Strategic management research has always been committed to portray divestitures just as a reaction to strategic mistakes or a change to earlier decisions. Yet, scholars have recently gauged that divestiture operations represent a keystone in firm value creation (e.g. Moschieri and Mair, 2011) propelling change process. This article reviews existing research on divestiture classifying it into three schools of thought - firm efficiency, firm superiority and firm conformity – based on different assumptions and conceptualizations of firms and firm objectives. Moreover, it introduces a taxonomy of divestiture operations that accounts for their heterogeneous determinants, thus proposing to read divestiture no longer and not only as a sign of failure, but rather as a tool to create and preserve shareholders’ wealth.
Verso una "cultura" del disinvestimento: efficienza, superiorità e conformità
PERRI, Alessandra;
2013-01-01
Abstract
Strategic management research has always been committed to portray divestitures just as a reaction to strategic mistakes or a change to earlier decisions. Yet, scholars have recently gauged that divestiture operations represent a keystone in firm value creation (e.g. Moschieri and Mair, 2011) propelling change process. This article reviews existing research on divestiture classifying it into three schools of thought - firm efficiency, firm superiority and firm conformity – based on different assumptions and conceptualizations of firms and firm objectives. Moreover, it introduces a taxonomy of divestiture operations that accounts for their heterogeneous determinants, thus proposing to read divestiture no longer and not only as a sign of failure, but rather as a tool to create and preserve shareholders’ wealth.File | Dimensione | Formato | |
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