IDEAS home Printed from https://ideas.repec.org/a/eee/jeborg/v52y2003i1p147-166.html
   My bibliography  Save this article

The determinants of corporate divestment: evidence from a panel of UK firms

Author

Listed:
  • Haynes, Michelle
  • Thompson, Steve
  • Wright, Mike

Abstract

No abstract is available for this item.

Suggested Citation

  • Haynes, Michelle & Thompson, Steve & Wright, Mike, 2003. "The determinants of corporate divestment: evidence from a panel of UK firms," Journal of Economic Behavior & Organization, Elsevier, vol. 52(1), pages 147-166, September.
  • Handle: RePEc:eee:jeborg:v:52:y:2003:i:1:p:147-166
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0167-2681(02)00167-1
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    2. Michelle Haynes & Steve Thompson & Mike Wright, 2002. "The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies," Journal of Industrial Economics, Wiley Blackwell, vol. 50(2), pages 173-196, June.
    3. Stephen F. Borde & Jeff Madura & Aigbe Akhigbe, 1998. "Valuation effects of foreign divestitures," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 19(2), pages 71-79.
    4. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    5. Lichtenberg, Frank R., 1992. "Industrial de-diversification and its consequences for productivity," Journal of Economic Behavior & Organization, Elsevier, vol. 18(3), pages 427-438, August.
    6. John, Kose & Ofek, Eli, 1995. "Asset sales and increase in focus," Journal of Financial Economics, Elsevier, vol. 37(1), pages 105-126, January.
    7. Hausman, Jerry & Hall, Bronwyn H & Griliches, Zvi, 1984. "Econometric Models for Count Data with an Application to the Patents-R&D Relationship," Econometrica, Econometric Society, vol. 52(4), pages 909-938, July.
    8. Haynes, Michelle & Thompson, Steve & Wright, Mike, 2002. "The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies," Journal of Industrial Economics, Wiley Blackwell, vol. 50(2), pages 173-196, June.
    9. Meyer, Margaret & Milgrom, Paul & Roberts, John, 1992. "Organizational Prospects, Influence Costs, and Ownership Changes," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 1(1), pages 9-35, Spring.
    10. Haynes, Michelle & Thompson, Steve & Wright, Mike, 2000. "The determinants of corporate divestment in the UK," International Journal of Industrial Organization, Elsevier, vol. 18(8), pages 1201-1222, December.
    11. Geroski,Paul A. & Gregg,Paul, 1997. "Coping with Recession," Cambridge Books, Cambridge University Press, number 9780521622769.
    12. David S. Scharfstein & Jeremy C. Stein, 2000. "The Dark Side of Internal Capital Markets: Divisional Rent‐Seeking and Inefficient Investment," Journal of Finance, American Finance Association, vol. 55(6), pages 2537-2564, December.
    13. Karl Lins & Henri Servaes, 1999. "International Evidence on the Value of Corporate Diversification," Journal of Finance, American Finance Association, vol. 54(6), pages 2215-2239, December.
    14. Donald D. Bergh, 1997. "Predicting divestiture of unrelated acquisitions: an integrative model of ex ante conditions," Strategic Management Journal, Wiley Blackwell, vol. 18(9), pages 715-731, October.
    15. John, Teresa A., 1993. "Optimality of Spin-Offs and Allocation of Debt," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(1), pages 139-160, March.
    16. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation," Scholarly Articles 29407535, Harvard University Department of Economics.
    17. Jain, Prem C, 1985. "The Effect of Voluntary Sell-off Announcements on Shareholder Wealth," Journal of Finance, American Finance Association, vol. 40(1), pages 209-224, March.
    18. Sayan Chatterjee & Birger Wernerfelt, 1991. "The link between resources and type of diversification: Theory and evidence," Strategic Management Journal, Wiley Blackwell, vol. 12(1), pages 33-48, January.
    19. Donald D. Bergh & Gordon F. Holbein, 1997. "Assessment and redirection of longitudinal analysis demonstration with a study of the diversification and divestiture relationship," Strategic Management Journal, Wiley Blackwell, vol. 18(7), pages 557-571, August.
    20. Thompson, Steve & Wright, Mike, 1995. "Corporate Governance: The Role of Restructuring Transactions," Economic Journal, Royal Economic Society, vol. 105(430), pages 690-703, May.
    21. Kaplan, Steven N & Weisbach, Michael S, 1992. "The Success of Acquisitions: Evidence from Divestitures," Journal of Finance, American Finance Association, vol. 47(1), pages 107-138, March.
    22. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. "Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, vol. 52(1), pages 135-160, March.
    23. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    24. Helen Short & Kevin Keasey & Mike Wright & Alison Hull, 1999. "Corporate governance: from accountability to enterprise," Accounting and Business Research, Taylor & Francis Journals, vol. 29(4), pages 337-352.
    25. Amar Bhide, 1990. "Reversing Corporate Diversification," Journal of Applied Corporate Finance, Morgan Stanley, vol. 3(2), pages 70-81, June.
    26. Dennis C. Mueller, 1969. "A Theory of Conglomerate Mergers," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 83(4), pages 643-659.
    27. Griffin, James M, 1988. "A Test of the Free Cash Flow Hypothesis: Results from the Petroleum Industry," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 76-82, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Angélica María Sánchez-Riofrío & Luis Ángel Guerras-Martín & Francisco Javier Forcadell, 2015. "Business portfolio restructuring: a comprehensive bibliometric review," Scientometrics, Springer;Akadémiai Kiadó, vol. 102(3), pages 1921-1950, March.
    2. Haynes, Michelle & Thompson, Steve & Wright, Mike, 2000. "The determinants of corporate divestment in the UK," International Journal of Industrial Organization, Elsevier, vol. 18(8), pages 1201-1222, December.
    3. Martin, John D. & Sayrak, Akin, 2003. "Corporate diversification and shareholder value: a survey of recent literature," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 37-57, January.
    4. Michelle Haynes & Steve Thompson & Mike Wright, 2007. "Executive Remuneration and Corporate Divestment: Motivating Managers to Make Unpalatable Decisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(5‐6), pages 792-818, June.
    5. Chen, Sheng-Syan & Chen, I-Ju, 2012. "Corporate governance and capital allocations of diversified firms," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 395-409.
    6. Laurent Batsch, 2003. "Le recentrage:une revue des approches financières," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 43-65, June.
    7. Lee, Kian-Tek & Hooy, Chee-Wooi & Hooy, Guat-Khim, 2012. "The value impact of international and industrial diversifications on public‐listed firms in Malaysia," Emerging Markets Review, Elsevier, vol. 13(3), pages 366-380.
    8. repec:dau:papers:123456789/2773 is not listed on IDEAS
    9. Jandik, Tomas & Makjija, Anil K., 2004. "Can Diversification Create Value? Evidence from the Electric Utility Industry," Working Paper Series 2005-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    10. Humphery-Jenner, Mark & Powell, Ronan & Zhang, Emma Jincheng, 2019. "Practice makes progress: Evidence from divestitures," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 1-19.
    11. Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(2), pages 187-215, June.
    12. Villalonga, Belen, 2000. "Does Diversification Cause the “Diversification Discount”?," University of California at Los Angeles, Anderson Graduate School of Management qt40v212gm, Anderson Graduate School of Management, UCLA.
    13. Campa, Jose M. & Chang, P. H. Kevin & Refalo, James F., 2002. "An options-based analysis of emerging market exchange rate expectations: Brazil's Real Plan, 1994-1999," Journal of Development Economics, Elsevier, vol. 69(1), pages 227-253, October.
    14. Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Discussion Paper 2005-029, Tilburg University, Tilburg Law and Economic Center.
    15. Matsusaka, John G. & Nanda, Vikram, 2002. "Internal Capital Markets and Corporate Refocusing," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 176-211, April.
    16. Liu-Ching Tsai & Chaur-Shiuh Young & Hui-Wen Hsu, 2011. "Entrenched controlling shareholders and the performance consequences of corporate diversification in Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 37(1), pages 105-126, July.
    17. Patrick Bolton & David S. Scharfstein, 1998. "Corporate Finance, the Theory of the Firm, and Organizations," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 95-114, Fall.
    18. Cynthia A. Montgomery, 1994. "Corporate Diversificaton," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 163-178, Summer.
    19. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
    20. Tatsuo Ushijima, 2015. "Diversification Discount and Corporate Governance in Japan," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 11(3), pages 427-450, July.
    21. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jeborg:v:52:y:2003:i:1:p:147-166. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jebo .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.