Key points are not available for this paper at this time.
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
Davis et al. (Mon,) studied this question.