Počet záznamů: 1
Subsidiary divestiture and acquisition in a financial crisis: operational focus, financial constraints, and ownership
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SYSNO ASEP 0358761 Druh ASEP J - Článek v odborném periodiku Zařazení RIV J - Článek v odborném periodiku Poddruh J Článek ve WOS Název Subsidiary divestiture and acquisition in a financial crisis: operational focus, financial constraints, and ownership Tvůrce(i) Zhou, Y. M. (US)
Li, X. (US)
Švejnar, Jan (NHU-C) RIDZdroj.dok. Journal of Corporate Finance. - : Elsevier - ISSN 0929-1199
Roč. 17, č. 2 (2011), s. 272-287Poč.str. 16 s. Jazyk dok. eng - angličtina Země vyd. NL - Nizozemsko Klíč. slova divestiture ; corporate restructuring ; financial constraints Vědní obor RIV AH - Ekonomie CEP GAP402/10/2130 GA ČR - Grantová agentura ČR LC542 GA MŠMT - Ministerstvo školství, mládeže a tělovýchovy CEZ MSM0021620846 - NHU-C UT WOS 000287566500006 DOI 10.1016/j.jcorpfin.2010.09.004 Anotace We exploit parent- and subsidiary-level data for publicly listed firms in Thailand before, during, and after the 1997 Asian Financial Crisis to investigate the extent to which firms with different types of ownership restructure their business portfolios, in terms of divestitures and acquisitions. We compare restructuring choices made by firms mostly owned by (a) domestic individuals with block shares (family firms), (b) domestic firms and/or institutions (DI firms), and (c) foreign investors (foreign firms). We show that following the crisis (1) foreign firms' restructuring behavior is the least affected; (2) domestic firms owned by families and domestic institutions (DI) behave similarly to one another; (3) domestic firms do not increase divestiture in their peripheral segments to improve operational focus or to obtain cash in a credit crunch; they actually reduce divestiture in core segments; and (4) domestic firms also significantly reduce the acquisition of new subsidiaries. Our results challenge traditional explanations for divestiture such as corporate governance, operational refocus, and financial constraints. They indicate that in the great uncertainty of a crisis, Pracoviště Národohospodářský ústav - CERGE Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2012
Počet záznamů: 1