We propose a micro-founded theory of diversified firms. The theory suggests that diversified firms exist because they allow better deployment of factors that, because of sub-additive contracting costs, are hard to trade in fractions. Firms diversify into industries in which these factors are more productive than any alternatives available in the factor market. Like markets, diversified firms allow specialization by enabling factors to be used on a larger scale. The individual businesses making up a diversified firm exhibit specific similarities in behavior.

中文翻译：

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多元化企业：存在与行为

我们提出了多元化公司的微观基础理论。该理论认为，多元化公司的存在是因为它们允许更好地部署由于次加性的合同成本而难以以分数进行交易的因素。企业多元化进入这些要素比要素市场上的任何替代品更具生产力的行业。与市场一样，多元化公司通过使要素能够更大规模地使用来实现专业化。组成多元化公司的各个企业在行为上表现出特定的相似性。