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The end of the 20th century was closed with record-breaking level of mergers and largest acquisitions since Dollar value of mergers around the world reached USD 2.3 billion in 1999 and the average merger grew over 20% between 1985 and 1999, where most of the activities were strategic measures as the companies held mergers and acquisitions of other companies engaged in different industries to enter new market and expand their businesses (Martin and Sayrak, 2003). Business diversification is the company’s effort to engage in multiple business lines or expand its business in different industries, therefore the company seeks benefits from the economies of scale and economies of scope when operating in diverse industries (Teece, 1982). On the other hand, diversification can also be followed by internal governance costs while managing the company with many business lines (Roberts and Milgrom, 1995; Rajan et al., 2000). Several previous studies have tried to examine the correlation between diversification and company’s performances, but the empirical evidences are still contradictive. The results of Stulz (1990), Lang and Stulz (1994), Berger and Ofek (1995), Servaes (1996), Lins and Servaes (1999), Rajan et al. (2000), Campa and Kedia (2002), and Martin and Sayrak (2003) found a negative correlation between diversification and company’s performances. Meanwhile, the results of Maksimovic and Phillips (2002), Gomes and Livdan (2004) as well as Santalo and Becerra (2008) found a positive correlation

The Impact of Business Diversification on Performance of IDX Listed Firms