La creazione di valore nelle strategie di disinvestimento: evidenze dal contesto europeo (The value creation in disinvestment strategies: evidences from the European context)
DOI:
https://doi.org/10.7433/s99.2016.20Keywords:
divestiture, agency theory, refocusing, pre-divestiture performanceAbstract
Purpose of the paper: In this work, we analyze the role of pre-divestiture performance on the divestiture’s value creation in the context of European countries. Specifically, we explore the existence of potential interaction effects between pre-divestiture performance and the presence of blockholder and the degree of relatedness between the divesting firm core business and the divested business unit.
Methodology: Econometric analysis on a unique dataset of 147 divestitures across thirteen countries is used to test the hypotheses.
Findings: The pre-divestiture performance of the parent firm moderates the impact of both the blockholder and the relatedness on the parent’s post divestiture performance. Our findings indicate that when prior performance is higher, the impact of the presence of a blockhdolder on parent performance is less positive, while the impact of unrelatedness between the divesting firm’s core business and the divested business unit is less negative.
Research limits: While our empirical analysis controls for the two most common modes of divestiture - spinoffs and sell-offs, we were not able to focus on homogeneous samples of divestiture deal types. Future work might more systematically test for differences across these modes, for instance through separate samples.
Practical Implication: From a managerial point of view, executives need to be aware that divestiture strategies do not only represent tools to remedy to wrong managerial decisions, but rather can also be used to pursue the firm’s growth. Moreover, they should consider that ownership structure and relatdness may affect the performance of the divestiture deal in ways that are dependent on the pre-divestiture performance. This may lead managers to modify the timing and overall design of their divestiture strategies.
Originality of the paper: Our study contributes to the divestiture literature by addressing the research gap on the determinants of the parent performance in European countries through a focus on pre-divestiture performance.
References
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BACCARANI C., BRUNETTI F. (1997), “Le scelte strategiche di disinvestimento”, in AA.VV, Economia e finanza aziendale, Scritti in onore di Edoardo Ardemani, Giuffrè, Milano.
BARCLAY M.J., HOLDERNESS C.G. (1991), “Negotiated block trades and corporate-control”, Journal of Finance, vol. 46, n. 3, pp. 861-878.
BERGER P.G., OFEK E. (1999), “Causes and effects of corporate refocusing programs”, Review of Financial Studies, vol. 12, n. 2, pp. 311-345.
BERGH D.D. (1995), “Size and relatedness of units sold: An agency theory and resource-based perspective”, Strategic Management Journal, vol. 16, n. 3, pp. 221-239.
BERGH D.D. (1998), “Product-market uncertainty, portfolio restructuring, and performance: An information-processing and resource-based view”, Journal of Management, vol. 24, n. 2, pp. 87- 102.
BERGH D.D., LAWLESS M.W. (1998), “Portfolio restructuring and limits to hierarchical governance: The effects of environmental uncertainty and diversification strategy”, Organization Science, vol. 9, n. 1, pp. 87-102.
BERGH D.D., LIM E. (2008), “Learning how to restructure: absorptive capacity and improvisational views of restructuring actions and performance”, Strategic Management Journal, vol. 29, n. 6, pp. 593-616.
BERGH D.D., JOHNSON R.A., DEWITT R.L. (2007), “Restructuring through spin-off or sell-off: transforming information asymmetries into financial gain”, Strategic Management Journal, vol. 29, n. 2, pp. 133-148.
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CAPRON L., MITCHELL W., SWAMINATHAN A. (2001), “Asset divestiture following horizontal acquisitions: A dynamic view”, Strategic Management Journal, vol. 22, n. 9, pp. 817-844.
CAPRON L., MITCHELL W. (2012), Build, Borrow or Buy. Solving the growth dilemma, Harvard Business Review Press, Boston.
CHANG S.J. (1996), “An evolutionary perspective on diversification and corporate restructuring: Entry, exit and economic performance during 1981-89”, Strategic Management Journal, vol. 8, n. 17, pp. 587-611.
CHUNG CN., LUO X. (2008), “Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies”, Organization Science, vol. 19, n. 5, pp. 766-784.
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DEMSETZ H., (1983), “The structure of ownership and the theory of the firm”, Journal of Law and Economics, vol. 26, pp. 375-390.
DENNING KC., (1988), “Spin-offs and sales of assets: An examination of security returns and divestment motivations”, Accounting and Business Research, vol. 19, n. 73, pp. 32-42.
DENIS D.J., DENIS D.K., SARIN A. (1997), “Agency Problems, Equity Ownership and Corporate Diversification”, The Journal of Finance, vol. 52, n. 1, pp. 135-160.
DESAI H., JAIN P.C. (1999), “Firm performance and focus: Long-run stock market performance following spinoffs”, Journal of Financial Economics, vol. 54, n. 1, pp. 75-101.
EISENHARDT MK. (1989), “Agency theory: An assessment and review”, Academy of Management Review, vol. 14, n. 1, pp. 57-74.
FACCIO M., LANG L. (2002), “The ultimate ownership of western European corporations”, Journal of Financial Economics, vol. 65, n. 3, pp. 365-395.
FAMA EF., JENSEN M. (1983), “Separation of ownership and control”, Journal of Law and Economics, vol. 26, n. 2, pp. 301-325.
GERTNER R., POWERS E., SCHARFSTEIN D. (2002), “Learning about internal capital markets from corporate spin-offs”, The Journal of Finance, vol. 57, n. 6, pp. 2479-2506.
GIUSTINIANO L., MARCHEGIANI L., PIROLO L., PERUFFO, E. (2010), “National corporate systems and outsourcing decisions: A cross-country analysis”, Paper presented at Strategic Management Conference, 11-15 September 2010. Rome, Italy.
HAMILTON B.H., NICKERSON J.A. (2003), “Correcting for Endogeneity in Strategic Management Research”, Strategic Organization, vol. 1, n. 1, pp. 51-78.
HILL CWL., SNELL S.A., (1988), “External control, corporate strategy and firm performance in research intensive industries”, Strategic Management Journal, vol. 9, n. 6, pp. 577-590.
HITE G., OWERS JE. (1983), “Security price reactions around corporate spin-off announcements”, Journal of Financial Economics, vol. 12, n. 4, pp. 409-436.
HOSKISSON R., TURK T.A. (1990), “Corporate restructuring: Governance and control limits of the internal capital market”, Academy of Management Review, vol. 15, n. 3, pp. 459-477.
HOSKISSON R.E., JOHNSON R.A. (1992), “Corporate restructuring and strategic change: The effect on diversification strategy and r&d intensity”, Strategic Management Journal, vol. 13, n. 8, pp. 625-634.
JAIN P.C. (1985), “The effect of voluntary sell-off announcements on shareholder wealth”, Journal of Finance, vol. 40, n. 1, pp. 209-224.
JENSEN M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, The American Economic Review, vol. 76, n. 2, pp. 323-329.
JENSEN M.C., MECKLING W.H. (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, vol. 3, n. 4, pp. 305-360.
JOHN K., OFEK E. (1995), “Asset sales and increase in focus”, Journal of Financial Economics, vol. 37, n. 1, pp. 105-126.
KRISHNASWAMI S., SUBRAMANIAM V. (1999), “Information asymmetry, valuation, and the corporate spin-off decision”, Journal of Financial Economics, vol. 53, n. 1, pp. 73-112.
LANG L., POULSEN A., STULZ R. (1995), “Asset sales, firm performance, and the agency costs of managerial discretion”, Journal of Financial Economics, vol. 37, n.1, pp. 3-37.
LEE DD., MADHAVAN R. (2010), “Divestiture and firm performance: a meta-analysis”, Journal of Management, vol. 36, n. 6, pp. 1345-1371.
MARKIDES C.C. (1992), “The economic characteristics of de- diversifying tirms”, British Journal of Management, vol. 3, n. 2, pp. 91-100.
MARKIDES C.C. (1995), “Diversification, restructuring and economic performance”, Strategic Management Journal, vol. 16, n. 2, pp. 101-118.
MARKIDES C.C., SINGH H. (1997), “Corporate restructuring: A symptom of poor governance or a solution to past managerial mistakes?”, European Management Journal, vol. 3, n. 15, pp. 213-219.
MASULIS RW., KORWAR AN. (1986), “Seasoned equity offerings: An empirical investigation”, Journal of Financial Economics, vol. 15, n. 1/2, pp. 91-118.
MILES J.A., ROSENFELD J.D. (1983), “The Effect of voluntary sell-off announcements on shareholder wealth”, Journal of Finance, vol. 38, n. 5, pp. 1597-1606.
MONTGOMERY C., THOMAS A. (1988), “Divestment: motives and gains”, Strategic Management Journal, vol. 9, n. 1, pp. 93-97.
MOSCHIERI C., MAIR J. (2008), “Research on corporate divestures: A synthesis”, Journal of Management and Organization, vol. 14, n. 4, pp. 399-422.
MOSCHIERI C., MAIR J. (2011). “Adapting for innovation: Including divestitures in the debate”, Long Range Planning, vol. 44, n. 1, pp. 4-25.
MULHERIN J.H., BOONE A.L. (2000), “Comparing acquisitions and divestitures”, Journal of Corporate Finance, vol. 6, n. 2, pp. 117-139.
PALEPU K. (1986), “Predicting Takeover targets”, Journal of Accounting and Economics, vol. 8, n. 1, pp. 3-35.
PERUFFO E. (2013), Verso una cultura del disinvestimento: strategia, governance e valore economico, Franco Angeli, Milano.
PERUFFO E., PERRI A., GENTILI S. (2013), “Verso una cultura del disinvestimento: efficienza, superiorità e conformità”, Finanza Marketing e Produzione, vol. 31, n.3, pp. 40-67.
PERUFFO E., ORIANI R., PERRI A. (2014), “Information Asymmetries, Family Ownership And Divestiture Financial Performance: Evidence From Western European Countries”, Corporate Ownership and Control, vol. 11, n. 4, pp. 44-57.
SANDERS W.M.G., BOIVIE S. (2004), “Sorting things out: valuation of new firms in uncertain markets”, Strategic Management Journal, vol. 25, n. 2, pp. 167-186.
SCHILL MJ., ZHOU C. (2001), “Pricing an emerging industry: Evidence from Internet subsidiary carve-outs”, Financial Management, vol. 30, n. 3, pp. 5-33.
SEABRIGHT M.A., LEVINTHAL D.A., FICHMAN M. (1992), “Role of individual attachments in the dissolution of interorganizational relationships”, Academy of Management Journal, vol. 35, n. 1, pp. 122-160.
SHAVER MJ. (1998), “Accounting for Endogeneity When Assessing Strategy Performance: Does Entry Mode Choice Affect FDI Survival?”, Management Science, vol. 44, n. 4, pp. 571-86.
SHIMIZU K., HITT M. (2005), “What constraints of facilitates divestitures of formerly acquired firms? The effects of organizational inertia”, Journal of Management, vol. 31, n. 1, pp. 50-72.
VELD C.,VELD-MERKOULOVA YV. (2009), “Value creation through spin offs: A review of the empirical evidence”, International Journal of Management Reviews, vol. 11, n.4, pp. 407-420.
VIJH A. (2002), “The positive announcement-period returns of equity carve-outs: asymmetric information or divestiture gains?”, Journal of Business, vol. 75, n. 1, pp. 153-91.
WILLIAMSON OE. (1975), Markets and hierarchies: Analysis and antitrust implications: A study in the economics of internal organization, The Free Press, New York.
WOO C., WILLARD G., DAELLENBACH U. (1992), “Spin-off performance: a case of overstated expectations?”, Strategic Management Journal, vol. 13, n. 6, pp. 433-47.
WRIGHT P., FERRIS SP. (1997), “Agency conflict and corporate strategy: The effect of divestment on corporate value”, Strategic Management Journal, vol. 18, n. 1, pp. 77-83.
ZUCKERMAN EW. (2000), “Focusing the corporate product: Securities analysts and de-diversification”, Administrative Science Quarterly, vol. 45, n. 3, pp. 591-619.
ALEXANDER G.J, BENSON P.G., KAMPMEYER J.M. (1984), “Investing the valuation effects of announcements of voluntary corporate selloffs”, Journal of Finance, vol. 39, n. 6, pp.503-517.
AMIHUD Y., LEV B. (1981), “Risk reduction as a managerial motive for conglomerate mergers”, Bell Journal of Economics, vol. 12, n. 2, pp. 605-617.
ANSLINGER P.L., KLEPPER S.J., SUBRAMANIAM S. (1999), “Breaking up is good to do: Restructuring through spin-offs, equity carve-outs, and tracking stocks can create shareholder value”, McKinsey Quarterly, vol. 1, pp. 16-27.
BACCARANI C., BRUNETTI F. (1997), “Le scelte strategiche di disinvestimento”, in AA.VV, Economia e finanza aziendale, Scritti in onore di Edoardo Ardemani, Giuffrè, Milano.
BARCLAY M.J., HOLDERNESS C.G. (1991), “Negotiated block trades and corporate-control”, Journal of Finance, vol. 46, n. 3, pp. 861-878.
BERGER P.G., OFEK E. (1999), “Causes and effects of corporate refocusing programs”, Review of Financial Studies, vol. 12, n. 2, pp. 311-345.
BERGH D.D. (1995), “Size and relatedness of units sold: An agency theory and resource-based perspective”, Strategic Management Journal, vol. 16, n. 3, pp. 221-239.
BERGH D.D. (1998), “Product-market uncertainty, portfolio restructuring, and performance: An information-processing and resource-based view”, Journal of Management, vol. 24, n. 2, pp. 87- 102.
BERGH D.D., LAWLESS M.W. (1998), “Portfolio restructuring and limits to hierarchical governance: The effects of environmental uncertainty and diversification strategy”, Organization Science, vol. 9, n. 1, pp. 87-102.
BERGH D.D., LIM E. (2008), “Learning how to restructure: absorptive capacity and improvisational views of restructuring actions and performance”, Strategic Management Journal, vol. 29, n. 6, pp. 593-616.
BERGH D.D., JOHNSON R.A., DEWITT R.L. (2007), “Restructuring through spin-off or sell-off: transforming information asymmetries into financial gain”, Strategic Management Journal, vol. 29, n. 2, pp. 133-148.
BETHEL J.E., LIEBESKIND J. (1993), “The effects of ownership structure on corporate restructuring”, Strategic Management Journal, vol. 14, n. S1, pp. 15-31.
BETHEL J.E., LIEBESKIND J. (1993), “The effects of ownership structure on corporate restructuring”, Strategic Management Journal, vol. 14, n. S1, pp. 15-31.
BOWMAN E.H., SINGH H., USEEM M., BHADURY R. (1999), “When Does Restructuring Improve Economic Performance?”, California Management Review, vol. 41, n. 2, pp. 33-54.
BRAUER M. (2006), “What have we acquired and what should we acquire in divestiture research? A review and research agenda”, Journal of Management, vol. 32, n. 6, pp. 751-785.
BRAUER M., WIERSEMA M. (2012), “Industry divestiture wawes: how a firm’s position influences investor returns”, Academy of Management Journal, vol. 55, n. 6, pp. 1472-1492.
BRUNER R.F., (2004), Applied Mergers and Acquisitions, John Wiley & Sons Ltd, New York.
BRUNETTA F., PERUFFO E. (2014), “May parents inherit from heirs? Towards an understanding of the parent-spun-off relationship”, American Journal of Applied Sciences, vol. 11, n. 6, pp. 921-928.
CAPRON L., MITCHELL W., SWAMINATHAN A. (2001), “Asset divestiture following horizontal acquisitions: A dynamic view”, Strategic Management Journal, vol. 22, n. 9, pp. 817-844.
CAPRON L., MITCHELL W. (2012), Build, Borrow or Buy. Solving the growth dilemma, Harvard Business Review Press, Boston.
CHANG S.J. (1996), “An evolutionary perspective on diversification and corporate restructuring: Entry, exit and economic performance during 1981-89”, Strategic Management Journal, vol. 8, n. 17, pp. 587-611.
CHUNG CN., LUO X. (2008), “Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies”, Organization Science, vol. 19, n. 5, pp. 766-784.
COASE R.H., (1937), “The nature of the firm”, Economica, vol. 4, n. 16, pp. 386-405.
DEMSETZ H., (1983), “The structure of ownership and the theory of the firm”, Journal of Law and Economics, vol. 26, pp. 375-390.
DENNING KC., (1988), “Spin-offs and sales of assets: An examination of security returns and divestment motivations”, Accounting and Business Research, vol. 19, n. 73, pp. 32-42.
DENIS D.J., DENIS D.K., SARIN A. (1997), “Agency Problems, Equity Ownership and Corporate Diversification”, The Journal of Finance, vol. 52, n. 1, pp. 135-160.
DESAI H., JAIN P.C. (1999), “Firm performance and focus: Long-run stock market performance following spinoffs”, Journal of Financial Economics, vol. 54, n. 1, pp. 75-101.
EISENHARDT MK. (1989), “Agency theory: An assessment and review”, Academy of Management Review, vol. 14, n. 1, pp. 57-74.
FACCIO M., LANG L. (2002), “The ultimate ownership of western European corporations”, Journal of Financial Economics, vol. 65, n. 3, pp. 365-395.
FAMA EF., JENSEN M. (1983), “Separation of ownership and control”, Journal of Law and Economics, vol. 26, n. 2, pp. 301-325.
GERTNER R., POWERS E., SCHARFSTEIN D. (2002), “Learning about internal capital markets from corporate spin-offs”, The Journal of Finance, vol. 57, n. 6, pp. 2479-2506.
GIUSTINIANO L., MARCHEGIANI L., PIROLO L., PERUFFO, E. (2010), “National corporate systems and outsourcing decisions: A cross-country analysis”, Paper presented at Strategic Management Conference, 11-15 September 2010. Rome, Italy.
HAMILTON B.H., NICKERSON J.A. (2003), “Correcting for Endogeneity in Strategic Management Research”, Strategic Organization, vol. 1, n. 1, pp. 51-78.
HILL CWL., SNELL S.A., (1988), “External control, corporate strategy and firm performance in research intensive industries”, Strategic Management Journal, vol. 9, n. 6, pp. 577-590.
HITE G., OWERS JE. (1983), “Security price reactions around corporate spin-off announcements”, Journal of Financial Economics, vol. 12, n. 4, pp. 409-436.
HOSKISSON R., TURK T.A. (1990), “Corporate restructuring: Governance and control limits of the internal capital market”, Academy of Management Review, vol. 15, n. 3, pp. 459-477.
HOSKISSON R.E., JOHNSON R.A. (1992), “Corporate restructuring and strategic change: The effect on diversification strategy and r&d intensity”, Strategic Management Journal, vol. 13, n. 8, pp. 625-634.
JAIN P.C. (1985), “The effect of voluntary sell-off announcements on shareholder wealth”, Journal of Finance, vol. 40, n. 1, pp. 209-224.
JENSEN M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, The American Economic Review, vol. 76, n. 2, pp. 323-329.
JENSEN M.C., MECKLING W.H. (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, vol. 3, n. 4, pp. 305-360.
JOHN K., OFEK E. (1995), “Asset sales and increase in focus”, Journal of Financial Economics, vol. 37, n. 1, pp. 105-126.
KRISHNASWAMI S., SUBRAMANIAM V. (1999), “Information asymmetry, valuation, and the corporate spin-off decision”, Journal of Financial Economics, vol. 53, n. 1, pp. 73-112.
LANG L., POULSEN A., STULZ R. (1995), “Asset sales, firm performance, and the agency costs of managerial discretion”, Journal of Financial Economics, vol. 37, n.1, pp. 3-37.
LEE DD., MADHAVAN R. (2010), “Divestiture and firm performance: a meta-analysis”, Journal of Management, vol. 36, n. 6, pp. 1345-1371.
MARKIDES C.C. (1992), “The economic characteristics of de- diversifying tirms”, British Journal of Management, vol. 3, n. 2, pp. 91-100.
MARKIDES C.C. (1995), “Diversification, restructuring and economic performance”, Strategic Management Journal, vol. 16, n. 2, pp. 101-118.
MARKIDES C.C., SINGH H. (1997), “Corporate restructuring: A symptom of poor governance or a solution to past managerial mistakes?”, European Management Journal, vol. 3, n. 15, pp. 213-219.
MASULIS RW., KORWAR AN. (1986), “Seasoned equity offerings: An empirical investigation”, Journal of Financial Economics, vol. 15, n. 1/2, pp. 91-118.
MILES J.A., ROSENFELD J.D. (1983), “The Effect of voluntary sell-off announcements on shareholder wealth”, Journal of Finance, vol. 38, n. 5, pp. 1597-1606.
MONTGOMERY C., THOMAS A. (1988), “Divestment: motives and gains”, Strategic Management Journal, vol. 9, n. 1, pp. 93-97.
MOSCHIERI C., MAIR J. (2008), “Research on corporate divestures: A synthesis”, Journal of Management and Organization, vol. 14, n. 4, pp. 399-422.
MOSCHIERI C., MAIR J. (2011). “Adapting for innovation: Including divestitures in the debate”, Long Range Planning, vol. 44, n. 1, pp. 4-25.
MULHERIN J.H., BOONE A.L. (2000), “Comparing acquisitions and divestitures”, Journal of Corporate Finance, vol. 6, n. 2, pp. 117-139.
PALEPU K. (1986), “Predicting Takeover targets”, Journal of Accounting and Economics, vol. 8, n. 1, pp. 3-35.
PERUFFO E. (2013), Verso una cultura del disinvestimento: strategia, governance e valore economico, Franco Angeli, Milano.
PERUFFO E., PERRI A., GENTILI S. (2013), “Verso una cultura del disinvestimento: efficienza, superiorità e conformità”, Finanza Marketing e Produzione, vol. 31, n.3, pp. 40-67.
PERUFFO E., ORIANI R., PERRI A. (2014), “Information Asymmetries, Family Ownership And Divestiture Financial Performance: Evidence From Western European Countries”, Corporate Ownership and Control, vol. 11, n. 4, pp. 44-57.
SANDERS W.M.G., BOIVIE S. (2004), “Sorting things out: valuation of new firms in uncertain markets”, Strategic Management Journal, vol. 25, n. 2, pp. 167-186.
SCHILL MJ., ZHOU C. (2001), “Pricing an emerging industry: Evidence from Internet subsidiary carve-outs”, Financial Management, vol. 30, n. 3, pp. 5-33.
SEABRIGHT M.A., LEVINTHAL D.A., FICHMAN M. (1992), “Role of individual attachments in the dissolution of interorganizational relationships”, Academy of Management Journal, vol. 35, n. 1, pp. 122-160.
SHAVER MJ. (1998), “Accounting for Endogeneity When Assessing Strategy Performance: Does Entry Mode Choice Affect FDI Survival?”, Management Science, vol. 44, n. 4, pp. 571-86.
SHIMIZU K., HITT M. (2005), “What constraints of facilitates divestitures of formerly acquired firms? The effects of organizational inertia”, Journal of Management, vol. 31, n. 1, pp. 50-72.
VELD C.,VELD-MERKOULOVA YV. (2009), “Value creation through spin offs: A review of the empirical evidence”, International Journal of Management Reviews, vol. 11, n.4, pp. 407-420.
VIJH A. (2002), “The positive announcement-period returns of equity carve-outs: asymmetric information or divestiture gains?”, Journal of Business, vol. 75, n. 1, pp. 153-91.
WILLIAMSON OE. (1975), Markets and hierarchies: Analysis and antitrust implications: A study in the economics of internal organization, The Free Press, New York.
WOO C., WILLARD G., DAELLENBACH U. (1992), “Spin-off performance: a case of overstated expectations?”, Strategic Management Journal, vol. 13, n. 6, pp. 433-47.
WRIGHT P., FERRIS SP. (1997), “Agency conflict and corporate strategy: The effect of divestment on corporate value”, Strategic Management Journal, vol. 18, n. 1, pp. 77-83.
ZUCKERMAN EW. (2000), “Focusing the corporate product: Securities analysts and de-diversification”, Administrative Science Quarterly, vol. 45, n. 3, pp. 591-619.
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2016-04-28
