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1 (Diversification) Rumelt(1974) 3 1. Rumelt(1974) (Synergy) 3 Chandler(1962) Gort(1962) - 8 -

2 (Economic of Scope) Teece(1982) Rumelt(1982) Amit and Livant(1988) Williamson(1976) (Debt Capacity) 2. Amihud, Yakov and Lev (1981) (Employment Risk) Shleifer and Vishny(1989) Montgomery(1994) - 9 -

3 Jensen and Murphy(1990) Jensen(1986), Stulz(1990) Gibbons and Murphy(1992) 1. (Standard Industrial Classification code, SIC code) SIC SIC 4 2. Berry(1975) SIC

4 I = n i= 1 ( P i ) 2 H = 1 I = 1 n i= 1 ( P i ) 2 I P i SIC i n SIC H (Herfindahl Index) 3. Entropy Jacqemin and Berry(1979) SIC SIC SIC Entropy / s s 1 Etotal = Erel + Eunrel = P Pj ln( ) + s P s j s j s 1 Ps ln( ) P s E rel = s P s j s P s j 1 ln( ) s P j E unrel = s 1 Ps ln( P s )

5 E total E rel E unrel P i SIC P j SIC SIC SIC P s SIC 4. Rumel Rumel(1982) 5 Rumel a. (Specialization Ratio, R s ) b. (Related Ratio, R r ) c. (Vertical Ratio, R v ) d. (Related-Core Ratio, R c ) 5 Rumelt (Related-Core Ratio

6 Rumelt SIC Rumel Wrigley(1970) Rumel Rumel (Singal Business) (Singal Business) R s 0.95 (Dominant Business) (Dominant-Vertical Business) (Dominant-Constrained Business) R v <R s <0.7; R c >( R r + R s )/2 0.95<R s <0.7; (Dominant-Linked-Unrelated R c <( R r + R s )/2 Business) (Related Business) (Related-Constrained Business) R s <0.7; R r >0.7; R c >( R r + R s )/2 (Related-Linked Business) R s <0.7; R r >0.7; R c <( R r + R s )/2 R r <0.7 (Unrelated Business) (Unrelated Business) Rumelt R. P., 1982, Diversification Strategy and Profitability. Strategic Management Journal 3, pp

7 Rumelt Herfindahl Entropy Entropy Herfindahl Entropy 6 Entropy SIC Entropy 6 Herfindahl

8 (Debt capacity) (Overinvestment) (Cross-Subsidization) Berger and Ofek(1995) Compustat Industry Segment(CIS) 3,659 (Industry Multiplier Approach) (Imputed Value) (Excess Value) OLS -13% -15% 2.6% 3.6% 4.5% 3% 0.1%

9 Servaes(1996) Compustat Tobin s Q SIC OLS Campa and Kedia(2002) Compustat Industry Segment (Fixed Effect Model) (Instrumental Variable) (Endogenous Self-Selection Model)

10 (Self-Selection Bias) (Refocusing Firm) Berger and Ofek(1995) Lamont and Polk(2002) Compustat Current and Research Berger and Ofek(1995) OLS 7 Q 7 Chevalier(1999); Whited(2001) (Measurement Error)

11 ( 85) ROA ROE ( 85) (Pure Play Method) 8 ( 86) Tobin s Q (Industry Multiplier Approach) ( 91)

12 Rumelt(1974)

13 Jensen and Meckling(1976) (Convergence of Interest Hypothesis) Jensen and Ruback(1983) (Entrenchment Hypothesis) McConnell and Servaes(1990) NYSE and AMEX , ,093 Tobin s Q (Piecewise Linear Regression) 5% 5 25% 25%

14 25 Jensen and Meckling(1976) 25 Jensen and Ruback(1983) Gibbons and Murphy(1992) (Implicit Incentive) (Explicit Incentive) ( ) (Forbes) 1,493 2,972 10% 1.7% 10% 1.3% ( 90) S&P ExecuComp OLS (Simultaneous Regression)

15 Jensen and Meckling(1976) ( 81) ( ) OLS Jensen and Meckling(1976) ( 89) / Morck, Shleifer, and Vishny(1988) (Piecewise Linear Regression Model) 25% 40% 25 Jensen and Meckling(1976)

16 25 Jensen and Ruback(1983) ( 90) (1996) (1999) Tobin s Q Jensen and Ruback(1983) Jensen and Meckling(1976) Jensen and Meckling(1976) Jensen and Ruback(1983) 9 9 Morck, Shleifer, and Vishny(1988); McConnell and Servaes(1990)

17 10 10 Morck, Shleifer, and Vishny(1988) McConnell and Servaes(1990)

18 May(1995) CRSP Compustat (Market model Regression)

19 Denis, Denis, and Sarin(1997) 1984 Value Line 933 Berger and Ofek(1995) OLS 5 10% 20% 10~20% Logit Analysis Aggarwal and Samwick(2003)

20 (Pay Performance Sensitivity, PPS) S&P ExecuComp Tobin s Q SIC OLS (Fixed Effect Model) ( 82) Rumelt(1982)

21 20% 50% 20% 50% ( 82) (Stepwise regression) ( 86) Denis, Denis, and Sarin(1997) Berger and Ofek(1995) (Excess Value)

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