Erl, Ludwig Sebastian ; Kiesel, Florian ; Schiereck, Dirk ; Koenigsmarck, Markus (2023)
Performance effects of sell-offs and the role of sell-off experience.
In: The Quarterly Review of Economics and Finance, 88/2023
doi: 10.1016/j.qref.2023.01.008
Article, Bibliographie
Abstract
Divestitures are complex events undertaken for various motives and structured in multiple ways. This paper analyzes the long-term effects of sell-offs and sell-off experience on firm performance considering divestiture programs (divestitures using multiple sell-offs, having strategic intent and divestitures explicitly linked to a strategic reorientation). Our analysis reveals a positive effect of sell-offs structured as a divestiture program. However, the results suggest that in the context of such programs, potential learning transfers are outweighed by a negative performance associated with years of restructuring or inherent to firms undergoing a program. This paper contributes to the knowledge on performance effects of divestiture experience and provides evidence of the importance of programs.
| Item Type: | Article |
|---|---|
| Erschienen: | 2023 |
| Creators: | Erl, Ludwig Sebastian ; Kiesel, Florian ; Schiereck, Dirk ; Koenigsmarck, Markus |
| Type of entry: | Bibliographie |
| Title: | Performance effects of sell-offs and the role of sell-off experience |
| Language: | English |
| Date: | February 2023 |
| Journal or Publication Title: | The Quarterly Review of Economics and Finance |
| Volume of the journal: | 88/2023 |
| DOI: | 10.1016/j.qref.2023.01.008 |
| URL / URN: | https://www.sciencedirect.com/science/article/pii/S106297692... |
| Abstract: | Divestitures are complex events undertaken for various motives and structured in multiple ways. This paper analyzes the long-term effects of sell-offs and sell-off experience on firm performance considering divestiture programs (divestitures using multiple sell-offs, having strategic intent and divestitures explicitly linked to a strategic reorientation). Our analysis reveals a positive effect of sell-offs structured as a divestiture program. However, the results suggest that in the context of such programs, potential learning transfers are outweighed by a negative performance associated with years of restructuring or inherent to firms undergoing a program. This paper contributes to the knowledge on performance effects of divestiture experience and provides evidence of the importance of programs. |
| Divisions: | 01 Department of Law and Economics 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Corporate finance |
| Date Deposited: | 22 Jan 2024 10:07 |
| Last Modified: | 22 Jan 2024 10:07 |
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