Download or read book Essays in corporate diversification and refocusing strategies written by Bharathram Thothadri and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Diversification Refocusing and Economic Performance written by Constantinos Markides and published by MIT Press. This book was released on 1995 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the causes and consequences of the "refocusing" phenomenon, where companies have stopped diversifying and begun focusing once more on their core product lines. Coverage includes a discussion of the effects of refocusing on market value, profitability and organizational structure.

Download or read book Essays in Corporate Diversification Information and Incentives written by Shlomith Dinah Zuta and published by . This book was released on 1998 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Diversification written by Xinlin Zhu and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Causes and Effects of Corporate Refocusing Programs written by Philip G. Berger and published by . This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the precursors and outcomes of refocusing episodes by diversified firms that were not taken over. Those that refocus have more value-reducing diversification policies than those not refocusing. Major disciplinary or incentive-altering events (including management turnover, outside shareholder pressure, changes in management compensation, and financial distress) usually must occur, however, before managers refocus. Consistent with divestitures reversing, at least in part, value destruction from unsuccessful diversification strategies, the cumulative abnormal returns over a firm's refocusing-related announcements average 7.3%, and are significantly related to the amount of value-reduction associated with the refocuser's diversification policy.

Download or read book Essays In Corporate Diversification Information And Incentives to 25 Pages 26 to 50 Pages 51 to 75 Pages 76 to 100 Pages 101 to 125 Pages 126 to 150 Pages 151 to 164 written by Shlomith Dinah Zuta and published by . This book was released on 1999 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Diversification written by Ja Young Suh and published by . This book was released on 2012 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Diversification Market Efficiency and Allocation of Scarce Resources written by Richard Borghesi and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: This dissertation is composed of three essays that address corporate diversification, market efficiency, and allocation of scarce financial resources. The analysis in chapter 2 examines the relationship between changes in firm organizational structure and fluctuations in market value. Organizational structure in this context is defined as the level of corporate diversification, and is measured as the dispersion of total firm sales among existing business segments. The speed and accuracy of the equities market's reaction to events such as corporate reorganization are tested in chapter 3. Finally, in chapter 4, we supplement our organizational structure analysis by examining managerial decision-making in an environment where resources are artificially bounded.

Download or read book Essays on Corporate Diversification written by Dmitry Livdan and published by . This book was released on 2003 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance and Strategy written by Gabriel Andres Natividad and published by . This book was released on 2008 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book All the Right Moves written by Constantinos Markides and published by Harvard Business Press. This book was released on 2000 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Markides (chairman, strategic and international management department, London Business School) contends that the essence of business strategy is to allow a company to create and exploit a unique strategic position in industry, and helps managers zero in on critical choices that lie at the heart of all innovative strategies. He approaches strategic thinking as a creative process, and poses key questions for readers to ask as he guides them through a framework for developing strategic thinking skills.

Download or read book Corporate Divestiture Management written by Jan-Hendrik Sewing and published by Springer Science & Business Media. This book was released on 2010-04-20 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan-Hendrik Sewing makes a significant contribution to opening the black box of current divestiture decision-making. He uses detailed case studies, including numerous interviews with corporate executives and experts from management consulting, private equity, and investment banking. The author develops a conceptual framework to identify remedies to behavioral pathologies and their origins. The study highlights multiple techniques for pursuing divestitures proactively and formulates best-practice recommendations.

Download or read book Essays on Firm Diversification written by Xuejing Xing and published by . This book was released on 2003 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on firm diversification. In particular, this dissertation investigates the valuation effects and the risk effects of corporate diversification. The dissertation consists of two essays. Essay 1, "The diversification discount and growth opportunities: Another look at the effect of corporate diversification on firm value," investigates whether corporate diversification reduces firm value. Previous studies establish a diversification discount by comparing business segments of diversified firms with stand-alone industry medians (means). However, business segments in diversified firms and the median (mean) stand-alone firms in the same industry may not be comparable because they may have different growth opportunities, which usually constitute a significant portion of firm value. Consequently, the observed diversification discount may result from the inappropriate use of benchmarks. In this essay, we use individual stand-alone industry firms of similar growth opportunities as benchmarks for business segments in diversified firms. Using a sample of 218 diversifying firms covering the period of 1994-2000, we find that when business segments in diversifying firms are compared with their stand-alone industry counterparts of comparable growth opportunities, the diversification discount still exists. We thus provide evidence suggesting that corporate diversification does destroy firm value, which is consistent with Lang and Stulz (1994), Berger and Ofek (1995, 1999), and Lamont and Polk (2002). Essay 2, "Does corporate diversification reduce firm risk? An empirical analysis," investigates whether corporate diversification reduces firm risk. While it has been argued and generally assumed that corporate diversification reduces firm risk, there is a paucity of empirical evidence concerning the association between corporate diversification and lower firm risk. Given the observed puzzles associated with corporate diversification, one should not take this association for granted without empirical evidence. In this essay, we empirically investigate the relationship between corporate diversification and firm risk using various risk measures including the variance of stock returns, systematic risk and firm-specific risk measures based both on the traditional single-factor market model and the Fama and French (1993) three-factor model, and time-varying risk estimates based on generalized autoregressive conditional heteroscedasticity (GARCH) estimations. Using a sample of 257 diversifying firms defined as firms that start with a single segment and then diversify at some point of time during the sample period of 1994-2000, we find that rather than reducing firm risk, corporate diversification typically increases the levels of firm risk, thereby rejecting the risk reduction hypothesis of firm diversification.

Download or read book Essays on Corporate Diversification and Firm Value written by Tyson Brighton Mackey and published by . This book was released on 2006 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation finds new evidence on the relationship between diversification and firm performance. In Chapter Two, theory and evidence are presented showing how empirical studies accounting for the endogeneity of the diversification decision must also account for a firm's alternative uses for its free cash flow. This chapter examines dividends and stock repurchases in tandem with the firm's diversification decision and finds that the factors that lead a firm to diversify also make it more likely to pay a dividend. Controlling for this relationship, the diversification premium found by recent research correcting for endogeneity turns back into a discount. In Chapter Three, consideration is given to the possibility that different firms can have differing results from diversification. Using a random parameters model, a distribution of firm-specific diversification effects is estimated, finding that, while diversification destroys value on average, it creates value for a quarter of firms. This chapter also hypothesizes that firms may have an optimal portfolio of businesses, and firms that are not creating value from diversification could potentially do so through by diversifying further. Through a series of hypothetical related and unrelated diversification scenarios, this chapter finds that almost half of the diversified firms who are not creating value through their past diversification efforts would create value from further related diversification; while very few of the firms that are currently creating value from diversification would create value from further diversification. After observing the heterogeneity across firms in the impact of diversification on firm performance, theory and evidence is presented on the source of this heterogeneity in Chapter Four. Using a Bayesian linear hierarchical model, firm-specific effects of diversification on firm performance are estimated as a function of firm attributes. The main finding is that the firm-specific resources that allow a firm to succeed in its original business, allow the firm to succeed through related diversification. Unsuccessful firms will not find success simply by finding a new market in which to compete.

Download or read book Strategic Management written by Richard Lynch and published by Pearson UK. This book was released on 2018-05-09 with total page 789 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic Management is a core strategy textbook, covering all the major topics particularly from a global perspective. It delivers comprehensive coverage of the subject in an easy-to-read style with extensive examples and a range of free support material that will help you learn actively and effectively. This eighth edition of Strategic Management builds on proven strengths ... · over 70 short case studies to provide easily accessible illustrations of strategy in practice and additional cases available online to provide more in-depth examples of recent strategic decisions involving Sony, Apple and industry sectors · a continuous contrast between prescriptive and emergent views of strategy to highlight the key debates within the discipline · emphasis on practice throughout with features to help you turn theory into practice · major international strategy cases from Europe, Africa, China, India, Middle East and the Americas · clear exploration of the key concepts · comprehensive, logical structure to guide you through this complex subject · Specialist chapters on public/third sector strategy, green strategy and sustainability, entrepreneurial strategy and international and global strategy New for the eighth edition: - Dynamic capabilities and resource renewal explored in a revised and updated chapter - Emergent strategy completely revised in two new chapters, one focusing on innovation, and technology and the other exploring knowledge and learning - New material on innovation and strategy in uncertain environments - Case studies from large and small organisations from Google, Spotify and Cadbury to Snapchat, Uber and green energy companies with 14 new cases and many cases updated This new edition also includes a wealth of free, online, open-access learning resources. Use these materials to enhance and test your knowledge to improve your grades. Online resources include web based cases with indicative answers, chapter based support material, long cases and multiple-choice questions. Richard Lynch is Emeritus Professor of Strategic Management at Middlesex University, London. He is an active researcher, lecturer and consultant, particularly in the area of global strategy and sustainable strategy.

Download or read book Handbook of Strategy and Management written by Andrew M Pettigrew and published by SAGE. This book was released on 2006-04-27 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now available as a 60 day review copy in Paperback! ISBN: 1-4129-2121-X"Finally! We have a comprehensive, reflective and critical overview of the field of strategy in the new Handbook of Strategy and Management." -Cynthia Hardy, Head of Department of Management, University of Melbourne Presenting a major retrospective and prospective overview of strategy, this Handbook is an important benchmark volume for management scholars worldwide. The Handbook frames, assesses and synthesizes the work in the field. Chapters are grouped under four specific areas of strategy and management: Mapping a Terrain; Thinking and Acting Strategically; Changing Contexts; and Looking Forward. Within these parts, leading international scholars provide historical overviews of the key themes, address the central approaches which have characterized these themes, critically assess the quality of current theory and knowledge, and set out agendas for future theoretical and empirical development. The resulting volume is a unique overview of the inputs and dynamics to shape strategy and management and will be crucial reference for academics and students.