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The Institutionalization of Divestitures

A Meta-Analysis of Stock Market Performance

  • Book
  • © 2009

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Authors:
  1. Miriam Flickinger
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Table of contents (7 chapters)

  1. Front Matter

    Pages I-XVI
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  2. Introduction

    • Miriam Flickinger
    Pages 1-4

  3. Divestiture Motives

    • Miriam Flickinger
    Pages 5-11

  4. Theoretical Background of the Study

    • Miriam Flickinger
    Pages 13-22

  5. Development of Hypotheses

    • Miriam Flickinger
    Pages 23-41

  6. Methods

    • Miriam Flickinger
    Pages 43-60

  7. Results

    • Miriam Flickinger
    Pages 61-72

  8. Discussion and Conclusion

    • Miriam Flickinger
    Pages 73-79

  9. Back Matter

    Pages 81-110
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Keywords

About this book

Restructuring and, therein, divestitures have become an indispensable element of corporate strategy for many firms. Divestitures, defined as a firm’s decision to dispose of a significant portion of its assets, can increase a firm’s strength by changing its asset structure and its resource allocation patterns.

Miriam Flickinger investigates the stock market reaction to divestiture announcements from an institutionally-based perspective. In the spirit of organizational theory, this perspective applies the processes of institutionalization to capital markets. It analyzes how organizational practices and policies are perceived by a capital market in which socio-organizational factors play an influential role. Using meta-analytic procedures, the author extends the present financially dominated understanding of divestiture performance implications and offers a new rationale to why shareholders consider divestitures positively. Results show that divestitures are socially embedded when the value of a firm’s divestiture depends on the prevailing institutional logics within the business society.

About the author

Dr. Miriam Flickinger promovierte bei Prof. Dr. Rolf Bühner am Lehrstuhl für Organisation und Personalwesen der Universität Passau. Sie ist als Strategiereferentin HR bei der BASF SE, Ludwigshafen, tätig.

Bibliographic Information

  • Book Title: The Institutionalization of Divestitures

  • Book Subtitle: A Meta-Analysis of Stock Market Performance

  • Authors: Miriam Flickinger

  • DOI: https://doi.org/10.1007/978-3-8349-9467-7

  • Publisher: Gabler Verlag Wiesbaden

  • eBook Packages: Business and Economics (German Language)

  • Copyright Information: Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2009

  • Softcover ISBN: 978-3-8349-1670-9Published: 26 May 2009

  • eBook ISBN: 978-3-8349-9467-7Published: 25 July 2009

  • Edition Number: 1

  • Number of Pages: XVI, 110

  • Number of Illustrations: 5 b/w illustrations

  • Topics: Business Strategy/Leadership, Management

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