Subsidiary divestiture and acquisition in a financial crisis: operational focus, financial constraints, and ownership

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F11%3A00358761" target="_blank" >RIV/00216208:11640/11:00358761 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1016/j.jcorpfin.2010.09.004" target="_blank" >http://dx.doi.org/10.1016/j.jcorpfin.2010.09.004</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.jcorpfin.2010.09.004" target="_blank" >10.1016/j.jcorpfin.2010.09.004</a>

Result language
angličtina
Original language name
Subsidiary divestiture and acquisition in a financial crisis: operational focus, financial constraints, and ownership
Original language description
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 re
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>Z - Vyzkumny zamer (s odkazem do CEZ)

Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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