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Research on corporate divestitures: A synthesis

Published online by Cambridge University Press:  02 February 2015

Caterina Moschieri  and
Johanna Mair
Caterina Moschieri
Affiliation:
FCEE –, Universidade Catóólica Portuguesa, Lisboa, Portugal
Johanna Mair
Affiliation:
IESE Business School, Barcelona, Spain
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Abstract

Divestitures, understood as the parent company's disposal and sale of assets, facilities, product lines, subsidiaries, divisions and business units, are emerging as a central topic of research in several areas. Yet our understanding of these operations is still limited. For example, it is still not clear whether divestitures are merely a reflection of the economic cycle, a means to correct or reverse previous strategic decisions, or a proactive strategic option. Integrating literature in finance, strategy, and organisational behaviour, this paper offers a comprehensive picture of divesting modes, antecedents, mechanisms and outcomes of divestitures. It integrates empirical findings and theoretical contributions into a researchable whole, in order to identify common themes and gaps in existing research. The final objective of this analysis and review is to propose meaningful avenues for future research to improve knowledge on divestitures.

Keywords

Carve-outscorporate strategydivestituresmanagement buyoutsrestructuringspin-offssell-offs
Type
Research Article
Information
Journal of Management & Organization , Volume 14 , Issue 4 , September 2008 , pp. 399 - 422
Copyright
Copyright © Cambridge University Press and Australian and New Zealand Academy of Management 2008

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