دانلود رایگان مقاله لاتین اثر فروش سهامداران تولید خارجی از سایت الزویر
عنوان فارسی مقاله:
تاثیرات فروش سهامداران تولید خارجی: چشم انداز شبکه
عنوان انگلیسی مقاله:
Performance Effects of Divesting Foreign Production Affiliates: A Network Perspective
سال انتشار : 2015
بخشی از مقاله انگلیسی:
Corporate divestment and performance
Divestment activities are regarded as part of a firm’s corporate restructuring strategy. However, firms might restructure their business activities in a variety of ways. Bowman and Singh (1993) distinguish three categories of restructuring activities: organizational, financial, and portfolio restructuring. Organizational restructuring is intended, as the name implies, to increase the efficiency of management teams through changes in the organizational structure (e.g., team sizes, responsibilities, incentive structure, etc.). Financial restructuring affects a firm’s capital structure (e.g., leveraged buyouts, asset selloffs, etc.). Portfolio restructuring strategies produce the most sweeping changes through acquisitions or divestment of business lines. These divestments might be realized via different means such as spin-offs (establishment of a legally independent but controlled subsidiary), equity carve-outs (part of the divested unit’s stock is sold through an initial public offering), or sell-offs (divested assets are purchased by another firm). In the most extreme case, the divested parts are ultimately shut down. Despite a growing literature on firms’ divestment strategies (Brauer, 2006), consensus has yet to be reached as to whether post-divestiture firm performance is positive or negative (Lee and Madhavan, 2010). One reason for this debate stems from different definitions of what exactly constitutes “divestiture.” The term is often bundled with other activities under the broad category of strategic portfolio restructuring. Further, the effects of divestiture have been difficult to isolate because past studies have not provided an accurate definition of restructuring, let alone divestiture (Markides, 1992). Other areas of concern are the use of idiosyncratic definitions of divestiture and the measure of performance used (long-term vs. short-term performance, accounting-based vs. market-based measures). Depending on the definitions of divestment and performance, previous studies have found positive and negative outcomes of divestment. A first major stream of the divestment literature considers market-based performance measures (e.g., Alexander et al., 1984; Jain, 1985; Mulherin and Boone, 2000). Specifically, such studies assess divestiture performance in terms of stock market reactions (cumulative abnormal returns) and, assuming capital market efficiency, focus on the present value of future income streams (Markides and Berg, 1992). Several of these studies find that divestment announcements have positive effects on performance (e.g., Gertner et al., 2002; Lang et al., 1995; Markides, 1992). These positive effects might be theoretically attributed to wealth transfer (stockholders benefit due to wealth transfer from other stakeholders), agency problem resolutions (divestiture serves to enhance firm performance by addressing agency issues), or better fit (the divestment aligns the unit with a firm that can extract more value than the divesting company; Denning, 1988). Other studies, however, observe no or negative stock market reactions to divestment announcements (e.g., Schill and Zhou, 2001; Wright and Ferris, 1997). One theoretical explanation for these findings could be that divestiture signals that management perceives the firm as having poor liquidity, a weak outlook, etc. In this view, divestiture is an effort to fend off financial distress such as bankruptcy. Therefore, divestiture could equally plausibly lead to any outcome, depending on a firm’s specific situation (Denning, 1988).
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