The determinants of corporate divestment: evidence from a panel of UK firms

被引：74
|
作者：
Haynes, M [1 ]
Thompson, S
Wright, M
机构：
[1] Univ Warwick, Dept Econ, Coventry CV4 7AL, W Midlands, England
[2] Univ Leicester, Dept Econ, Leicester LE1 7RH, Leics, England
[3] Univ Nottingham, Ctr Management Buy Out Res, Nottingham NG8 1BB, England
来源：
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2003年 / 52卷 / 01期
关键词：
divestment; diversification; count data analysis; corporate refocusing; panel data;
D O I：
10.1016/S0167-2681(02)00167-1
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
It is widely perceived that during the past 15-20 years a substantial number of diversified firms have disposed of their peripheral activities to concentrate upon their core businesses. This study examines the determinants of divestment using an unbalanced panel of UK firms over the period 1985-1991. Divestment is analysed using both a proportion and count data approach. The results suggest that divestment is a purposeful response to financial, corporate governance and strategic variables and, as such, appears broadly consistent with both the agency theoretic and strategic views of the firm. (C) 2002 Elsevier Science B.V. All rights reserved.
引用
收藏
页码：147 / 166
页数：20
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