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Miriam Flickinger investigates the stock market reaction to divestiture announcements from an institutionally-based perspective. In the spirit of organizational theory, this perspective applies the processes of institutionalization to capital markets. It analyzes how organizational practices and policies are perceived by a capital market in which socio-organizational factors play an influential role. Using meta-analytic procedures, the author extends the present financially dominated understanding of divestiture performance implications and offers a new rationale to why shareholders consider divestitures positively. Results show that divestitures are socially embedded when the value of a firm’s divestiture depends on the prevailing institutional logics within the business society.
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Bibliographic Information
Book Title: The Institutionalization of Divestitures
Book Subtitle: A Meta-Analysis of Stock Market Performance
Authors: Miriam Flickinger
DOI: https://doi.org/10.1007/978-3-8349-9467-7
Publisher: Gabler Verlag Wiesbaden
eBook Packages: Business and Economics (German Language)
Copyright Information: Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2009
Softcover ISBN: 978-3-8349-1670-9Published: 26 May 2009
eBook ISBN: 978-3-8349-9467-7Published: 25 July 2009
Edition Number: 1
Number of Pages: XVI, 110
Number of Illustrations: 5 b/w illustrations
Topics: Business Strategy/Leadership, Management