Capitalizing on a distinctive measure of corporate culture obtained from sophisticated machine learning, we investigate the concept of cultural diversification. A firm is culturally diversified if it is characterized by a variety of diverse cultural attributes. Motivated by agency theory, we...

This study investigates whether corporate diversification in Thailand led to value creation or destruction. The evidence shows that, like studies in developed countries, companies listed on the Stock Exchange of Thailand (SET), on average, experience a value loss of more than 10% through their...