Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/330725 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Review of Managerial Science [ISSN:] 1863-6691 [Volume:] 19 [Issue:] 9 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2024 [Pages:] 2729-2773
Verlag: 
Springer, Berlin, Heidelberg
Zusammenfassung: 
Single divestitures can adjust a firm's strategy, while divestiture programs, a series of divestitures with a common rationale, may considerably change a firm's business. However, this does not always imply a positive impact. Existing evidence on how capital markets evaluate these decisions lacks validation based on the firm's strategic background. This paper fills this gap by examining stock market reactions to divestiture program announcements, conditional on the firm's current situation. We explore five key antecedents likely to influence divestiture program decisions: CEO turnover, new blockholder, financial distress, prior divestiture experience, and industry divestiture waves. Examining more than 100 European firms and their divestiture disclosures, our results show that firms announce divestiture programs when financially distressed or after a change in the top management. Market reactions vary but are more positive when program value is disclosed, especially for financially driven programs or those programs which are part of broader restructuring initiatives.
Schlagwörter: 
Divestiture programs
Management turnover
Financial distress
Signaling
JEL: 
G14
G32
G34
L25
M10
Persistent Identifier der Erstveröffentlichung: 
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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