References

Ansoff, B. H. I. (1948). Strategies for Diversification. Havard Business Review.

Aron, D. J. (1988). Ability, Moral Hazard, Firm Size, and Diversification. The RAND Journal of Economics, 19(1), 72. https://doi.org/10.2307/2555398

Berger, P. G., & Ofek, E. (1995). DiveBerger, P. G., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. http://doi.org/10.1016/0304-405X(94)00798-6rsification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65.

Berry-Stölzle, T. R., Hoyt, R. E., & Wende, S. (2012). Capital Market Development, Competition, Property Rights, and the Value of Insurer Product-Line Diversification: A Cross-Country Analysis. Journal of Risk and Insurance, 80(2), 423–459. https://doi.org/10.1111/j.1539-6975.2012.01470.x

Browne, M. J., Carson, J. M., & Hoyt, R. E. (1999). Economic and Market Predictors of Insolvencies in the Life-Health Insurance Industry. The Journal of Risk and Insurance, 66(4), 643. https://doi.org/10.2307/253868

Cannon, J., Hillebrandt, P.M. (1989). Diversification. In: Hillebrandt, P.M., Cannon, J. (eds) The Management of Construction Firms. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-13626-1_3

Carter, J. R. (1977). In Search of Synergy: A Structure-Performance Test. The Review of Economics and Statistics, 59(3), 279. https://doi.org/10.2307/1925046

Charumathi, B. (2012). On the Determinants of Profitability of Indian Life Insurers - An Empirical Study. Proceedings of the World Congress on Engineering, 01, 4-6.

Claessens, S., & Laeven, L. (n.d.). What Drives Bank Competition ? Some International Evidence. 1987.

Comment, R., & Jarrell, G. A. (1995). Corporate focus and stock returns. Journal of Financial Economics, 37(1), 67–87. https://doi.org/10.1016/0304-405X(94)00777-X

Contracting, R., Williamson, O. E., & Gorringe, P. (2001). A review article : The economic institutions of capitalism : Firms , markets and relational contracting. Australian Journal of Management, June 1987, 125–143.

Cummins, J. D., Harrington, S. E., & Klein, R. (1995). Insolvency experience, risk-based capital, and prompt corrective action in property-liability insurance. Journal of Banking and Finance, 19(3–4), 511–527. https://doi.org/10.1016/0378-4266(94)00136-Q

Cummins, J. D., Phillips, R. D., Smith, S. D., Cummins, J. D., Phillips, R. D., & Smith, S. D. (2014). RISK MANAGEMENT : AND CORPORATE DERIVATIVES AND VOLUME DECISIONS IN THE PARTICIPATION INSURANCE INDUSTRY. 68(1), 51–91.

Cummins, J. D., & Trainar, P. (2009). S ECURITIZATION , I NSURANCE ,. 76(3), 463–492. https://doi.org/10.1111/j.1539-6975.2009.01319.x

Cummins, J. D., & Weiss, M. A. (2009). C ONVERGENCE OF I NSURANCE AND F INANCIAL M ARKETS : H YBRID AND S ECURITIZED R ISK -T RANSFER S OLUTIONS. 76(3), 493–545. https://doi.org/10.1111/j.1539-6975.2009.01311.x

Cummins, J. D., Weiss, M. A., Xie, X., & Zi, H. (2010). Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry. Journal of Banking and Finance, 34(7), 1525–1539. https://doi.org/10.1016/j.jbankfin.2010.02.025

Cummins J.D., & Nini G.P. (2002). Optimal Capital Utilization by Financial Firms: Evidence from the Property-Liability Insurance Industry. Journal of Financial Services Research, 21, 15–53. http://www.ingentaconnect.com/content/klu/fina/2002/00000021/F0020001/00396559

Das S., Shome M.K (2016). The Study on Diterminants of Insurance Penetration in the Context of India. International Journal of Marketing and Human Resource Management 7(3), 85–94. https:// www.iaeme.com/ijmhrm/issues.asp?JType=IJMHRM&VType=7&IType=3

Duijm P., Beveren I.V (2022). Product diversification as a performance boosting strategy? Drivers and impact of diversification strategies in the property-liability insurance industry. Risk Management and Insurance Review, 25(3), 303–328. https://doi.org/10.1111/rmir.12219

Fabozzi F., Gupta F.,Markowitz H (2002). The Legacy of Modern Portfolio Theory. Journal of Investing, 11(3), 7–22. 10.3905/joi.2002.319510

Fauver, L., Houston, J., Naranjo, A., The, S., Analysis, Q., Mar, N., Fauver, L., Houston, J., & Naranjo, A. (2016). 181. Capital Market Development , International Integration , Legal Systems , and the Value of Corporate Diversification : A Cross-Country Analysis Published by : Cambridge University Press on behalf of the University of Washington School of Business Admi. Journal of Financial and Quantitative Analysis, 38(1), 135–157.

Gachoki, J. M., Kinyua, J. M., & Kariuki, S. N. (2022). Diversification Strategies And Performance Of Insurance Companies In Kenya. Journal of Positive School Psychology  6(10), 1-11. http://journalppw.com

Glaum, M., & Oesterle, M. J. (2007). 40 years of research on internationalization and firm performance: More questions than answers? Management International Review, 47(3), 307–317. https://doi.org/10.1007/s11575-007-0018-0

Grace, M. F., Harrington, S. E., & Klein, R. W. (1998). Risk-Based Capital and Solvency Screening in Property-Liability Insurance: Hypotheses and Empirical Tests. The Journal of Risk and Insurance, 65(2), 213. https://doi.org/10.2307/253534

Harris, M., Kriebel, C. H., & Raviv, A. (1982). Asymmetric Information, Incentives and Intrafirm Resource Allocation. Management Science, 28(6), 604–620. https://doi.org/10.1287/mnsc.28.6.604

Hennart, J. F. (2007). The theoretical rationale for a multinational-performance relationship. Management International Review, 47(3), 423–452. https://doi.org/10.1007/s11575-007-0023-3

Hoyt, R. E., & Trieschmann, J. S. (1991). Risk/Return Relationships for Life-Health, Property-Liability, and Diversified Insurers. The Journal of Risk and Insurance, 58(2), 322. https://doi.org/10.2307/253240

Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? an analysis of diversified Indian business groups. Journal of Finance, 55(2), 867–891. https://doi.org/10.1111/0022-1082.00229

Krivokapic, R., Njegomir, V., & Stojic, D. (2017). Effects of corporate diversification on firm performance: Evidence from the Serbian insurance industry. Economic Research-Ekonomska Istrazivanja , 30(1), 1224–1236. https://doi.org/10.1080/1331677X.2017.1340175

Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of Financial Economics, 85(2), 331–367. https://doi.org/10.1016/j.jfineco.2005.06.001

Lubatkin, M., & Chatterjee, S. (1994). Extending Modern Portfolio Theory Into the Domain of Corporate Diversification: Does It Apply? Academy of Management Journal, 37(1), 109–136. https://doi.org/10.2307/256772

Markides, C. C., & Williamson, P. J. (1994). 53-Markides 2007- Diversification-Corporate Performance.Pdf. 15, 149–165.

Markides, C. C., & Williamson, P. J. (1996). Corporate diversification and organizational structure: A resource-based view. Academy of Management Journal, 39(2), 340–367. https://doi.org/10.2307/256783

Oyekunle Oyewobi, L., Olukemi Windapo, A., & Cattell, K. S. (2013). Impact of business diversification on South African construction companies’ corporate performance. Journal of Financial Management of Property and Construction, 18(2), 110–127. https://doi.org/10.1108/JFMPC-12-2012-0045

Papelu, K. (1985). Diversification Strategy, Profit Performance and the Entropy Measure. Strategic Management Journal, 6(April 1984), 239–255. https://about.jstor.org/terms

Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: The diversification discount and inefficient investment. Journal of Finance, 55(1), 35–80. https://doi.org/10.1111/0022-1082.00200

Ramanujam, V., & Vardarajan, P. (1989). Research on corporate diversification: A synthesis Strategic Management Journal, 10(6), 523–551. doi:10.1002/smj.4250100603

Santalo, J., & Becerra, M. (2008). Competition from specialized firms and the diversification-performance linkage. Journal of Finance, 63(2), 851–883. https://doi.org/10.1111/j.1540-6261.2008.01333.x

Schmid, M. M., & Walter, I. (2009). Do financial conglomerates create or destroy economic value? Journal of Financial Intermediation, 18(2), 193–216. https://doi.org/10.1016/j.jfi.2008.07.002

Schoar, A. (2002). Effects of corporate diversification on productivity. Journal of Finance, 57(6), 2379–2403. https://doi.org/10.1111/1540-6261.00500

Servaes, H. (1996). The value of diversification during the conglomerate merger wave. Journal of Finance, 51(4), 1201–1225. https://doi.org/10.1111/j.1540-6261.1996.tb04067.x

Sommer, D. W. (1996). The Impact of Firm Risk on Property-Liability Insurance Prices. The Journal of Risk and Insurance, 63(3), 501. https://doi.org/10.2307/253623

Stulz, R. M. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27. https://doi.org/10.1016/0304-405X(90)90011-N

Teece, D. J. (1980). International Reference Ionosphere (IRI-2007). Journal of Economic Behavior and Organization. http://ccmc.gsfc.nasa.gov/modelweb/ionos/iri.html

Teece, D. J. (1982). Towards an economic theory of the multiproduct firm. Journal of Economic Behavior and Organization, 3(1), 39–63. https://doi.org/10.1016/0167-2681(82)90003-8

Villalonga, B. (2004). Diversification Discount or Premium? New Evidence from the Business Information Tracking Series. Journal of Finance, 59(2), 479–506. https://doi.org/10.1111/j.1540-6261.2004.00640.x

Wan, W. P., & Hoskisson, R. E. (2003). Home country environments, corporate diversification strategies, and firm performance. Academy of Management Journal, 46(1), 27–45. https://doi.org/10.2307/30040674

William P. Wan. (2005). Country Resource Environments , Firm Capabilities , and Corporate Diversification Strategies. Journal of Management Studies, 42:1(January), 161–181.