本文探討企業在不同的生命階段下，企業內部人和各股權型態對企業多角化決策的傾向程度與多角化績效之間的關係。為了同時處理企業多角化程度與績效之間的聯合內生性關係，本文建立以企業績效(Tobin’s Q)及多角化程度(Entropy法)為內生變數的聯立方程式。實證結果發現：
就企業進行多角化活動的績效來看，處於不同的生命週期下的企業，進行多角化的程度與多角化績效的表現並不全然相同。就整體企業而言，台灣企業的多角化活動，是減損價值的。然而，若分開企業所處的生命週期來看，成長期企業的多角化活動造成顯著的價值折損；反觀在企業的成熟期階段，多角化折損並不顯著，相關多角化活動甚至為企業創造了明顯的溢酬。
在企業內部人和各股權型態對企業多角化決策的態度方面，本文發現，臺灣企業的經理人進行多角化的動機是為了趨避其個人所面臨的職業風險，而非為了自利，並且傾向支持相關多角化決策；臺灣企業的董監事則是顯著的支持多角化決策，特別是非相關多角化決策。此外，本文所探討的五種股權型態當中，台灣的家族及金融機構傾向支持多角化決策；外資、政府與公司法人持股則明顯抵制多角化策略。各股權型態在企業不同的生命週期對多角化策略的關聯性也有明顯差異，成長期企業的股權型態與多角化決策無明顯關聯；但成熟期企業的各股權型態則與多角決策有顯著的正向或負向相關。
最後，台灣製造業上市公司的董監事在企業的各階段對績效的影響皆為正相關，呈現利益收斂效果。家族、外資與金融持股對所有企業的績效也有明顯的正面貢獻，並且由於其監督的效率得以充分發揮，使得這些股權在成熟期時對績效的正面貢獻比在成長期時顯著。政府及公司法人持股則在企業的各階段皆呈現負面的績效。

This study investigated the relationship between the extent of diversification in firms and their performance at different life-cycle stages. To illustrate the joint endogeneity of diversification and performance, we treated both the extent of diversification and firm performance as endogenous variables in a simultaneous equation system. Empirical results revealed that, overall, corporate diversification erodes firm value. To take a closer look from the perspective of life cycle, firms in the growing stages experience a significant diversification discount; whereas mature firms do not show such findings. Related diversification even attains an evident premium in mature firms.
Regarding the propensity of business insider to diversification, we found that managers of firms in Taiwan are motivated to diversify their business in order to reduce their exposure to employment risk rather than capture private benefits. They tend to support related diversification. Directors obviously carry positive attitudes towards diversification, especially unrelated diversification. For the propensity of ownership group to diversify, family and financial institute ownership tend to support firm’s diversification; yet foreign investors, government agencies and other corporate owners present a negative association with diversification. In addition, the ownership of firms in different life stage has distinct predispositions. There is no association between firms’ ownership group and their diversification strategy in growing firms; however, there are significant relationship in ownership behavior and propensity to diversify in mature firms.
Lastly, regardless the life stage of the firm, the ownership of directors has a significantly positive relationship with performance, which is consistent with the convergence of interest hypothesis. The holdings of family ownership, foreign investors and financial institute ownership are positively associated with firms’ performance, especially in firm’s mature stage. On the contrary, the holdings of government agencies and other corporate owners present a negative association with firms’ value in firm’s growing and mature stage.

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