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Gerald F. Davis, Kristina A. Diekmann, Catherine H. Tinsley, The Decline and Fall of the Conglomerate Firm in the 1980s: The Deinstitutionalization of an Organizational Form, American Sociological Review, Vol. 59, No. 4 (Aug., 1994), pp. 547-570
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Davis et al. (1994) studied this question.
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