Legacy Divestitures: Motives and Implications
References
- (1970) The market for “lemons”: Quality uncertainty, and the market mechanism. Quart. J. Econom. 84(3):488–500.Crossref, Google Scholar
- (1981) Risk reduction as a managerial motive for conglomerate mergers. RAND J. Econom. 12(2):605–617.Google Scholar
- (1997) Asset redeployment, acquisitions and corporate strategy in declining industries. Strategic Management J. 18(S1):99–118.Crossref, Google Scholar
- (2013) Divergent reactions to convergent strategies: Investor beliefs and analyst reactions during technological change. Organ. Sci. 24(2):378–394.Link, Google Scholar
- (1995) Diversification’s effect on firm value. J. Financial Econom. 37(1):39–65.Crossref, Google Scholar
- (1999) Causes and effects of corporate refocusing programs. Rev. Financial Stud. 12(2):311–345.Crossref, Google Scholar
- (1995) Size and relatedness of units sold: An agency theory and resource-based perspective. Strategic Management J. 16(3):221–239.Crossref, Google Scholar
- (2008) Restructuring through spin-off or sell-off: Transforming information asymmetries into financial gain. Strategic Management J. 29(2):133–148.Crossref, Google Scholar
- (2010) Why do firms divest? Organ. Sci. 21(2):380–396.Link, Google Scholar
- (2002) New CEOs and corporate strategic refocusing: How experience as heir apparent influences the use of power. Admin. Sci. Quart. 47(4):707–727.Crossref, Google Scholar
- (2012) The liability of leading: Battling aspiration and survival goals in the Jeopardy! Tournament of Champions. Organ. Sci. 23(4):1100–1113.Link, Google Scholar
- Business Wire (1998) Bestfoods celebrates inauguration of trading under new name; stages “bullish” event on Wall Street. (January 5). Retrieved from Factiva.Google Scholar
- (2002) Explaining the diversification discount. J. Finance 57(4):1731–1762.Crossref, Google Scholar
- (1998) Resource redeployment following horizontal acquisitions in Europe and North America, 1988–1992. Strategic Management J. 19(7):631–661.Crossref, Google Scholar
- (2001) Asset divestiture following horizontal acquisitions: A dynamic view. Strategic Management J. 22(9):817–844.Crossref, Google Scholar
- (1996) An evolutionary perspective on diversification and corporate restructuring: Entry, exit, and economic performance during 1981–89. Strategic Management J. 17(8):587–611.Crossref, Google Scholar
- (1991) The link between resources and type of diversification: Theory and evidence. Strategic Management J. 12(1):33–48.Crossref, Google Scholar
- (2007) Spinoffs, divestitures, and conglomerate investment. Rev. Financial Stud. 20(3):557–595.Crossref, Google Scholar
- (1995) Corporate focus and stock returns. J. Financial Econom. 37(1):67–87.Crossref, Google Scholar
- (1963) A Behavioral Theory of the Firm (Blackwell Publishers, Malden, MA).Google Scholar
- (1997) Corporate focus and value creation: Evidence from spinoffs. J. Financial Econom. 45(2):257–281.Crossref, Google Scholar
- (1999) Firm performance and focus: Long-run stock market performance following spinoffs. J. Financial Econom. 54(1):75–101.Crossref, Google Scholar
- (1990) Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Admin. Sci. Quart. 35(3):484–503.Crossref, Google Scholar
- (1990) What’s in a name? Reputation building and corporate strategy. Acad. Management J. 33(2):233–258.Crossref, Google Scholar
- (2001) Analyst specialization and conglomerate stock breakups. J. Accounting Res. 39(3):565–582.Crossref, Google Scholar
- (2000) Organizational identity, image, and adaptive instability. Acad. Management Rev. 25(1):63–81.Crossref, Google Scholar
- (2003) Organizational Learning from Performance Feedback: A Behavioral Perspective on Innovation and Change (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
- (1991) The seasons of a CEO’s tenure. Acad. Management Rev. 16(4):719–742.Crossref, Google Scholar
- (1993) Top executive commitment to the status quo: Some tests of its determinants. Strategic Management J. 14(6):401–418.Crossref, Google Scholar
- (1980) Strategies for Declining Businesses (Lexington Books, Lexington, MA).Google Scholar
- (2006) De-commitment to losing strategic action: Evidence from the divestiture of poorly performing acquisitions. Strategic Management J. 27(6):541–557.Crossref, Google Scholar
- (2004) Inter-temporal economies of scope, organizational modularity, and the dynamics of diversification. Strategic Management J. 25(13):1217–1232.Crossref, Google Scholar
- (1992) Corporate restructuring and strategic change: The effect on diversification strategy and R&D intensity. Strategic Management J. 13(8):625–634.Crossref, Google Scholar
- (1986) Agency costs of free cash flow, corporate finance, and takeovers. Amer. Econom. Rev. 76(2):323–329.Google Scholar
- (1995) Asset sales and increase in focus. J. Financial Econom. 37(1):105–126.Crossref, Google Scholar
- (1992) The voluntary restructuring of large firms in response to performance decline. J. Finance 47(3):891–917.Crossref, Google Scholar
- (1986) Interlake Inc. sets plan to spin off iron, steel lines. Wall Street Journal (February 28). Retrieved from Factiva.Google Scholar
- (1979) Prospect theory: An analysis of decision under risk. Econometrica 47(2):263–291.Crossref, Google Scholar
- (1992) The success of acquisitions: Evidence from divestitures. J. Finance 47(1):107–138.Crossref, Google Scholar
- (1982) The effects of group longevity on project communication and performance. Admin. Sci. Quart. 27(1):81–104.Crossref, Google Scholar
- (1994) Tobin’s q, corporate diversification, and firm performance. J. Political Econom. 102(6):1248–1280.Crossref, Google Scholar
- (1995) Asset sales, firm performance, and the agency costs of managerial discretion. J. Financial Econom. 37(1):3–37.Crossref, Google Scholar
- (1992) The role of managerial learning and interpretation in strategic persistence and reorientation: An empirical exploration. Strategic Management J. 13(8):585–608.Crossref, Google Scholar
- (2001) What’s in a name.com? The effects of “.com” name changes on stock prices and trading activity. Strategic Management J. 22(8):793–804.Crossref, Google Scholar
- (1992) Core capabilities and core rigidities: A paradox in managing new product development. Strategic Management J. 13(S1):111–125.Crossref, Google Scholar
- (2010) Opportunity costs and non-scale free capabilities: Profit maximization, corporate scope, and profit margins. Strategic Management J. 31(7):780–801.Crossref, Google Scholar
- (1988) Organizational learning. Annual Rev. Sociol. 14:319–340.Crossref, Google Scholar
- (1996) “What? Fortune makes golf balls?” Studies in corporate nomenclature. Fortune (December 9) http://money.cnn.com/magazines/fortune/fortune_archive/1996/12/09/219335/index.htm.Google Scholar
- (2012) Corporate strategy, analyst coverage, and the uniqueness paradox. Management Sci. 58(10): 1797–1815.Link, Google Scholar
- (1992) Variable risk preferences and the focus of attention. Psych. Rev. 99(1):172–183.Crossref, Google Scholar
- (1958) Organizations (John Wiley & Sons, New York).Google Scholar
- (1992) Consequences of corporate refocusing: Ex ante evidence. Acad. Management J. 35(2):398–412.Crossref, Google Scholar
- (1995) Diversification, restructuring, and economic performance. Strategic Management J. 16(2):101–118.Crossref, Google Scholar
- (1995) When less is more: Counterfactual thinking and satisfaction among Olympic medalists. J. Personality Soc. Psych. 69(4):603–610.Crossref, Google Scholar
- (1983) The effect of voluntary spin-off announcements on shareholder wealth. J. Finance 38(5): 1597–1606.Crossref, Google Scholar
- (1986) Price and advertising signals of product quality. J. Political Econom. 94(4):796–821.Crossref, Google Scholar
- (1991) Stale in the saddle: CEO tenure and the match between organization and environment. Management Sci. 37(1): 34–52.Link, Google Scholar
- (1980) Momentum and revolution in organizational adaptation. Acad. Management J. 23(4):591–614.Crossref, Google Scholar
- (1991) The impact of an organization’s recent performance history on strategic persistence and change: The role of managerial interpretations. Dutton J, Huff A, Shrivastava P, eds. Advances in Strategic Management, Vol. 7 (JAI Press, Greenwich, CT), 129–156.Google Scholar
- (1991) Diversified expansion by large established firms. J. Econom. Behav. Organ. 15(1):71–89.Crossref, Google Scholar
- (1988) Diversification, Ricardian rents, and Tobin’s q. RAND J. Econom. 19(4):623–632.Crossref, Google Scholar
- (1982) An Evolutionary Theory of Economic Change (Harvard University Press, Cambridge, MA).Google Scholar
- (1994) Political dynamics and the circulation of power: CEO succession in U.S. industrial corporations, 1960–1990. Admin. Sci. Quart. 39(2):285–312.Crossref, Google Scholar
- (1997) Towards an attention-based view of the firm. Strategic Management J. 18(S1):187–206.Crossref, Google Scholar
- (1959) The Theory of the Growth of the Firm (John Wiley & Sons, New York).Google Scholar
- (1958) Personal Knowledge: Towards a Post-Critical Philosophy (Routledge & Kegan Paul, London).Google Scholar
- (1987) From competitive advantage to corporate strategy. Harvard Bus. Rev. (May–June):43–59.Google Scholar
- (1990) The core competence of the corporation. Harvard Bus. Rev. 68(3):79–91.Google Scholar
- (1974) Strategy, Structure, and Economic Performance in Large American Industrial Corporations (Harvard University Press, Cambridge, MA).Google Scholar
- (1982) Diversification strategy and profitability. Strategic Management J. 3(4):359–369.Crossref, Google Scholar
- (1983) Effects of recontracting on shareholder wealth: The case of voluntary spin-offs. J. Financial Econom. 12(4):437–467.Crossref, Google Scholar
- (2007) Prospect theory, behavioral theory, and the threat-rigidity thesis: Combinative effects on organizational decisions to divest formerly acquired units. Acad. Management J. 50(6):1495–1514.Crossref, Google Scholar
- (2005) What constrains or facilitates divestitures of formerly acquired firms? The effects of organizational inertia. J. Management 31(1):50–72.Crossref, Google Scholar
- (1989) Manager entrenchment: The case of manager-specific investments. J. Financial Econom. 25(1): 123–139.Crossref, Google Scholar
- (1981) The escalation of commitment to a course of action. Acad. Management Rev. 6(4):577–587.Crossref, Google Scholar
- (1999) What’s in a name? Reputation as a tradeable asset. Amer. Econom. Rev. 89(3):548–563.Crossref, Google Scholar
- (1982) Towards an economic theory of the multiproduct firm. J. Econom. Behav. Organ. 3(1):39–62.Crossref, Google Scholar
- (1988) Technological change and the nature of the firm. Dosi G, Freeman C, Nelson R, Soete L, eds. Technical Change and Economic Theory, Chapter 12 (Pinter Publishers, London).Google Scholar
- (1994) Understanding corporate coherence: Theory and evidence. J. Econom. Behav. Organ. 23(1):1–30.Crossref, Google Scholar
- (1967) Organizations in Action: Social Science Bases of Administrative Theory (McGraw-Hill, New York).Google Scholar
- (2004a) Does diversification cause the “diversification discount”? Financial Management 33(2):5–27.Google Scholar
- (2004b) Diversification discount or premium? New evidence from the Business Information Tracking Series. J. Finance 59(2):479–506.Crossref, Google Scholar
- (1992) Top management team demography and corporate strategic change. Acad. Management J. 35(1): 91–121.Crossref, Google Scholar
- (1999) The categorical imperative: Securities analysts and the illegitimacy discount. Amer. J. Sociol. 104(5):1398–1438.Crossref, Google Scholar
- (2000) Focusing the corporate product: Securities analysts and de-diversification. Admin. Sci. Quart. 45(3):591–619.Crossref, Google Scholar

