CONSEQUENCES OF CORPORATE REFOCUSING - EX ANTE EVIDENCE

• 成果类型: Note
• 署名作者: MARKIDES, CC
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256379
• 发表日期: 1992
• 页码: 398-412
• 关键词: PROFIT PERFORMANCE; multiproduct firm; AGENCY COSTS; diversification; takeovers; INVESTMENT; strategy; MARKET; 1980S; STOCK

摘要

During the 1980s, many diversified firms reduced their diversification by refocusing. This study examined whether this refocusing created market value for the companies involved. It is shown that refocusing announcements are associated with significant, positive abnormal returns, which implies that firm diversification levels prior to refocusing were higher than optimal.