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Causes and Effects of Corporate Refocusing Programs

Citations

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Cited by:

  1. Clarke, Jonathan E. & Fee, C. Edward & Thomas, Shawn, 2004. "Corporate diversification and asymmetric information: evidence from stock market trading characteristics," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 105-129, January.
  2. Ushijima, Tatsuo & Schaede, Ulrike, 2014. "The market for corporate subsidiaries in Japan: An empirical study of trades among listed firms," Journal of the Japanese and International Economies, Elsevier, vol. 31(C), pages 36-52.
  3. Mohamed Amara & Khaled Thabet, 2019. "Firm and regional factors of productivity: a multilevel analysis of Tunisian manufacturing," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 63(1), pages 25-51, August.
  4. Pascal Nguyen & Nahid Rahman, 2015. "Which governance characteristics affect the incidence of divestitures in Australia?," Australian Journal of Management, Australian School of Business, vol. 40(2), pages 351-374, May.
  5. Sheng‐Syan Chen, 2008. "Organizational Form and the Economic Impact of Corporate New Product Strategies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(1‐2), pages 71-101, January.
  6. Chiung‐Jung Chen & Chwo‐Ming Joseph Yu, 2023. "Do sell‐off market returns benefit all shareholders?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1504-1520, April.
  7. Denis, Diane K. & Shome, Dilip K., 2005. "An empirical investigation of corporate asset downsizing," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 427-448, June.
  8. Andreou, Panayiotis C. & Doukas, John A. & Koursaros, Demetris & Louca, Christodoulos, 2019. "Valuation effects of overconfident CEOs on corporate diversification and refocusing decisions," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 182-204.
  9. Dewenter, Kathryn L., 2003. "The risk-sharing role of Japanese keiretsu business groups: evidence from restructuring in the 1990s," Japan and the World Economy, Elsevier, vol. 15(3), pages 261-274, August.
  10. Alexander T. Nicolai & Ann‐Christine Schulz & Thomas W. Thomas, 2010. "What Wall Street Wants – Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts," Journal of Management Studies, Wiley Blackwell, vol. 47(1), pages 162-189, January.
  11. Huang, Sheng, 2014. "Managerial expertise, corporate decisions and firm value: Evidence from corporate refocusing," Journal of Financial Intermediation, Elsevier, vol. 23(3), pages 348-375.
  12. Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2006. "Managerial incentives and risk-taking," Journal of Financial Economics, Elsevier, vol. 79(2), pages 431-468, February.
  13. Shin, Jongtae & Shin, Hyun, 2013. "Institutional ownership and technological relatedness: A test of endogeneity," Journal of Business Research, Elsevier, vol. 66(11), pages 2279-2286.
  14. Pengfei Wang & Michael Jensen, 2019. "A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency," Management Science, INFORMS, vol. 65(2), pages 859-878, February.
  15. Humphery-Jenner, M., 2011. "Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention," Discussion Paper 2011-046, Tilburg University, Center for Economic Research.
  16. Hovakimian, Gayané, 2016. "Excess value and restructurings by diversified firms," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 1-19.
  17. Lord, Richard A. & Saito, Yoshie, 2017. "Refocusing through discontinued operations in response to acquisitions and diversification," Advances in accounting, Elsevier, vol. 37(C), pages 71-84.
  18. Mella-Barral, P. & Sabourian, H., 2023. "Repeated Innovations and Excessive Spin-Offs," Cambridge Working Papers in Economics 2347, Faculty of Economics, University of Cambridge.
  19. Siwen Chen & Emilie R. Feldman, 2018. "Activist‐impelled divestitures and shareholder value," Strategic Management Journal, Wiley Blackwell, vol. 39(10), pages 2726-2744, October.
  20. GuiDeng Say & Gurneeta Vasudeva, 2020. "Learning from Digital Failures? The Effectiveness of Firms’ Divestiture and Management Turnover Responses to Data Breaches," Strategy Science, INFORMS, vol. 5(2), pages 117-142, June.
  21. Pascal Nguyen, 2016. "The role of the seller’s stock performance in the market reaction to divestiture announcements," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 40(1), pages 19-40, January.
  22. Mella-Barral, P. & Sabourian, H., 2023. "Repeated Innovations and Excessive Spin-Offs," Janeway Institute Working Papers 2312, Faculty of Economics, University of Cambridge.
  23. Zhou, Yue Maggie & Li, Xiaoyang & Svejnar, Jan, 2011. "Subsidiary divestiture and acquisition in a financial crisis: Operational focus, financial constraints, and ownership," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 272-287, April.
  24. Mak, Chun Yu, 2017. "How do financial analysts interpret industrial firms' corporate refocusing announcements?," The British Accounting Review, Elsevier, vol. 49(5), pages 493-511.
  25. Mak, Chun Yu, 2016. "Do market predictions affect its reaction to UK listed industrial firms' corporate refocusing announcements?," The British Accounting Review, Elsevier, vol. 48(4), pages 464-478.
  26. Kim, Young Sang & Mathur, Ike, 2008. "The impact of geographic diversification on firm performance," International Review of Financial Analysis, Elsevier, vol. 17(4), pages 747-766, September.
  27. repec:dau:papers:123456789/2773 is not listed on IDEAS
  28. Elazar Berkovitch & Ronen Israel & Efrat Tolkowsky, 2006. "The Boundaries of the Firm: The Choice Between Stand‐Alone and Integrated Firms," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 15(4), pages 821-851, December.
  29. Maria Fotaki & Apostolos Kourtis & Raphael Markellos, 2023. "Human resources turnover as an asset acquisition and divestiture process: Evidence from the U.K. football industry," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2696-2711, July.
  30. Franke, Günter & Hopp, Christian, 2005. "M&A-Transaktionen: Fluch und Segen der Realoptionstheorie," CoFE Discussion Papers 05/03, University of Konstanz, Center of Finance and Econometrics (CoFE).
  31. Emilie R. Feldman & Claudine Gartenberg & Julie Wulf, 2018. "Pay inequality and corporate divestitures," Strategic Management Journal, Wiley Blackwell, vol. 39(11), pages 2829-2858, November.
  32. Villalonga, Belen, 2000. "Does Diversification Cause the “Diversification Discount”?," University of California at Los Angeles, Anderson Graduate School of Management qt40v212gm, Anderson Graduate School of Management, UCLA.
  33. Glaser, Markus & Müller, Sebastian, 2006. "Der Diversification Discount in Deutschland: Existiert ein Bewertungsabschlag für diversifizierte Unternehmen?," Sonderforschungsbereich 504 Publications 06-13, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  34. Curi, Claudia & Murgia, Maurizio, 2018. "Divestitures and the financial conglomerate excess value," Journal of Financial Stability, Elsevier, vol. 36(C), pages 187-207.
  35. Chemmanur, Thomas J. & Krishnan, Karthik & Nandy, Debarshi K., 2014. "The effects of corporate spin-offs on productivity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 72-98.
  36. Nguyen, Giang & Vu, Le, 2018. "Asset sales and subsequent acquisitions," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 87-97.
  37. Daniel A. Bens & Steven J. Monahan, 2004. "Disclosure Quality and the Excess Value of Diversification," Journal of Accounting Research, Wiley Blackwell, vol. 42(4), pages 691-730, September.
  38. Alex Coad, 2007. "Firm Growth: a Survey," Post-Print halshs-00155762, HAL.
  39. Pierre Mella‐Barral & Hamid Sabourian, 2024. "Repeated innovations and excessive spin‐offs," The Financial Review, Eastern Finance Association, vol. 59(1), pages 155-179, February.
  40. Gönül Çolak, 2010. "Diversification, Refocusing and Firm Value," European Financial Management, European Financial Management Association, vol. 16(3), pages 422-448, June.
  41. Laurent Batsch, 2003. "Le recentrage:une revue des approches financières," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 43-65, June.
  42. Shinichi Hirota & Kohei Kawamura, 2005. "Managerial Control inside the Firm," ISER Discussion Paper 0635, Institute of Social and Economic Research, Osaka University.
  43. Denis, David J. & Kruse, Timothy A., 2000. "Managerial discipline and corporate restructuring following performance declines," Journal of Financial Economics, Elsevier, vol. 55(3), pages 391-424, March.
  44. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(2), pages 187-215, June.
  45. Kwon, Taek Ho & Bae, Sung C. & Park, Soon Hong, 2021. "The interactions of corporate sales growth and diversification strategy: Cross-country evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
  46. Melissa A. Williams & Ramesh P. Rao, 2006. "CEO Stock Options and Equity Risk Incentives," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(1‐2), pages 26-44, January.
  47. Stein, Jeremy C., 2003. "Agency, information and corporate investment," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165, Elsevier.
  48. Berry, Tammy K. & Bizjak, John M. & Lemmon, Michael L. & Naveen, Lalitha, 2006. "Organizational complexity and CEO labor markets: Evidence from diversified firms," Journal of Corporate Finance, Elsevier, vol. 12(4), pages 797-817, September.
  49. Chun Yu Mak & Norman Strong & Martin Walker, 2011. "Conditional Earnings Conservatism and Corporate Refocusing Activities," Journal of Accounting Research, Wiley Blackwell, vol. 49(4), pages 1041-1082, September.
  50. Lars Schweizer & Andreas Nienhaus, 2017. "Corporate distress and turnaround: integrating the literature and directing future research," Business Research, Springer;German Academic Association for Business Research, vol. 10(1), pages 3-47, June.
  51. Demiralp, Ilhan & D'Mello, Ranjan & Schlingemann, Frederik P. & Subramaniam, Venkat, 2011. "Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1340-1359.
  52. Vojislav Maksimovic & Gordon Phillips, 2002. "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," Journal of Finance, American Finance Association, vol. 57(2), pages 721-767, April.
  53. Sun, Li & Skousen, Christopher J., 2022. "CEO power and discontinued operations," Advances in accounting, Elsevier, vol. 58(C).
  54. Jean-Étienne Palard, 2007. "Recentrage stratégique et politique de financement:le cas des firmes cotées en Europe (1987-2003)," Revue Finance Contrôle Stratégie, revues.org, vol. 10(3), pages 111-137, September.
  55. Inder K. Khurana & Wei Wang, 2019. "International Mergers and Acquisitions Laws, the Market for Corporate Control, and Accounting Conservatism," Journal of Accounting Research, Wiley Blackwell, vol. 57(1), pages 241-290, March.
  56. Mathur, Ike & Singh, Manohar & Gleason, Kimberly C., 2001. "The evidence from Canadian firms on multinational diversification and performance," The Quarterly Review of Economics and Finance, Elsevier, vol. 41(4), pages 561-578.
  57. Ahn, Seoungpil & Walker, Mark D., 2007. "Corporate governance and the spinoff decision," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 76-93, March.
  58. Michel A. Habib & Alexander Ljungqvist, 2005. "Firm Value and Managerial Incentives: A Stochastic Frontier Approach," The Journal of Business, University of Chicago Press, vol. 78(6), pages 2053-2094, November.
  59. Finlay, William & Marshall, Andrew & McColgan, Patrick, 2018. "Financing, fire sales, and the stockholder wealth effects of asset divestiture announcements," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 323-348.
  60. Owen, Sian & Yawson, Alfred, 2010. "Corporate life cycle and M&A activity," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 427-440, February.
  61. Sian Owen & Liting Shi & Alfred Yawson, 2010. "Divestitures, wealth effects and corporate governance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(2), pages 389-415, June.
  62. Humphery-Jenner, M., 2011. "Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention," Other publications TiSEM 3e22d8a9-6846-484f-a09e-7, Tilburg University, School of Economics and Management.
  63. Laeven, Luc, 2001. "International evidence on the value of product and geographic diversity," Policy Research Working Paper Series 2729, The World Bank.
  64. Jiraporn, Pornsit & Kim, Young Sang & Davidson III, Wallace N., 2008. "Multiple directorships and corporate diversification," Journal of Empirical Finance, Elsevier, vol. 15(3), pages 418-435, June.
  65. Philippon, Thomas, 2006. "Corporate governance over the business cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 30(11), pages 2117-2141, November.
  66. David Hyland, 2008. "The long-run performance of diversifying firms," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 32(3), pages 294-310, July.
  67. Chris M. Lawrey & Brandon C. L. Morris, 2019. "Corporate diversification and abnormal returns," Journal of Asset Management, Palgrave Macmillan, vol. 20(1), pages 31-37, February.
  68. 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.
  69. Liu, Yong-Chin & Chen, Hsiang-Ju & Su, Ming-Chang, 2017. "Product market competition, type of mergers, and post-merger performance in Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 292-308.
  70. Sheng-Syan Chen & Yong-Chin Liu & I-Ju Chen, 2014. "Long-Run Stock Performance and Its Determinants for Asset Buyers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(5-6), pages 685-716, June.
  71. Matsusaka, John G. & Nanda, Vikram, 2002. "Internal Capital Markets and Corporate Refocusing," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 176-211, April.
  72. Ryan P. McDonough, 2023. "Corporate communication and shareholder base retention: evidence from spin-offs," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1283-1327, May.
  73. Dmitri Boreiko & Maurizio Murgia, 2013. "European spin-offs Origin, value creation, and long-term performance," BEMPS - Bozen Economics & Management Paper Series BEMPS05, Faculty of Economics and Management at the Free University of Bozen.
  74. Angélica María Sánchez-Riofrío & Luis Ángel Guerras-Martín & Francisco Javier Forcadell, 2015. "Business portfolio restructuring: a comprehensive bibliometric review," Scientometrics, Springer;Akadémiai Kiadó, vol. 102(3), pages 1921-1950, March.
  75. Feng, Yi & Nandy, Debarshi K. & Tian, Yisong S., 2015. "Executive compensation and the corporate spin-off decision," Journal of Economics and Business, Elsevier, vol. 77(C), pages 94-117.
  76. Duong T. Pham, 2020. "CEO influence on the board of directors: Evidence from corporate spinoffs," European Financial Management, European Financial Management Association, vol. 26(5), pages 1324-1349, November.
  77. David Hillier & Andrew Marshall & Patrick McColgan & Samwel Werema, 2007. "Employee Layoffs, Shareholder Wealth and Firm Performance: Evidence from the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(3‐4), pages 467-494, April.
  78. Chen, Han-Sheng & Lin, Ying-Chou & Lin, Yu-Chen, 2024. "Reexamining information asymmetry related to corporate spin-offs," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 190-205.
  79. Harris, Oneil & Madura, Jeff, 2011. "Why are proposed spinoffs withdrawn?," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 69-81, February.
  80. Bikki Jaggi & Beixin Lin & Suresh Govindaraj & Picheng Lee, 2009. "The value relevance of corporate restructuring charges," Review of Quantitative Finance and Accounting, Springer, vol. 32(2), pages 101-128, February.
  81. Ang, James & Mauck, Nathan, 2011. "Fire sale acquisitions: Myth vs. reality," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 532-543, March.
  82. André, Paul & Filip, Andrei & Moldovan, Rucsandra, 2016. "Segment Disclosure Quantity and Quality under IFRS 8: Determinants and the Effect on Financial Analysts' Earnings Forecast Errors," The International Journal of Accounting, Elsevier, vol. 51(4), pages 443-461.
  83. Amess, Kevin & Stiebale, Joel & Wright, Mike, 2016. "The impact of private equity on firms׳ patenting activity," European Economic Review, Elsevier, vol. 86(C), pages 147-160.
  84. Emilie R. Feldman, 2014. "Legacy Divestitures: Motives and Implications," Organization Science, INFORMS, vol. 25(3), pages 815-832, June.
  85. Erl, Ludwig & Kiesel, Florian & Koenigsmarck, Markus & Schiereck, Dirk, 2023. "Performance effects of sell-offs and the role of sell-off experience," The Quarterly Review of Economics and Finance, Elsevier, vol. 88(C), pages 244-257.
  86. Juan Otero-Serrano, 2011. "Does Firm Diversification Represent A Value Added For Stockholders?," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(4), pages 99-113.
  87. Glaser, Markus & Müller, Sebastian, 2006. "Der Diversification Discount in Deutschland : existiert ein Bewertungsabschlag für diversifizierte Unternehmen?," Papers 06-13, Sonderforschungsbreich 504.
  88. Pascal Nguyen, 2013. "The role of firm performance in the market reaction to divestiture announcements," Economics Bulletin, AccessEcon, vol. 33(3), pages 1723-1728.
  89. Hirota, Shinichi & Kawamura, Kohei, 2007. "Managerial control inside the firm," Journal of the Japanese and International Economies, Elsevier, vol. 21(3), pages 324-335, September.
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