Akhavein, J.D., Berger, A.N., & Humphrey, D.B. (1997). The effects of megamergers
on efficiency and prices: Evidence from a bank profit function. Review of Industrial
Organization, 12, 95‒139.
Berger, P. G., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial
Economics, 37, 39–65.
Booz, Allen, & Hamilton (1985). Diversification: A survey of European chief executives –
Executive summary. New York: Booz, Allen and Hamilton.
Campa, J., & Kedia, S. (2002). Explaining the diversification discount. Journal of Finance, 57,
1731‒62.
DeLong, G.L. (2003). Does long-term performance of mergers match market expectation?
Evidence from the U.S. banking industry. Financial Management, 32, 5‒25.
Demsetz, R.S., & Strahan, P.H. (1997). Diversification, size, and risk at bank holding companies.
Journal of Money, Credit and Banking, 29(3), 300–313.
Fan, J. P. H., & Lang, L. H. P. (2000). The measurement of relatedness: an application to
corporate diversification. The Journal of Business, 73, 629‒660.
Fauzias, M.N. (2004). A note on market reactions on the choice between equity and cash: Evidence
from bidder’s return on takeovers by non banking and banking sector, Proceedings of the
Malaysian Finance Association 6th Annual Symposium (56‒68). Langkawi, Malaysia.
Fauzias, M.N., & Mohamed, H. (2003). Effect of mergers and acquisitions on efficiency of
banking institutions in Malaysia: A DEA approach, Proceedings of the Malaysian Finance
Association 5th Annual Symposium (351‒359). Cyberjaya, Malaysia.
Fauzias, M.N., Rasidah, M.S., & Mohamed, H. (2005). Share prices behavior, financial
performance and efficiency changes of Malaysian banking institutions in mergers and
acquisitions – revisited, Proceedings of the Malaysian Finance Association 7th Annual
Conference (424‒439). Kuala Terengganu, Malaysia.
Jensen, M.C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American
Economic Review, 76(2), 323‒329.
Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: Managerial behaviour, agency
costs and ownership structure. Journal of Financial Economics, 3, 305‒360.
Klein, P. (2001). Were the acquisitive conglomerates inefficient? RAND Journal of Economics,
32, 745‒761.
Krishnasamy, G., Ridzwa, A.H., & Perumal, V. (2004). Malaysian post merger banks’
productivity: Application of Malmquist productivity index. Managerial Finance, 30(4),
63‒74.
Lamont, O. A., & Polk, C. (2002). Does diversification destroy value? Evidence from the
industry shocks. Journal of Financial Economics, 63, 51‒77.
Lane, P. J., Cannella, A. A., & Lubatkin, M. H. (1998). Agency problems as antecedents to
unrelated diversification: Amihud and Lev reconsidered. Strategic Management Journal,
19, 555‒578.
Lewellen, W. (1971). A pure financial rationale for the conglomerate merger. Journal of Finance,
26(2), 521‒537.
Lyandres, E. (2007). Strategic cost of diversification. Review of Financial Studies, 20(6), 1901-
1940.
Madura, J., & Wiant, K.J. (1994). Long-term valuation effects of bank acquisitions. Journal of
Banking & Finance, 18, 1135‒1154.
Mahmood, W.M., & Mohamad, R. (2004). Does operating performance really improve
following financial institutions merger: A case of Malaysian banks. In Proceedings of
the Malaysian Finance Association 6th Annual Symposium (pp. 701‒719). Langkawi,
Malaysia: Revitalising the financial market: The tasks ahead.
Maksimovic, V., & Phillips, G. (2002). Do conglomerate firms allocate resources inefficiently
across industries? Theory and evidence. Journal of Finance, 57(2), 721‒767.
Mansor, I., & Yap, C.M. (2003). Market reaction to merger announcement: The case of
consolidation of the banking sector in Malaysia, Proceedings of the Malaysian Finance
Association 5th Annual Symposium (509‒539). Cyberjaya, Malaysia.
Markides, C. C., & Williamson, P. J. (1994). Related diversification, core competencies and
corporate performance. Strategic Management Journal, 15, 149‒165.
Martin, J. D., & Sayrak, A. (2003). Corporate diversification and shareholder value: a survey of
recent literature. Journal of Corporate Finance, 9, 37‒57.
Matsusaka, J.G. (2001). Corporate diversification, value maximization, and organizational
capabilities, Journal of Business, 74(3), 409‒431.
Morck, R., Shleifer, A., & Vishny, R.W. (1990). Do managerial objectives drive bad acquisitions?
The Journal of Finance, 45(1), 31‒48.
Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: the diversification discount
and inefficient investment. Journal of Finance, 55(1), 35‒80.
Rasidah, M.S., Fauzias, M.N., Soo, W.L., & Aisyah, A.R. (2008). The efficiency effects of
mergers and acquisitions in Malaysian banking institutions. Asian Journal of Business and
Accounting, 1(1), 47‒66.
Rumelt, R.P. (1974). Strategy, structure and economic performance. Cambridge: Harvard
University Press.
Sufian, F., & Ibrahim, S. (2005). An analysis of the relevance of off-balance sheet items in
explaining productivity change in post-merger bank performance: Evidence from Malaysia.
Management Research News, 28(4), 74‒92.
Villalonga, B. (2004). Does diversification cause the “diversification discount”? Financial
Management, 33, 5‒27.
Winton, A. (1999). Don’t put all your eggs in one basket? Diversification and specialization in
lending. Wharton Working Paper 00‒16.