595~ Montgomery C. A., 1985, Product Market Diversification and Market Power. Academy of Management Journal Montgomery C. A., 1994, Corporate Diversification. Journal of Economic Perspectives 8, pp.163~ Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, Management ownership and market valuation An empirical analysis. Journal of Financial Economics 20, pp.293~ Palepu K., 1985, Diversification, Strategy, Profit, Performance and the Entropy Measure. Strategic Management Journal 6, pp.239~ Rumelt R. P., 1974, Strategy, Structure, and Economic Performance. Boston, MA, Division of research, Harvard Business

6 37. Rumelt R. P., 1982, Diversification Strategy and Profitability. Strategic Management Journal 3, pp.359~ Servaes, Henri, 1996, The Value of Diversification during the Conglomerate Merger Wave., The Journal of Finance 4, pp.1201~ Shleifer, Andrei, and Robert Vishny, 1989, Management Entrenchment The Case of Manager-Specific Investments. Journal of Financial Economics 25, pp.123~ Shleifer, Andrei, and Robert Vishny, 1997, A Survey of Corporate Governance. The Journal of Finance 2, pp.737~ Stulz, Rene M., 1990, Managerial Discretion and Optimal Financing Policies. Journal of Financial Economics 26, pp.3~ Teece D. J. 1982, Towards an Economic Theory of the Multi-product Firms. Journal of Economic Behavior and Organization 3, pp.39~ Volpin, Paolo F., 2002, Governance with poor investor protection: evidence from top executive turnover in Italy. Journal of Financial Economics 64, pp.61~ Whited T., 2001, Is It Inefficient Investment That Causes The Diversification Discount? Journal of Finance 56, pp.1667~ Williamson, Oliver E., 1976, Economic Organization: Firms, Markets, and Policy Control. New York University Press. 46. Wrigley L., 1970, Divisional Autonomy and Diversification, Doctoral Dissertation, Harvard Business School

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