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De-Diversification Activities of German Corporations From 1988 To 2002: Perspectives from Agency and Management Fashion Theory

  • Alexander T. Nicolai
  • Thomas W. Thomas
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    In 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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    Article provided by LMU Munich School of Management in its journal Schmalenbach Business Review.

    Volume (Year): 58 (2006)
    Issue (Month): 1 (January)
    Pages: 56-80

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    Handle: RePEc:sbr:abstra:v:58:y:2006:i:1:p:56-80
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