FIRM VALUE EFFECTS OF GLOBAL, REGIONAL, AND LOCAL BRAND DIVESTMENTS IN CORE AND NON-CORE BUSINESSES

被引：15
作者：
Depecik, Baris [1 ]
van Everdingen, Yvonne M. [2 ]
van Bruggen, Gerrit H. [2 ]
机构：
[1] Bilkent Univ, Fac Business Adm, Ankara, Turkey
[2] Erasmus Univ, Rotterdam Sch Management, NL-3000 DR Rotterdam, Netherlands
来源：
GLOBAL STRATEGY JOURNAL | 2014年 / 4卷 / 02期
关键词：
brand divestments; brand portfolio management; portfolio refocusing; event study; food and beverages industry; CORPORATE DIVERSIFICATION; PERFORMANCE; STRATEGY; MARKET; ACQUISITION; PORTFOLIOS; EXPANSION; RETURNS; FOCUS;
D O I：
10.1111/j.2042-5805.2014.1074.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this article, we investigate the effect of brand divestments on firm value. We integrate two common motives for focus-increasing brand divestitures-global branding and refocusing on core businesses-in a single common framework. In particular, we investigate the effects of divesting local/regional/global brands in core businesses and local/regional/global brands in non-core businesses on firm value. Analyzing 205 divestment announcements in the global food and beverages industry, we find that, in most cases, brand divestments destroy firm value. Only when firms divest local or regional brands in non-core businesses is the effect on firm value positive. Copyright (C) 2014 Strategic Management Society.
引用
收藏
页码：143 / 160
页数：18
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