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De-Diversification Activities of German Corporations From 1988 To 2002: Perspectives from Agency and Management Fashion Theory

Author

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  • Alexander T. Nicolai
  • Thomas W. Thomas

Abstract

In the past, many countries have witnessed de-diversification waves. In this paper we illustrate that the same phenomenon can be observed in Germany. We discuss different theoretical explanations for the occurrence of de-diversification: the predominant agency theory approach and the less common neo-institutionalist/management fashion theory. We present data on 360 divestitures by German corporations between 1988 and 2002 and obtain additional data from a literature database. The results show that management fashions can influence the impact of capital markets. We suggest strengthening the link between finance theory and research in strategy and organization.

Suggested Citation

  • Alexander T. Nicolai & Thomas W. Thomas, 2006. "De-Diversification Activities of German Corporations From 1988 To 2002: Perspectives from Agency and Management Fashion Theory," Schmalenbach Business Review (sbr), LMU Munich School of Management, vol. 58(1), pages 56-80, January.
    • Handle: RePEc:sbr:abstra:v:58:y:2006:i:1:p:56-80
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    Cited by:

    1. Miriam Flickinger & Miriam Zschoche, 2018. "Corporate divestiture and performance: an institutional view," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 111-131, March.

    More about this item

    Keywords

    Agency Theory; Capital Markets; Diversification; Management Fashion; Neo-Institutionalism; Refocusing; Strategic Management;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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