Divestitures And Divisional Investment Policies  

Oleh:

Shivdasani, Anil ; Dittmar, Amy

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 6 (2003), page 2711-2744.
Topik: investment; studies; investment policy; organizational structure; diversified companies; divestiture; institutional investments; statistical analysis; rates of return; mathematical models
Fulltext: p 2711.pdf (235.93KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We study a sample of diversified firms that alter their organizational strucutre by divesting a business segment. These firms experience a reduction in the diversification discount after the divestiture. We show that the efficiency of segment investment increases substantially following the divestiture and that this improvement is associated with a decrease in the diversification discount. Our results support the corproate focus and financing hypotheses for corporate divestitures. We demonstrate that inefficient investment i spartly respossible for the diversification discount and show that asset sales lead to an improvement in the efficiency of investment for remaining divisions.

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