Author: Patia J. McGrath Publisher: ISBN: Category : Languages : en Pages : 438
Book Description
The question of whether and how firms learn continues to fuel debate amongst strategic management scholars. Within its answer lies the potential for identifying and capitalizing upon valuable drivers of firm performance advantage. In this dissertation, I take aim at this question by investigating the viability and efficacy of three different learning processes in the context of corporate divestiture. This approach not only permits a comprehensive examination of firm learning, but also affords the opportunity to advance our understanding of a heretofore understudied, but important, mode of corporate development.
Author: Rahul Anand Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
My dissertation examines firm divestitures and their relationship with the business and geographic scope of the firm under buoyant and hostile economic environments. In order to accomplish this task, I have collected information on various kinds of divestitures undertaken by a panel of large European publicly listed firms. The three essays aim to contribute to the broader literature on divestitures as well as the work on the divestitures-diversification relationship (Bergh, 1997) and its contingencies.Essay 1: Downsizing and Downscoping divestituresPast research generally suggests that divestitures are aimed at reducing excessive diversification. This view, however, overlooks the fact that not all divestitures result in refocusing. Indeed, many divestitures are motivated by the existence of over-capacity within the firm. In addition, while prior research has generally found that divestitures improve performance by reducing excessive diversification, more recent research has argued and shown that during an economic downturn, more diversified firms tend to outperform their focused counterparts. Changing economic conditions thus appear as a suitable context in which to study the mechanisms through which divestitures can create value. This paper examines how, under different environmental conditions, firms are more prone to undertake either downscoping (divestitures leading to a reduction in business scope) or downsizing (divestitures that only reduce firm size without affecting business scope) divestitures, as well as the performance impact of either type of divestiture. I find that firms are less likely to undertake downscoping divestitures during an economic downturn whereas they are more likely to undertake downsizing divestitures. This paper provides a boundary condition to the argument that firms primarily divest to reduce diversification and depicts the key role of downsizing divestitures in a firm's corporate strategy.Essay 2: Foreign divestitures and Economic Crisis: Evidence from EuropeThe second chapter focuses on the international dimension of divestitures. Extant work has narrowly defined foreign divestitures as the divestment of a subsidiary. The theoretical mechanisms driving foreign divestitures as well as the effect of these global strategic moves are contingent on the scope and size of the foreign divestiture. Real options theory has shown that foreign divestitures afford greater strategic flexibility to the firm by switching operations. However, we still do not know much about the timing of these options as well as the boundary conditions of this argument. This study examines the conditions under which firms are more inclined to exercise the option to abandon a geographic market as compared to the option to switch operations by merely selling off foreign assets while maintaining a geographic presence. This study contributes to the literature on foreign divestitures and real options perspective.Essay 3: Divestitures, dynamic capabilities, and resource redeploymentThe third essay attempts to shed light on the idea that divestitures provide dynamic capabilities to the firm. Extant research has argued that divestitures provide capabilities to grow and reconfigure the organization. However, not much is known about the conditions in which divestitures are more likely to enable dynamic capabilities. Furthermore, there is very little understanding of the impact of dynamic capabilities provided by divestitures on firm value creation. This study focuses on the cost of assets being sold relative to their market value as a conceptually relevant contingency that impacts the likelihood of firm divestitures. The article puts forth the concept of divestment potential to specify firm-level conditions when divestitures would arguably create greater shareholder value.
Author: Irene M. Duhaime Publisher: Oxford University Press ISBN: 019009088X Category : Business & Economics Languages : en Pages : 785
Book Description
Strategic Management provides a critical overview of the prior development, current state, and future opportunities in the strategic management field. Editors Irene M. Duhaime, Michael A. Hitt, and Marjorie A. Lyles bring together an exceptional group of scholars to explore topics such as corporate strategy, strategic entrepreneurship, cooperative strategies, global strategy, strategic leadership, governance, innovation, strategy process and strategypractice, and strategic human capital.
Author: Miriam Flickinger Publisher: Springer-Verlag ISBN: 3834994677 Category : Business & Economics Languages : de Pages : 110
Book Description
Miriam Flickinger investigates the stock market reaction to divestiture announcements from an institutionally-based perspective. Using meta-analytic procedures, the author extends the present financially dominated understanding of divestiture performance implications. She shows that divestitures are socially embedded when the value of a firm’s divestiture depends on the prevailing institutional logics within the business society.
Author: American Bar Association. House of Delegates Publisher: American Bar Association ISBN: 9781590318737 Category : Law Languages : en Pages : 216
Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author: Peter A. Hall Publisher: Oxford University Press ISBN: 0199247749 Category : Business & Economics Languages : en Pages : 557
Book Description
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Author: Alex Edmans Publisher: Cambridge University Press ISBN: 1009062719 Category : Business & Economics Languages : en Pages : 541
Book Description
Should companies be run for profit or purpose? This book shows how they can deliver both-based on rigorous evidence and an actionable framework. This edition, updated to include the pandemic and latest research, explains how managers, investors and citizens can put purpose into practice-and overcome the difficult trade-offs that hold them back.
Author: Patia J. McGrath
Author: Rahul Anand
Author: Irene M. Duhaime
Author: Miriam Flickinger
Author: 
Author: American Bar Association. House of Delegates
Author: Peter A. Hall
Author: John M. Connor
Author: Alex Edmans
Author: