De-Diversification Activities of German Corporations From 1988 To 2002: Perspectives from Agency and Management Fashion Theory
AbstractIn the past, many countries have witnessed de-diversification waves. In this paper we illustrate that the same phenomenon can be observed in Germany. We discuss different theoretical explanations for the occurrence of de-diversification: the predominant agency theory approach and the less common neo-institutionalist/management fashion theory. We present data on 360 divestitures by German corporations between 1988 and 2002 and obtain additional data from a literature database. The results show that management fashions can influence the impact of capital markets. We suggest strengthening the link between finance theory and research in strategy and organization.
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Bibliographic InfoArticle provided by LMU Munich School of Management in its journal Schmalenbach Business Review.
Volume (Year): 58 (2006)
Issue (Month): 1 (January)
Agency Theory; Capital Markets; Diversification; Management Fashion; Neo-Institutionalism; Refocusing; Strategic Management;
Find related papers by JEL classification:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General
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