منابع مشابه
Do Entrepreneurs Make Predictable Mistakes? Evidence from Corporate Divestitures
A fter a brief lull in the early 1990s, the market for corporate control became increasingly active toward the end of the decade. Both 1996 and 1997 set new records for the number of U.S. merger filings, and 1998, 1999, and 2000 brought high-profile “mega-mergers” in financial services, energy, telecommunications, pharmaceuticals, and automobiles. In banking alone, for example, a wave of merger...
متن کاملThe effects of ownership concentration and corporate debt on corporate divestitures in Chinese listed firms
This study examines how ownership concentration and corporate debt impact corporate divestitures in China. Corporate divestitures reduce the asset base of a company and the opportunity for expropriation by majority shareholders. In emerging economies, weak legal institutions, combined with equity ownership concentration and high corporate debt, allow majority shareholders to avoid such discipli...
متن کاملCorporate Social Performance and Internal Control
This study examines the relationship between corporate social performance and the Company's internal control. For the study, the definition of corporate social performance is used Wood (Wood, 1991) and social performance into the process (internal processes, management) and outcome (social impact) is divided. To assess the social performance of corporate social performance version of the questi...
متن کاملLegacy Divestitures: Motives and Implications
This paper investigates “legacy divestitures,” the sale or spinoff of a company’s original, or “legacy” business. The central tension considered in this work is that the historical presence of a firm’s legacy business should simultaneously make that unit very interdependent with the company’s remaining operations and make the firm’s managers highly likely to take those same interdependencies fo...
متن کاملDivestitures and Divisional Investment Policies
We study a sample of diversified firms that alter their organizational structure by divesting an entire business segment, primarily through asset sales. These firms experience a substantial reduction in the diversification discount after the divestiture. Investment in the firm’s ongoing segments is more sensitive to their imputed market to book ratio. We show that the efficiency of segment inve...
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ژورنال
عنوان ژورنال: Academy of Management Proceedings
سال: 2013
ISSN: 0065-0668,2151-6561
DOI: 10.5465/ambpp.2013.11547abstract