Read e-book online The Institutionalization of Divestitures: A Meta-Analysis of PDF

By Miriam Flickinger, Prof. Dr. Rolf Bühner

ISBN-10: 3834916706

ISBN-13: 9783834916709

ISBN-10: 3834994677

ISBN-13: 9783834994677

Restructuring and, therein, divestitures became an essential part of company process for lots of corporations. Divestitures, outlined as a firm’s choice to get rid of a good portion of its resources, can bring up a firm’s power through altering its asset constitution and its source allocation patterns.

Miriam Flickinger investigates the inventory marketplace response to divestiture bulletins from an institutionally-based point of view. within the spirit of organizational idea, this attitude applies the approaches of institutionalization to capital markets. It analyzes how organizational practices and guidelines are perceived by means of a capital marketplace during which socio-organizational elements play an influential function. utilizing meta-analytic approaches, the writer extends the current financially ruled realizing of divestiture functionality implications and provides a brand new purpose to why shareholders contemplate divestitures definitely. effects exhibit that divestitures are socially embedded while the price of a firm’s divestiture depends upon the present institutional logics in the company society.

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Additional info for The Institutionalization of Divestitures: A Meta-Analysis of Stock Market Performance

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Hypothesis 1 is concerned with how the diffusion and institutionalization of divestitures based on isomorphic pressures influences the stock market’s reaction to their announcement. Hypothesis 2 focuses on how regulative, normative, and cultural-cognitive changes in prevailing institutional logics influence the stock market’s perception of divestiture announcements. Hypothesis 3 analyzes differences between divestiture programs and single divestiture events with regard to how divestiture programs can be framed for consistency with institutional logics.

Herding behavior in capital markets causes 30 Development of Hypotheses the positive reaction to divestiture announcements to spread from a few investors to a larger group. Therefore, H1: The stock market reaction to the announcement of divestitures improves as more firms announce divestitures. 2 Change in Institutional Logics The divestiture wave of the 1980s constituted more than just a reaction of firms to poor economic conditions, as was the case for the divestiture wave of the early 1970s.

From an institutional perspective, spin-offs’ later gain in popularity translates into a later legitimization of this practice. While early adopters base their decision on technical or efficiency rationales only, later adopters follow predominating models of corporate structure and behavior and do not rely on efficiency rationales alone (Westphal & Zajac, 1994). The institutionalization of a practice is therefore dependent on the efficiency-driven thinking of early adopters as well as on how quickly the practice attains a legitimate, particularly a taken-for-granted status (Suchman, 1995; Zucker, 1983).

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The Institutionalization of Divestitures: A Meta-Analysis of Stock Market Performance by Miriam Flickinger, Prof. Dr. Rolf Bühner


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