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Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen

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  • Marc Rustige

    (Frankfurt School of Finance & Management)

  • Michael H. Grote

    (Frankfurt School of Finance & Management)

Abstract

Top management routinely uses references to shareholder value to justify diversification as well as focussing of business activities. We analyze share price reactions to 184 acquisitions and 129 divestments of German corporate groups from 1996 to 2005. Contrary to frequent criticism, diversifying acquisitions do not significantly decrease firm value in our sample. Focussing acquisitions, however, increase firm value significantly. Divestments in general increase firm value, only insignificantly more so when peripheral activities are sold.

Suggested Citation

  • Marc Rustige & Michael H. Grote, 2009. "Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen," Schmalenbach Journal of Business Research, Springer, vol. 61(5), pages 470-498, August.
    • Handle: RePEc:spr:sjobre:v:61:y:2009:i:5:d:10.1007_bf03373662
    DOI: 10.1007/BF03373662
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    More about this item

    Keywords

    G34; G14;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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