This study examines the relationship between the firm value and Korean firms' international diversification, product diversification, organizational learning and their interactions. Results show that international diversification of the firm has negative effects on firm value and suggest that governance costs could overwhelm the scale and scope economies of multiple markets. The findings also show that the increasing degree of product diversification by the firm has positive effects on firm value, contrary to findings in previous research. Regression results also confirm that the potential for significant interaction of both diversifications is high. Positive effects of the interaction between product and international diversifications suggest economies of scope in application of strategic resources and efficient transaction governance across businesses and national boundaries. Results also show that while organizational learning itself has positive impacts on firm value, the interaction between organizational learning and international diversification has no significant effects on firm value. Finally the findings suggest that transferring organizational knowledge across different units producing different products has negative influences on firm value.