The empirical evidence indicates that the changes in investment efficiency are associated with the problem of cross-subsidization among divisions within diversified firms.

• 当一多角化公司的公司治理程度(不论是内部公司治理或外部公司治理机制)较高时，会从事较有效率的购买资产之投资决策并会提升公司整体投资效率性。