Corporate diversification and efficiency of manufacturing firms listed in Bursa Malaysia

Ahmad, A. C.; Ishak, Z., & Manaf, N. A. A. (2003). “Corporate governance, ownership structure and corporate diversification: Evidence from the Malaysian listed companies”. Asian Academy of Management Journal, 8, 67-89.
Anderson, R. C.; Bates, T. W.; Bizjak, J. M. & Lemmon, M. L. (2000). “Corporate governance and firm diversification”. Financial Management, 5-22.
Banker, R. D.; Charnes, A. & Cooper, W. W. (1984). “Some models for estimating technical and scale inefficiencies in data envelopment analysis”. Management science, 1078-1092.
Berger, P. & Ofek, E. (1995). “Diversification's effect on firm value”. Journal of Financial economics, 37(1), 39-65.
Bhargava, A. F., L. & Narendranathan, W. (1982). “Serial Correlation and the Fixed Effects Model”. Review of Economic Studies, 49(4), 533–549.
Bobillo, A. M.; López-Iturriaga, F. & Tejerina-Gaite, F. (2010). “Firm performance and international diversification: The internal and external competitive advantages”. International Business Review, 19(6), 607-618.
Brewer, H. (1981). “Investor benefits from corporate international diversification”. Journal of Financial and Quantitative Analysis, 16(1), 113-126.
Buckley, P. J.; Dunning, J. H. & Pearce, R. D. (1978). “The influence of firm size, industry, nationality, and degree of multinationality on the growth and profitability of the World’s largest firms, 1962–1972”. Review of World Economics, 114(2), 243-257.
Cernas Ortiz, D. A. (2011). Examining Curvilinearity and Moderation in the Relationship between the Degree of Relatedness of Individual Diversification Actions and Firm Performance., UNIVERSITY OF NORTH TEXAS.
Chakrabarti, A.; Singh, K. & Mahmood, I. (2007). “Diversification and performance: evidence from East Asian firms”. Strategic Management Journal, 28(2), 101-120.
Chang, S. C. & Wang, C. F. (2007). “The effect of product diversification strategies on the relationship between international diversification and firm performance”. Journal of World Business, 42(1), 61-79.
Charnes, A. & Cooper, W. W. (1962). “Programming with linear fractional functionals”. Naval Research logistics quarterly, 9(3‐4), 181-186.

Charnes, A.; Cooper, W. W.; & Rhodes, E. (1978). “Measuring the efficiency of decision-making units”. European Journal of Operational Research, 2, 429-444.
Chen, C. J. & Yu, C. M. J. (2012). “Managerial ownership, diversification, and firm performance: Evidence from an emerging market”. International Business Review. 21(Issue 3), 518-534.
Claessens, S.; Djankov, S.; Fan, J. & Lang, L. (2001). “The pattern and valuation effects of corporate diversification”. World Institute for Development Economics Research.
Claessens, S.; Djankov, S.; Fan, J. P. H. & Lang, L. H. P. (2003). “When does corporate diversification matter to productivity and performance? Evidence from East Asia”. Pacific-Basin Finance Journal, 11(3), 365-392.
Claessens, S.; Djankov, S.; Fan, J. P. H.; Lang, L. H. P. & Fomento, B. I. d. R. y. (1999). Corporate diversification in East Asia: the role of ultimate ownership and group affiliation: World Bank.
Comment, R. & Jarrell, G. A. (1995). “Corporate focus and stock returns”. Journal of Financial Economics, 37(1), 67-87.
Contractor, F. J.; Kundu, S. K. & Hsu, C. C. (2003). “A three-stage theory of international expansion: The link between multinationality and performance in the service sector”. Journal of international business studies, 33(1), 48-60.
Cooper, W. W.; Seiford, L. M. & Tone, K. (2006). Introduction to data envelopment analysis and its uses: with DEA-solver software and references: Springer Verlag.
Daniels, J. D. & Bracker, J. (1989). “Profit performance: Do foreign operations make a difference?”. Management International Review, 46-56.
Daud, W.; Salamudin, N. & Ahmad, I. (2009). “Corporate diversification and performance”. IBEJ, 2(1), 01-18.
Delios, A. & Beamish, P. W. (2001). “Geographic scope, product diversification and the corporate performance of Japanese firms”. Japanese subsidiaries in the new global economy, 47.
Denis, D.; Denis, D. & Yost, K. (2002). “Global diversification, industrial diversification, and firm value”. The Journal of Finance, 57(5), 1951-1979.
Denis, D. J.; Denis, D. K. & Sarin, A. (1997). “Agency problems, equity ownership, and corporate diversification”. Journal of finance, 135-160.
Doaei, M.; Anuar, M. B. A. & Hamid, N. I. N. A. (2012). “Corporate 

Diversification and Financial Performance: A Review of Literature”. Asian Journal of Finance & Accounting, 4(2), 56-74.
Edwards, C. D. (1955). Conglomerate bigness as a source of power. in G.J. Stigler (ed), NewYork: Princeton University Press.
Emrouznejad, A.; Parker, B. R. & Tavares, G. (2008). “Evaluation of research in efficiency and productivity: A survey and analysis of the first 30 years of scholarly literature in DEA”. Socio-Economic Planning Sciences, 42(3), 151-157.
Errunza, V. R. & Senbet, L. W. (1984). “International corporate diversification, market valuation, and size-adjusted evidence”. The Journal of Finance, 39(3), 727-743.
Fan, J. P. H.; Huang, J.; Oberholzer-Gee, F.; Smith, T. D. & Zhao, M. (2008). “Diversification of Chinese companies: an international comparison”. Chinese Management Studies, 2(1), 6-13.
Geringer, J.; Tallman, S. & Olsen, D. (2000). “Product and international diversification among Japanese multinational firms”. Strategic Management Journal, 21(1), 51-80.
Geringer, M. J.; Beamish, P. W. & DaCosta, R. C. (1989). “Diversification strategy and internationalization: Implications for MNE performance”. Strategic Management Journal, 10(2), 109-119.
Greene, W. (2003). Econometric analysis: Prentice Hall.
Haar, J. (1989). “A comparative analysis of the profitability performance of the largest US, European and Japanese multinational enterprises”. Management International Review, 5-18.
Hall, E. H. & Lee, J. (2010). “Profitability and Curvilinearity: A Study of Product and International Diversification”. The Journal of International Management Studies, 5(1).
Hitt, M. A.; Hoskisson, R. E. & Ireland, R. D. (1994). “A mid-range theory of the interactive effects of international and product diversification on innovation and performance”. Journal of management, 20(2), 297-326.
Hitt, M. A.; Hoskisson, R. E. & Kim, H. (1997). “International diversification: Effects on innovation and firm performance in product-diversified firms”. Academy of Management Journal, 767-798.
Hoskisson, R. E. & Hitt, M. A. (1990). “Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives”. Journal of management, 16(2), 461-509.
Ishak, Z. & Napier, C. (2004). Corporate Ultimate Ownership and Corporate Diversification in Malaysia. Paper presented at the The 

Fourth Asia Pacific Interdisciplinary Research in Accounting Conference.
Ishak, Z. & Napier, C. (2006). “Expropriation of Minority Interests and Corporate Diversification in Malaysia”. Asian Academy of Management Journal of Accounting and Finance, 2, 85-113.
Jain, S.; Triantis, K. P. & Liu, S. (2011). “Manufacturing performance measurement and target setting: A data envelopment analysis approach”. European Journal of Operational Research. 214(1), 616-626.
Jensen, M. C. (1986). “Agency costs of free cash flow, corporate finance, and takeovers”. The American Economic Review, 323-329.
Jensen, M. C. & Meckling, W. H. (1976). “Theory of the firm: Managerial behavior, agency costs and ownership structure”. Journal of Financial Economics, 3(4), 305-360.
Jones, G. R. & Hill, C. W. L. (1988). “Transaction cost analysis of strategy‐structure choice”. Strategic Management Journal, 9(2), 159-172.
Jung, J. & Chan-Olmsted, S. M. (2005). “Impacts of media conglomerates' dual diversification on financial performance”. Journal of Media Economics, 18(3), 183-202.
Kang, J. (2013). “The relationship between corporate diversification and corporate social performance”. Strategic Management Journal, 34(1), 94-109.
Khanna, T. & Palepu, K. (2000). “Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups”. The Journal of Finance, 55(2), 867-891.
Khanna, T. & Rivkin, J. W. (2001). “Estimating the performance effects of business groups in emerging markets”. Strategic Management Journal, 22(1), 45-74.
Kim, H.; Hoskisson, R. E. & Wan, W. P. (2004). “Power dependence, diversification strategy, and performance in keiretsu member firms”. Strategic Management Journal, 25(7), 613-636.
Kim, W. C.; Hwang, P. & Burgers, W. P. (1993). “Multinationals' diversification and the risk‐return trade‐off”. Strategic Management Journal, 14(4), 275-286.
Kotabe, M.; Srinivasan, S. S. & Aulakh, P. S. (2002). “Multinationality and firm performance: The moderating role of R&D and marketing capabilities”. Journal of international business studies, 79-97.
Lang, L. & Stulz, R. (1994). “Tobin's q, corporate diversification, and firm 

performance”. Journal of political economy, 102(6), 1248-1280.
Lee, K.; Peng, M. W. & Lee, K. (2008). “From diversification premium to diversification discount during institutional transitions”. Journal of World Business, 43(1), 47-65.
Lin, W. C.; Liu, C. F. & Chu, C. W. (2005). “Performance efficiency evaluation of the Taiwan’s shipping industry: an application of data envelopment analysis”. Transportation Stud, 5, 467-476.
Lins, K., & Servaes, H. (2002). “Is corporate diversification beneficial in emerging markets?”. Financial Management, 31(2), 5-31.
Lu, J. W. & Beamish, P. W. (2001). “The internationalization and performance of SMEs”. Strategic Management Journal, 22(6‐7), 565-586.
Mahmood, A. (2000). “Export specialization and competitiveness of the Malaysian manufacturing: trends, challenges, and prospects”. Paper presented at the Conference on International Trade Education and Research, Monash University, Australia.
Michel, A. & Shaked, I. (1986). “Multinational corporations vs. domestic corporations: Financial performance and characteristics”. Journal of international business studies, 89-100.
Morck, R. & Yeung, B. (1991). “Why investors value multinationality”. Journal of Business, 165-187.
Muñoz-Bullón, F. & Sanchez-Bueno, M. J. (2011). “Is there new evidence to show that product and international diversification influence SMEs' performance?”. EuroMed Journal of Business, 6(1), 63-76.
Neves, J. C. & Lourenço, S. (2009). “Using data envelopment analysis to select strategies that improve the performance of hotel companies”. International Journal of Contemporary Hospitality Management, 21(6), 698-712.
Ngah-Kiing Lim, E.; Das, S. S. & Das, A. (2009). “Diversification strategy, capital structure, and the Asian financial crisis (1997–1998): Evidence from Singapore firms”. Strategic Management Journal, 30(6), 577-594.
Palich, L.; Cardinal, L. & Miller, C. (2000). “Curvilinearity in the diversification-performance linkage: An examination of over three decades of research”. Strategic Management Journal, 21(2), 155-174.
Patrick, O. O. (2012). “Product Diversification and Performance of Manufacturing Firms in Nigeria”. European Journal of Business and Management, 4(7), 226-233.
Penrose, E. G. (1959). The theory of the growth of the firm. New York: John Wiley.

Qian, G.; Li, L.; Li, J. & Qian, Z. (2008). “Regional diversification and firm performance”. Journal of International Business Studies, 39(2), 197-214.
Ravichandran, T.; Liu, Y.; Han, S. & Hasan, I. (2009). “Diversification and firm performance: exploring the moderating effects of information technology spending”. Journal of Management Information Systems, 25(4), 205-240.
Rouse, P.; Harrison, J. & Chen, L. (2010). “Data Envelopment Analysis: A Practical Tool to Measure Performance”. Australian Accounting Review, 20(2), 165-177.
Sambharya, R. B. (1995). “The combined effect of international diversification and product diversification strategies on the performance of US-based multinational corporations”. MIR: Management International Review, 197-218.
Servaes, H. (1996). “The value of diversification during the conglomerate merger wave”. Journal of finance, 1201-1225.
Seth, A.; Song, K. P. & Pettit, R. (2000). “Synergy, managerialism or hubris? An empirical examination of motives for foreign acquisitions of US firms”. Journal of international business studies, 31(3), 387-405.
Singh, M.; Davidson, W. N. & Suchard, J. A. (2003). “Corporate diversification strategies and capital structure”. The Quarterly Review of Economics and Finance, 43(1), 147-167.
Singh, P. C. D. A.; Gaur, A. P. A. S. & Schmid, F. P. (2010). “Corporate diversification, TMT experience, and performance”. Management International Review, 50(1), 35-56.
Stulz, R. (1990). “Managerial discretion and optimal financing policies”. Journal of Financial Economics, 29, 3-28.
Tallman, S. & Li, J. (1996). “Effects of international diversity and product diversity on the performance of multinational firms”. Academy of Management Journal, 179-196.
Talluri, S. (2000). “Data envelopment analysis: models and extensions”. Decision Line, 31(3), 8-11.
Toloo, M. & Nalchigar, S. (2011). “A new DEA method for supplier selection in presence of both cardinal and ordinal data”. Expert Systems with Applications. 38, 14726–14731.
Tongli, L.; Ping, E. J. & Chiu, W. K. C. (2005). “International diversification and performance: evidence from Singapore”. Asia Pacific Journal of Management, 22(1), 65-88.
Tsen, W. H. (2005). “The Determinants of Foreign Direct Investment in the 

Manufacturing Industry of Malaysia”. Journal of economic cooperation, 26(2), 91-110.
Wan, C. C. (1998). “International diversification, industrial diversification and firm performance of Hong Kong MNCs”. Asia Pacific Journal of Management, 15(2), 205-217.
Williamson Oliver, E. (1985). The economic institutions of capitalism: Firms, markets, relational contracting. New York.
Yeh, Q. J. (1996). “The application of data envelopment analysis in conjunction with financial ratios for bank performance evaluation”. Journal of the Operational Research Society, 980-988.
Yoshida, Y. (2010). Is this time different for Asia?: Evidence from stock Markets. Kyushu Sangyo University, Faculty of Economics.