撤资
多元化(营销策略)
业务
产业组织
比例(比率)
交易成本
财务
营销
量子力学
物理
作者
Shih-Chi Chiu,Seemantini Pathak,Azadeh Sabz
标识
DOI:10.1016/j.jbusres.2022.01.073
摘要
Drawing from the resource-based theory, this study examines the circumstances under which financial advisors’ market status may impact divesting firms’ transaction performance (market reaction) and strategic activity (divestiture scale). We argue that divesting firms’ product diversification and performance severity interact with advisor status during critical corporate change. Based on a sample of U.S. divesting firms, we found that highly diversified firms carried out more divestiture activities when using a higher-status advisor. We also found that divesting firms with financial difficulty had more divestiture activities and had better market performance when using a higher-status advisor. This research sheds important light on the contingencies impacting the dual (strategic and financial) role of financial advisors’ market status in firms undertaking critical corporate changes through asset divestiture.
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