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The research domain that attempts to study the relationship between diversification and performance has not yet reached definitive and interpretable findings, and recent studies challenge the existence of a "Diversification discount" and explain it partially by a data artifact. None of these studies centered their research on the question: does a specific performance pattern exist among diversified firms? This research aims to identify persistence in performance heterogeneity by measuring the shareholder value creation of diversified firms using alternative indicators other than the excess value methodology.
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