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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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

Název v anglickém jazyce

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

Popis výsledku anglicky

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

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

Výsledek vznikl pri realizaci vícero projektů. Více informací v záložce Projekty.

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>Z - Vyzkumny zamer (s odkazem do CEZ)

Rok uplatnění

2011

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Journal of Corporate Finance

ISSN

0929-1199

e-ISSN

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Svazek periodika

17

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

16

Strana od-do

272-287

Kód UT WoS článku

000287566500006

EID výsledku v databázi Scopus

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