Multibusiness firms and performance in Italy. What role does relatedness play?

Ansoff, 1958, A model for diversification, Management Science, 4, 392, 10.1287/mnsc.4.4.392 Barca, 2001 Berger, 1995, Diversification's effect on firm value, Journal of Financial Economics, 37, 39, 10.1016/0304-405X(94)00798-6 Bergh, 1997, Predicting divestiture of unrelated acquisitions: An integrative model of ex-ante conditions, Strategic Management Journal, 18, 715, 10.1002/(SICI)1097-0266(199710)18:9<715::AID-SMJ912>3.0.CO;2-6 Bianco, 1999, Italian corporate governance: Effects on financial structure and firm performance, European Economic Review, 43, 1057, 10.1016/S0014-2921(98)00114-7 Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115, 10.1016/S0304-4076(98)00009-8 Campa, 2002, Explaining the diversification discount, Journal of Finance, 57, 1731, 10.1111/1540-6261.00476 Carpenter, 2000, Italian corporate governance, investment and finance, Empirica, 27, 365, 10.1023/A:1010989312623 Claessens, 1999 Datta, 1991, Diversification and performance: Critical review and future directions, Journal of Management Studies, 28, 529, 10.1111/j.1467-6486.1991.tb00767.x Denis, 1997, Agency problems, equity ownership, and corporate diversification, Journal of Finance, 52, 135, 10.1111/j.1540-6261.1997.tb03811.x Fama, 1983, Agency problem and residual claims, Journal of Law and Economics, 26, 327, 10.1086/467038 Fauver, 2003, Capital market development, international integration, legal systems, and the value of corporate diversification: A cross-country analysis, Journal of Financial and Quantitative Analysis, 38, 135, 10.2307/4126767 Fuente, 2015, The effect of the financial crisis on the value of corporate diversification in Spanish firms, Spanish Journal of Finance and Accounting, 44, 1 Gertner, 1994, Internal versus external capital markets, Quarterly Journal of Economics, 109, 1211, 10.2307/2118361 Gort, 1962 Grant, 1988, Diversity, diversification, and profitability among British manufacturing companies, 1972–84, Academy of Management Journal, 31, 771 He, 2009, Corporate diversification and firm value: Evidence from post-1997 data, International Review of Finance, 12, 359, 10.1111/j.1468-2443.2009.01096.x He, 2012, Two sides of a coin: Endogenous and exogenous effects of corporate diversification on firm value, International Review of Finance, 9, 375, 10.1111/j.1468-2443.2012.01158.x Hernández-Trasobares, 2017, Diversification and family control as determinants of performance: A study of listed business groups, European Research on Management and Business Economics, 23, 46, 10.1016/j.iedeen.2016.04.001 Hoechle, 2012, How much of the diversification discount can be explained by poor corporate governance?, Journal of Financial Economics, 103, 41, 10.1016/j.jfineco.2011.03.025 Hoskisson, 1990, Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives, Journal of Management, 16, 461, 10.1177/014920639001600210 Hubbard, 1998, A re-examination of the conglomerate merger wave in the 1960s: An internal capital markets view, Journal of Finance, 54, 1131, 10.1111/0022-1082.00139 Jones, 1988, Transaction cost analysis of strategy-structure choice, Strategic Management Journal, 9, 159, 10.1002/smj.4250090206 Khanna, 1997, Why focused strategies may be wrong for emerging markets, Harvard Business Review, 75, 41 Khanna, 2000, Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups, Journal of Finance, 55, 867, 10.1111/0022-1082.00229 Kim, 1977, Corporate mergers and the co-insurance of corporate debt, Journal of Finance, 32, 349, 10.1111/j.1540-6261.1977.tb03275.x Kuppuswamy, 2016, Does diversification create value in the presence of external financing constraints? Evidence from the 2007–2009 financial crisis, Management Science, 62, 905, 10.1287/mnsc.2015.2165 La Porta, 1999, Corporate ownership around the world, Journal of Finance, 54, 471, 10.1111/0022-1082.00115 Lamont, 1997, Cash flow and investment: Evidence from internal capital markets, Journal of Finance, 52, 83, 10.1111/j.1540-6261.1997.tb03809.x Lamont, 2000 Lang, 1994, Tobin's q, corporate diversification and firm performance, Journal of Political Economy, 102, 1248, 10.1086/261970 Lewellen, 1971, A pure financial rationale for the conglomerate merger activity, Journal of Finance, 26, 521, 10.1111/j.1540-6261.1971.tb00912.x Lins, 1999, International evidence on the value of corporate diversification, Journal of Finance, 54, 2215, 10.1111/0022-1082.00186 Lins, 2002, Is corporate diversification beneficial in emerging markets?, Financial Management, 31, 5, 10.2307/3666220 Markides, 1994, Related diversification, core competences and corporate performance, Strategic Management Journal, 15, 149, 10.1002/smj.4250151010 Markides, 1996, Corporate diversification and organizational structure: A resource-based view, Academy of Management Journal, 39, 340 Markides, 1996 Martin, 2003, Corporate diversification and shareholder value: A survey of recent literature, Journal of Corporate Finance, 9, 37, 10.1016/S0929-1199(01)00053-0 Matsusaka John, 2001, Corporate diversification, value maximization and organizational capabilities, The Journal of Business, 74, 409, 10.1086/321932 Menéndez-Alonso, 2003, Does diversification strategy matter in explaining capital structure? Some evidence from Spain, Applied Financial Economics, 13, 427, 10.1080/09603100210150930 Nayyar, 1992, On the measurement of corporate diversification strategy: Evidence from large U.S. service firms, Strategic Management Journal, 13, 219, 10.1002/smj.4250130305 Palepu, 1985, Diversification strategy, profit performance and the entropy measure, Strategic Management Journal, 6, 239, 10.1002/smj.4250060305 Palich, 2000, Curvilinearity in the diversification-performance linkage: An examination over three decades of research, Strategic Management Journal, 21, 155, 10.1002/(SICI)1097-0266(200002)21:2<155::AID-SMJ82>3.0.CO;2-2 Panzar, 1981, Economies of scope, American Economic Review, 71, 268 Prowse, 1990, Institutional investment patterns and corporate financial behavior in the United States and Japan, Journal of Financial Economics, 27, 43, 10.1016/0304-405X(90)90020-Z Rajan, 2000, The cost of diversity: The diversification discount and inefficient investment, Journal of Finance, 55, 35, 10.1111/0022-1082.00200 Ramanujam, 1989, Research on corporate diversification: A synthesis, Strategic Management Journal, 10, 523, 10.1002/smj.4250100603 Scharfstein, 2000, The dark side of internal capital markets: Divisional rent-seeking and inefficient investment, Journal of Finance, 55, 2537, 10.1111/0022-1082.00299 Servaes, 1996, The value of diversification during the conglomerate merger wave, Journal of Finance, 51, 1201, 10.1111/j.1540-6261.1996.tb04067.x Seth, 1990, Value creation in acquisitions: A re-examination of performance issues, Strategic Journal Management, 11, 99, 10.1002/smj.4250110203 Stein, 1997, Internal capital markets and competition for corporate resources, Journal of Finance, 52, 111, 10.1111/j.1540-6261.1997.tb03810.x Tallman, 1996, Effects of international diversity and product diversity on the performance of multinational firms, Academy of Management Journal, 39, 179 Villalonga, 2004, Does diversification cause the diversification discount?, Financial Management, 33, 5 Villalonga, 2004, Diversification discount or premium? New evidence from the business information tracking series, Journal of Finance, 59, 475, 10.1111/j.1540-6261.2004.00640.x Williamson, 1985