Lee, Bong Soo; Li, Ming-Yuan Leon - In: Journal of Banking & Finance 36 (2012) 7, pp. 2157-2173
The effect of diversification on firm performance has been debated. We reexamine the effect using a sample of 44,248 observations of non-financial US firms for the 1997–2009 period employing the quantile regression approach. Our empirical results show that the effect of diversification on firm...