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dc.contributor.authorJackowicz, Krzysztofen_US
dc.contributor.authorKowalewski, Oskaren_US
dc.date.accessioned2011-08-18en_US
dc.date.accessioned2011-08-22T15:28:26Z-
dc.date.available2011-08-22T15:28:26Z-
dc.date.issued2011en_US
dc.identifier.citationContemporary Economics 1897-9254 5 2011 2 30-41en_US
dc.identifier.pidoi:10.5709/ce.1897-9254.10-
dc.identifier.urihttp://hdl.handle.net/10419/48845-
dc.description.abstractDivestment constitutes an important method of corporate restructuring. Despite this fact, the banking literature on divestment is very limited. In this text, we try to remediate partially to the shortcomings of the existing literature by examining empirically the role of external factors. Using a large sample of 313 transactions, we have established that parent companies originate from countries with relatively high accumulated wealth, slow GDP growth, stable macroeconomic situation and dominant bank intermediation in financial system. The acquirers in turn come from poorer countries with faster economic growth and relatively more market-oriented financial systems. Those results broadly conform with the predictions of three hypotheses formulated in the text, namely the weak performance hypothesis, the corporate governance hypothesis and the rebalancing hypothesis.en_US
dc.language.isoengen_US
dc.subject.jelG21en_US
dc.subject.jelG34en_US
dc.subject.ddc330en_US
dc.subject.keyworddivestmenten_US
dc.subject.keywordbankingen_US
dc.subject.keywordexternal factorsen_US
dc.titleDivestments in banking: Preliminary evidence on the role of external factorsen_US
dc.typeArticleen_US
dc.identifier.ppn666351848en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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