摘要
公司为应对资源有限及商业环境快速变革的压力,需要不断进行业务重构以提升其效率。上世纪80年代开始,公司业务重构开始在欧美盛行,而剥离和并购一样,被认为是公司业务重构的主要方式之一。近年来,无论在国外还是在国内,资产剥离的数量和规模都呈持续增长的态势。尤其是2007年以来,市场环境发生了巨大变化,次贷危机、股市动荡、行业衰退使企业作为市场主体处于十分不利地位。然而与并购相比,剥离长期以来一直都没有得到理论界和实务界应有的重视,通常多数公司都是时刻准备着收购资产,而非剥离资产。学术界对并购的理论与实证研究已浩如烟海,针对剥离的研究却并不多见,国内少数研究剥离的文献或主要是介绍国有企业如何剥离非经营性资产,这与国外研究的剥离内涵并不一致,或集中于研究剥离的原因和结果。现有研究的一个前提是:虽然很多公司都有重构需要,尤其是针对长期处于低绩效的业务单元,但即使剥离更有利于公司的长期发展,实践中大部分公司管理者不愿意通过剥离减少或调整其业务部门,而且即使剥离发生,对企业业绩改善的作用也并不明显。剥离作为体现公司战略方向调整的重要战略行为是否发生,是否真正有利于公司发展,都极大地受组织情境及管理者行为的影响。而公司治理作为保障管理者对公司资源贡献者负责的制度安排,决定着公司战略决策制定及实施结果,它对公司剥离决策的影响及其在解释剥离后绩效提升方面的研究仍有待深入。
基于此考虑,本研究试图通过在国内证券市场收集大量公司治理和剥离交易的数据和资料,利用国内外较为成熟的研究成果作为本文理论模型和统计分析方法的参考依据,为我国上市公司治理与剥离关系的深入分析提供大量的经验证据,并就发现问题提供一些建议。为实现上述目标,本研究主要分析了以下主要问题:①公司治理如何影响剥离的发生?②剥离发生是否带来积极的剥离绩效?③剥离绩效是否受公司治理的影响?
针对以上问题,本研究共分为三个部分,以在国内沪深证券交易所上市的公司为研究对象,分析上市公司治理对其剥离决策和剥离绩效的影响。在现有公司治理和剥离相关研究的基础上,通过理论分析框架和假设提出,构建了股权集中度、控股股东属性、管理者持股、管理者变更、董事会规模、外部董事规模、长期负债等公司治理构成要素对上市公司剥离决策影响的二维Logistic回归模型、上市公司综合剥离绩效的评价模型和股权集中度、管理者持股、外部董事规模、公司长期负债对上市公司长期和短期综合剥离绩效影响的多元线性回归模型。以258个发生剥离和293个未发生剥离的上市公司的公司治理、剥离交易和相关财务数据资料为基础,采用Logistic回归分析、因子分析、多元线性回归分析等方法对数据进行处理,并对模型所包含的假设进行实证检验。通过以上研究,得出如下三个基本结论:
在研究内容一中,公司治理对剥离决策有直接的影响。第一大股东持股比例、Z指数(第一大股东持股与第二大股东持股比例)、管理者变更情况均对剥离决策有正向直接的影响。第一大股东持股比例越高、股权越集中的上市公司,更积极从事剥离活动;而剥离发生之前两年,往往伴随着剥离公司管理者变更,尤其是公司总经理或CEO发生变更。董事会规模与剥离决策显著负相关,说明董事会规模越大,越不利于剥离的发生;而剥离频率与剥离决策显著正相关,说明上市公司过去两年剥离发生次数越多,经验越丰富,其持续进行业务剥离的可能性就越大。而外部董事的规模、控股股东的股权属性、管理者持股比例对剥离决策的作用并不明显。
在研究内容二中,剥离不一定带来积极的剥离绩效。虽然2004-2008年间,上市公司剥离发生当年的绩效较剥离前一年的有明显上升,但是上市公司剥离后第一年和第二年的绩效不但没有上升,反而出现不同程度的下降。剥离后第三年其业绩才出现了显著上升,第四年虽然也有所上升,但是并不显著。这说明上市公司短期剥离绩效变化并不明显,而长期剥离绩效较短期绩效变化显著。
在研究内容三中,公司治理对剥离绩效产生重要影响。从短期来看,剥离绩效与Z指数(第一大股东持股与第二大股东持股比例)之间显著负相关,但是长期来看二者之间无显著相关,说明股权越集中,不利于剥离后短期绩效的改善。剥离后长期内,管理者持股比例的激励和监督有助于剥离绩效的提高,但是短期来看,二者之间的关系不明显;外部董事的监督和服务有助于剥离绩效的提升,但是它对剥离短期绩效作用并不显著。公司债务的监督对剥离绩效的提升也没有显著的作用;且剥离规模和公司规模对短期绩效提升有一定的影响,但与剥离长期绩效之间相关关系不显著,而剥离经验却有助于剥离长期和短期绩效的提升。
综合本研究的主要结论,与前人的相关研究比较,本研究的主要创新点在于:从战略管理和组织行为的视角,提出了“公司治理—剥离发生—剥离绩效”的研究框架;研究了公司治理对剥离发生这一决策的影响,得出其股权集中度、管理层变更、董事会规模、公司长期负债、剥离频率对剥离决策具有直接影响,而控股股东属性、外部董事规模、管理者持股比例与剥离发生不存在显著关系。然后,对剥离绩效进行了评价,发现剥离短期绩效变化并不明显,而长期绩效改善较显著;基于此,进一步分析了公司治理对剥离绩效的影响,发现管理者持股比例、Z指数、外部董事规模、公司长期负债及剥离规模和频率、公司规模对剥离公司长期和短期的剥离绩效都产生重要影响。
In response to limited resources and the pressure for rapid change of business environment, the corporates need to restructure constantly to improve the efficiency of their business. In 1980s, business restructuring began prevailing in Europe and America, also divestment and M&&A(mergers and acquisitions) were considered as one of the main modes of business restructure. In recent years, whether abroad or at home, the number and size of divestment continued to keep sustainable growth. Especially since 2007, the market environment has changed dramatically with the subprime mortgage crisis, stock market volatility, industry recession, enterprises as the market entities have been in a very disadvantageous position. However, compared with the acquisition, divestment has not been paid the attention it deserves for a long time whether in theoretical research and practical industry. Usually most corporates are ready to buy assets, rather than divest assets. Theoretical and empirical studies on M&A are very rich, while studies on divest are few. The extant domestic studies in divestment are mainly to introduce the State-owned enterprises to divest non-operating assets, which is not inconsistent with the concept of foreign scholars' study, or focuses on the causes and outcomes of divestiture. A premise of existing research is although many corporates need to restructure, especially for a long-term low performance of business units, but even more conducive to divest for the long-term development, the practice of most of executives do not want to reduce or adjust their business by divesting. And even if divestment occurs, the corporate performance does not be improved significantly. Therefore, as the important strategic action to adjust its strategic direction whether the divestment occurred and really conducive to development of the corporate, are greatly affected by organizational context and the impact of management behavior. Extant researches on divestiture from organizations context and the impact of managerial behavior are rare, and combined with the relevant theory and practice to make empirical research on the decision to divest and long-term performance is more rare. Corporate governance as the institutional arrangements to secure manager be responsible for resources contributors, determines the strategic decisions and the results of implement. Therefore, research on corporate governance and divestment, in particular, whether there are relationships between governance and the decision to divest and on the relationship between governance and improvements of divestment performance needs to be further.
Based on this consideration, this study attempts to collect a large number of data and information from domestic securities markets in corporate governance and asset divestment, and to use more sophisticated domestic and international academic research as the basis of the theoretical model and statistical analysis to provide a lot of empirical evidence for analysis of the relationship between corporate governance and divestment of Chinese listed corporates and to provide some relevant proposals. To achieve these objectives, the study examined the following main issues:①Will corporate governance affect the initiation of divestment?②Divestment bring any positive performance?③Divestment performance can be affected by corporate governance?
To solve the above problems, this study is divided into three parts. Choosing he domestic listed corporates in Shanghai and Shenzhen Stock Exchange as research objects, this dissertation analyzes the relationships of corporate governance, decision to divest and divestment performance. Based on the existing studies, the Binary Logistic regression model is constructed to analyze the effects of ownership concentration, the controlling shareholder, managerial ownership, managers turnover, board size, independent directors on its decision to divest, and performance evaluation model and the multiple linear regression model are constructed to evaluate the relationships between ownership concentration, managerial ownership, independent directors scale, long-term debt ratio and divestment performance of listed corporations. Based on the information of corporate governance, divestment business and related financial data of listed corporations,258 divesting samples and 293 non-divesting samples are chosen, and with the use of Logistic regression analysis, factor analysis, multiple linear regression analysis, data are processed and model assumptions are tested in the empirical tests. Through the above research, this dissertation draws the following three basic conclusions:
In the research topic one:corporate governance has a direct impact on decision to divest. The proportion of the largest shareholder, Z index, general manager turnover have a direct positive impact on the decision to divest, indicating that the higher the proportion of the largest shareholder, listed corporates are more focused on and more actively engaged in divestiture activities; The decision occurred often accompanied by manager turnover in two years before divestment, in particular a turnover of general manager or CEO. Divestment decision has a significant negative correlation with board size, indicating that the larger the board size, the more 'detrimental to the occurs of divestment. And divestment frequency and divestment decision have a significant positive correlation, indicating that more times listed corporates in the past were divested, more experience, and more likely its ongoing divestment business. The relationships of the size of the independent directors, controlling shareholders equity, managers ownerships and decision to divest are not obvious.
In the research topic two:divestment may not lead to positive performance. Although the performance of listed corporates over the divestment year marked increase in the previous year, but there are different degrees of decline in the first year and the second year after divestment. There wasn't a significant increase in performance until the third year is coming, although in the fourth year also the performance has increased, but not significant. This shows that the short-term performance of listed corporates changes are not obvious after divestment, and the long-term performance changes more significantly than the short-term.
In the research topic three:corporate governance has an important impact on the divestment performance. In short term, divestment and Z index have a significant negative correlation, but in the long run no significant correlation between them is found, indicating that the concentrated shareholder equity ratio is not conducive to improvement of short-term performance after divestment. In the long term the incentives and monitoring of managerial ownership will help improve the post-divestment performance, but in the short term, the relationship between them is not obvious. The supervision and guidance of independent directors are helpful to improve the divestment performance, but in short-term performance it is not significant. Supervision of corporate debts does not play a significant role to improve the performance. The correlation of divestment size, firm size aild long-term performance is not significant, but the divestment experience helps to make divestment performance improvement.
This dissertation integrating these main conclusions and compared with previous studies, the main innovation of this research are as follows:Based on the perspective of strategic management and organizational behavior, we proposed the research framework of corporate governance-initiation of divestment-divestment performance to study the impact of corporate governance on divestiture decisions and concluded the ownership concentration, manager turn-over, board size, long-term debt, divestment frequency had a direct impact on the decision to divest. And the divestment performance was evaluated and we found that changes in short-term performance are not obvious, and performance improvement in long-term was more significant. Also we analyzed the impacts of corporate governance on divestment performance and found that managerial ownership, Z index, the scale of independent directors, the long-term liabilities, the divestment size-, frequency and firm size all had a huge impact on long-term and short-term performance of the divesting corporates.
引文
[1]Abowd, J. Does Performance Based Managerial Compensation Affect Corporate Performance?. Industrial and Labor Relations Review,1990(43), 52-73.
[2]Adwaita, G. Menon. Revisiting Dynamic Capability. Management Review,2008, 20(1),22-33
[3]Afshar, K. A., Taffler, R. J., & Sundarsanam, P. S. the effects of corporate Divestments on shareholder wealth:the UK Experience. Journal of Banking and Finance,1992(16),115-135.
[4]Agrawal, A., & Gershon, N. M. Managerial incentives and corporate investment and financing decisions. Journal of Finance,1987(42),823-837.
[5]Agrawal, A., & Knoeber, C.R. Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Financial and Quantitative Analysis,1996,31(3),377-397
[6]Ahn, S., & Walker, M. D. Corporate governance and the spinoff decision. Journal of Corporate Finance,2007(13),76-93.
[7]Alexander, J. Privatization and corporate governance:principles, evidence, and future challenges.The World Bank Research Observer,2001,16(1),59-84.
[8]Alexander, G. J., Benson, P. G., & Kampmeyer, J. M. Investigating the valuation effects of announcements of voluntary corporate selloffs. Journal of Finance, 1984(39),503-517.
[9]Amihud, Y., & Lev, B. Does corporate ownership structure affect its strategy towards diversification?. Strategic Management Journal,1999(20),1063-1069.
[10]Amihud, Y., & Lev, B. Risk reduction as a managerial motive for conglomerate mergers. BellJournal of Economics,1981(12),605-617.
[11]Anderson, R., Bates, T., Bizjak, J., & Lemmon, M. Corporate govornance and firm diversification. Financial Management,2000,21(1),5-22.
[12]Anderson, R., Mansi, S., & Reeb, D. Founding family ownershipand the agency costs of debt. Journal of Financial Economics,2003(68),263-287.
[13]Anderson, R., S. Mansi, and D. Reeb. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics,2004(37), 315-342.
[14]Bae, K. H., Kang, J. K., & Kim, J. M. Tunneling or Value Added? Evidence from Mergers by Korean Business Groups. Journal of Finance,2002(57), 2695-2740.
[15]Barney, J. B. Strategic factor markets:expectations, luck, and business strategy. Management Science,1986,32(10),1231-1241.
[16]Barney, J. B. Returns to Bidding Firms in Mergers and Acquisitions: Reconsidering the Relatedness Hypothesis. Strategic Management Journal, 1988(9),71-78.
[17]Barney, J. B. Firm resources and sustained competitive advantage. Journal of Management,1991,17(1),99-120.
[18]Baroncelli, A., & Manaresi, A. Franchising as a form of divestment:an Italian study. Industrial Marketing Management,1997(26),223-235.
[19]Barro, R., & Barro, J. Pay, performance, and turnover of bank CEOs. Journal of Labor Economics,1990(8),448-481.
[20]Baysinger, B. D., & Butler, H. Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law Economics and Organization,1985 (1),101-124.
[21]Beck, C. A. J., & Sales, B. D. Family mediation:Facts, myths, and future prospects. Washington, DC:American Psychological Association.2001,10-12.
[22]Benito, G. R. G. Seen through the lens of international business strategy. Keynote Lecture at the International Conference on Divestment:Corporate, 2003.
[23]Benito, G.R.G. Why are Foreign Subsidiaries Divested? A conceptual framework. In The Nature of the International Firm. Copenhagen:Copenhagen Business School Press,1997,309-344.
[24]Berger, P. G., & Ofek, E. Causes and effects of corporate refocusing programs. Review of Financial Studies,1999(12),311-345.
[25]Bergh D.D., & Lim. E.N. K. Learning how to restructure:absorptive capacity and improvisational views of restructure actions and performance. Strategic Management Journal,2008(29),593-616.
[26]Bergh, D. D. Size and relatedness of units sold:an agency theory and resource-based Perspective. Strategic Management Journal,1995,16(3), 221-239.
[27]Bergh, D. D., & Lawless M. W. Portfolio restructuring and limits to hierarchical governance:effects of environmental uncertainty and diversification strategy. Organization Science,1998(9),87-102.
[28]Bergh, D. D., Johnson, R. A, & DeWitt, R. L. Restructuring through spin-off or sell-off:transforming information asymmetries into financial gain. Strategic Management Journal,2008,29(2),133-148.
[29]Bergh, D.A., & Lawless, M. A transaction cost model of corporate restructuring.Working paper, Pennyslvania State University,1992.
[30]Berry, T.K., Bizjak, J. M. Lemmon, M..L., & Naveen, L. CEO turnover and firm diversification, Working paper, Texas A&M University,2003,13
[31]Bertrand, M., Mehta, P., & Mullainathan, S. Ferreting out tunneling:An application to Indian business groups. Quarterly Journal of Economics,2002-(117),121-148.
[32]Bethel, J. E., & Liebeskind, J. The effects of ownership structure on corporate restructuring. Strategic Management Journal,1993(14),15-31.
[33]Bhagat, R. S., McDevitt, A. S., & McDevitt, I. On improving the robustness of Asian management theories:Theoretical anchors in the era of globalization. Asia Pacific Journal of Management,2010,27(2),179-192.
[34]Bethel, J. E., & Liebeskind, J. The effects of ownership structure on corporate restructuring. Strategic Management Journai,1993(14),15-31.
[35]Bhagat, R. S., Shleifer, A., & Vishny R. The hostile take-overs in the 1980s:the return to corporate specialisation. Brookings Papers on Economic Activity: Microeconomics,1990,1-72.
[36]Blackwell, D. W., Marr, M. W., & Spivey, M. F. Plant-closing decisions and the market value of firms. Journal of Financial Economics,1990(26),277-288.
[37]Blair, M. Ownership and control:Rethinking corporate governance for the twenty-first century. Brookings institution Press,1995,3-5
[38]Boone, A. L., Field, J. K., & Raheja, C. The determinants of board size and composition:an empirical analysis. Vanderbilt University:Working Paper,2005
[39]Boot, A. Why hang on to losers? Divestitures and takeovers. Journal of Finance, 1992(47),1401-1424.
[40]Boudrcaux, K. J. Divcstiture and Share Price. Journal of Finacial and Quantitative Analysis,1975(4),619-626.
[41]Bowman E. H., & Singh H. Corporate restructuring:reconfiguring the firm. Strategic Management Journal,1993(14),5-14.
[42]Bowman, E. H. Content analysis of annual reports for corporate strategy and risk. Interfaces,1984,14(1),61-71.
[43]Bowman, E. H. Risk seeking by troubled firms. Sloan Management Review, 1982,23(4),33-42.
[44]Bradley, M., Desai, A. & Kim, E. H. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics,1988(21),3-40.
[45]Brauer, M. Corporate and divisional manager involvement in divestiture—a contingent analysis. British Journal of Management,2009(20),341-362.
[46]Brauer, M. What have we acquired and what should we acquire in divestiture research? A review and research agenda. Journal of Management,2006,32(6), 751-785.
[47]Brickley, J. A., Coles, J. L., & Terry, R. L. Outside directors and the adoption of poison pills. Journal of Financial Economics,1994(35),371-390.
[48]Brown, D. T., James, C. M., & Mooradian, R.M. Asset sales by financially distressed firms. Journal of Corporate. Finance,1994(1),233-257.
[49]Brown, L. D., & Clay lor, M. L. Corporate Governance and Firm Performance Gorgia State University:Working Paper,2004.Burkart, M., D. Gromb,& Panunzi, F. Large Shareholders, Monitoring, and the Value of the Firm. Quarterly Journal of Economics,1997,112(3),693-728.
[50]Bruner, R. F. Applied Mergers and Acquisitions. Wiley:New York,2004,95-97.
[51]Buchholtz, A. K., Lubatkin, M., & O'Neill, H. M. Seller responsiveness to the need to divest. Journal of Management,1999(25),633-652.
[52]Burkart, M. C., Panunzi, F., & Shleifer, A Family Firms. Journal of Finance, 2003(58),2167-2202.
[53]Burt, S., Dawson, J., & Sparks, L. The international divestment activities of European grocery retailers. European Management Journal,2004,22(5),483-492.
[54]Byerly, R. T., Lamont, B. T., & Keasler, T. Business portfolio restructuring, prior diversification posture and investor reactions. Managerial and Decision Economics,2003(24),535-548.
[55]Byrd, J., & Hickman, K. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics,1992(32),195-221.
[56]Capron, L., & Mitchell, W. Bilateral resource deployment and capabilities improvement following horizontal acquisitions. Industrial and Corporate Change, 1998,7(3),453-484.
[57]Capron, L., Mitchell, W., & Swaminathan, A. Asset divestiture following horizontal acquisitions:adynamic view. Strategic Management Journal,2001, 22 (9),817-844.
[58]Caves, R.E., & Porter, M. E., Barriers to exit. In:Masson, R.T.,Qualls, P.D. (Eds.), Essays in industrial organization in honor of Joe S. Bain. Ballinger, Cambridge, MA,1976,39-69.
[59]Chang, S. J. An evolutionary perspective on diversification and corporate restructuring:Entry, exit, and economic performance during 1981-89. Strategic Management Journal,1996 17(8),587-611.
[60]Chang, S. J. Ownership Structure, Expropriation, and Performance of Group-Affiliated Companies in Korea. Academy of Management Journal 2003(46),238-253.
[61]Chang, S. J., & Hong, J. Economic performance of group-affiliated companies in Korea:Intragroup resource sharing and internal business transactions. Academy of Management Journal,2000(43),429-448.
[62]Chatterjee, S., Harrison, J., & Bergh, D. Failed takeover attempts, corporate governance and refocusing. Strategic Management Journal,2003(24),87-96.
[63]Chen, H.L.,& Guo, R. J. On corporate divestiture. Review of Quantitative Finance and Accounting,2005(24),399-421.
[64]Cheung, Y.-L., Rau, P. R., & Stouraitis, A. Tunneling, propping, and expropriation:evidence from connected party transactions in Hong Kong. Journal of Financial Economics,2006,82(2),343-386.
[65]Cho. M. H., & Cohen, M. A. Economic cause and consequences of corporate divestiture. Managerial and Decision-Economics,1997(18),367-374.
[66]Chow, Y. K. & Hamilton, R. T. Corporate divestment:an overview. Journal of Managerial Psychology,1993(8),9-13.
[67]Chung, K. H., & Li, M. Adverse-Selection Costs and the Probability of Information-Based Trading. Financial Review,2003(38),257-272.
[68]Chung, K. H., Wright, P., & Kedia, B. Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics, 2003(12),161-172.
[69]Claessens, S., Djankov, S., & Lang, L. The separation of ownership and control in East Asian corporations. Journal of Financial Economics,2000(58),81-112.
[70]Claessens, S. S., Djankov, J. R. H. F., & Lang, L. H. P. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 2002(57),2741-2771.
[71]Clayton, M. J., Hartzell, J. C., & Rosenburg, J. The impact of CEO turnover on firm volatility. Journal of Business, Forthcoming,2005(78),1779-1808.
[72]Coase, R.H., The nature of the firm. Economica,1937(4),386-405.
[73]Coff, R. W. When competitive advantage doesn't lead to performance:The resource-based view and stakeholder bargaining power. Organization Science, 1999(10),119-133.
[74]Colbert, B. A. the complex resource-based view:implications for theory and practice in strategic human resource management. Academy of Management Review,2004(29),341-358.
[75]Colbert, B. A. The complex resource-based view:implications for theory and practice in strategic human resource managemen. Academy of Management Review,2004(29),341-358.
[76]Coles, J., Daniel, L., & Naveen, N.D. Boards:does one size fit all?. Journal of Financial Economics,2008 (87),329-356.
[77]Comment, R., & Jarrell, G. A. Corporate Focus and Stock Returns. Journal of Financial Economics,1995 (37),67-87.
[78]Conner, K. R. A historical comparison of resource-based theory and five schools of thought within industrial organization economics:Do we have a new theory of the firm?. Journal of Management,1991,17 (1),121-154.
[79]Core, J, E., & Wayne, G, Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research,2002,40(61),655-668.
[80]Cotter, J.F., Shivdasani, A., & Zenner, M. Do independent directors enhance target shareholder wealth during tender offers?. Journal of Financial Economics, 1997,43(2),195-218.
[81]Coyne, J., & Wright, M. Divestment and Strategic Change. Oxford: Barnes & Noble Books,1986,3-6.
[82]Cremers, K. J. M., & Nair, V. B. Governance mechanisms and equity prices. Journal of Finance,2005(60),2859-2894.
[83]Crossan M, Cunha J, Vera D, Cunha M., Time and organizational improvisation. Academy of Management Review,2005,30(1),129-145.
[84]Cyert, R. M., & March, J. G. A behavioral theory of the firm. Englewood Cliffs, New Jersey:Prentice-Hall,1963,87-90.
[85]Dann, L. Y., & Harry D. A. Standstill aggreements, privately negotiated stock repurchases, and the market for corporate control. Journal of Financial Economics,1983(11),275-300.
[86]Datta, S., Datta, M. I., & Raman, K. Value creation in corporate asset sales:The role of managerial performance and lender monitoring. Journal of Banking and Finance,2003 (27),351-375.
[87]Dayton, K. N. Corporate governance:The other side of the coin. Harvard Business Review,1984(.62),34-37.
[88]Decker, C., & Mellewigt, T. The drivers and implications of business divestiture—An application and extension of prior findings. Humboldt University:Discussion Papers Sonderforschungsbereich 649,2007,1-29.
[89]Decker, C., & Mellewigt, T. Thirty years after Michael E. Porter:What do we know about business exit?. Academy of Management Perspectives,2007,21 (2), 41-55.
[90]Deni, D. K., & McConnel, J. J. International corporate governance. Journal of Financial and Quantitative Analysis,2003,38(1),1-36.
[91]Denis, D. J., & Kruse, T. A. Managerial discipline and corporate restructuring following performance declines. Journal of Financial Economics,2000(55), 391-424.
[92]Denis, D. J., Denis, D. K. & Sarin, A. Agency problems, equity ownership, and corporate diversification. Journal of Finance,1997(52),135-159.
[93]Denis, D.J., Denis, D.K. & Sarin, A. Ownership structure and top executive turnover. Journal of Financial Economics,1997(45),193-221.
[94]Denrell, J., Fang, C. & Winter, S. G. The economic of strategic opportunity. Strategic Management Journal,2003(24),977-990.
[95]Dharwadkar, R., George, G., & Brandes, P. Privatization in Emerging Economies:An Agency Theory Perspective. Academy of Management Review, 2000(25),650-669.
[96]Dial, J., & Murphy, K. J. Incentives, downsizing, and value creation at general dynamics. Journal of Financial Economics,1995(37),261-314.
[97]Dierickx, I., & Cool, K. Asset stock accumulation and the sustainability of competitive advantage. Management Science,1989(35),1504-1511.
[98]Dixit, A.D., & Chintagunta, K. Learning and exit behavior of new entrant discount airlines from city-pair markets. Journal of Marketing,2007(71), 150-168.
[99]Dranikoff, L., Koller, T., & Schneider, A. Divestiture:Strategy's missing link. Harvard Business Review,2002,80(5),74-83.
[100]Duane, R., Ireland, D. G., & Sirmon, M. A. Hitt. Managing firm resources in dynamic environments to create value:Looking inside the black box. Academy of Management Review,2007,32,(1),273-292.
[101]Duetsch, L. L. An examination of industry exit patterns. Review of Industrial Organization,1984(1),60-68.
[102]Duhaime, I. M & Grant, J. H. Factors Influencing Divestment Decision-making:Evidence from a Field Study. Strategic Management Journal, 1984,5(4),301-318.
[103]Duhaime, I. M., & Schwenk, C. R. Conjectures on cognitive simplification in acquisition and divestment decision making. Academy of Management Review, 1985,10(2),287-295.
[104]Duhaime, I., & Baird, I. Divestment decision making:the role of business unit size. Journal of Management,1987,13(3),483-498.
[105]Duhaime, I. M., & Patton, G. R. Factors influencing divestment decision-making:Evidence from a field study. Strategic Management Journal, 1980(5),301-318.
[106]Eisenhardt K. M,&Martin J. A. Dynamic capabilities:what are they?. Strategic Management Journal,2000(21),1105-1121.
[107]Esty, B. C., & Megginson, W. L. Creditor Rights, Enforcement, and Debt Ownership Structure:Evidence from the Global Syndicated Loan Market. Journal of Financial and Quantitative Analysis,2003,38(1),37-59.
[108]Faccio, M, Lang, L., & Young, L. Dividends and expropriation. American Economic Review,2001(91),54-78.
[109]Faccio, M., & Lang, L. The ultimate ownership of Western European corporations. Journal of Financial Economics,2002(65),365-395.
[110]Fama, E. Agengcy Problems and the Theory of the Firm. Journal of Political Economy,1980(88),288-307.
[111]Fama, E., & Jensen, M. Separation of ownership and control. Journal of Law and Economics,1983(26),301-325.
[112]Feldman, L. P., & Page, L. P. Harvesting:The misunderstood market exit strategy. The Journal of Business Strategy,1985(5),79-86.
[113]Fluck, Z., & Lynch, A.W. Why do firms merge and then divest? A theory of financial synergy. The Journal of Business,1999(72),319-346.
[114]Foss, N. J. Edith Penrose:Economics and strategic management'in The growth of the firm. The legacy of Edith Penrose. C. Pitelis (ed.). New York: Oxford University Press,2002,147-164.
[115]Freeman R. E., & Evan W. M. Corporate governance:a stakeholder interpretation. Journal of Behavioral Economics,1990, (19),337-359.
[116]Gadad, A. M. & Thomas, H. Sources of Shareholders'Wealth Gains from Asset Sales. Discussion Paper No.04-10,2001.
[117]Galunic, D. C., & Rodan, S. Resource Recombinations in the Firm:Knowledge Structures and the Potential for Schumpeterian. Innovation. Strategic Management Journal,1998,19(12),1193-1201.
[118]Gedajlovic, E.R., & Shapiro, D.M. Management and ownership effects: Evidence from five countries. Strategic Management Journal,1998(19), 533-553.
[119]Gibbs, P. A. Determinants of corporate restructuring:The relative importance of corporate governance, takeover threat, and free cash flow. Strategic Management Journal,1993(14),51-68.
[120]Gilbert, C. G. Unbundling the Structure of Inertia:Resource versus Routine Rigidity. Academy of Management Journal,2005,48(5),741-763.
[121]Gompers, Paul, Joy Ishii, and Andrew Metrick, Corporate governance and equity prices, Quarterly. Journal of Economics,2003(118),107-155.
[122]Grant, R. M., Jammine, A. P.,& Thomas, H. Diversity, Diversifica-. Strategies for Success. Journal of Management Studies,1998 (35),195-212.
[123]Greve, H. R. A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding. Academy of Management Journal,2003(6), 685-702.
[124]Guedes, J. & Parayre, R.Managerial reputation and divisional sell-offs:a model and empirical test. Journal of Banking and Finance,1997(21),1085-1106.
[125]Gugler, K., Mueller, D.C., Yurtoglu, B.B., & Zulehner, C. The effects of mergers:an international comparison. International Journal of Industrial Organization 2003(21),625-653.
[126]Gugler, K., & Yurtogiu, B. Corporate governance and dividend pay-out policy in Germany. European Economic Review,2003(47),731-758.
[127]Hall, B. Optimal Exercise Prices for Executive Stock Options. National Bureau of Economic Research Working Paper,2000,2.
[128]Hamilton, R. T. & Chow, Y. K. Why managers divest—evidence from New Zealand's largest companies. Strategic Management Journal,1993(14),479-484.
[129]Hansen, M. H., Lee T. P, & Reese C. S. A Bayesian operationalization of the resource-based view. Strategic Management Journal,2004(25),1279-1295.
[130]Hanson, R. C., & Song, M. H. Long term performance of divesting firms and the effect of managerial ownership. Journal of Economics and Finance,2003, 27(3),321-336.
[131]Hanson, R. C., & Song, M. H. Long-Term Performance of Divesting Firms and the Effect of Managerial Ownership. Journal of Economics and Finance.2003, 27 (3),321-336.
[132]Hanson, R. C., & Song, M. H. Managerial ownership, board structure, and the division of gains in divestitures. Journal of Corporate Finance,2000,6(1),55-70.
[133]Harrigan, K. Exit Decisions in Mature Industries. Academy of Management Journal,1982,25(4),707-732.
[134]Hart, O. Corporate governance:some theory and implication. The Economic Journal,1995(105),667-689.
[135]Hart, O., & Moore, J. Property rights and the nature of the firm. Journal of Political Economy,1990(98),1119-1158.
[136]Haynes, M., Thompson, S., & Wright, M. The determinants of corporate divestmentin the UK. International Journal of Industrial Organizations,2000(18), 1201-1222.
[137]Haynes, M., Thompson, S., & Wright, M.The determinants of corporate divestmentevidence from a panel of UK firms. Journal of Economic Behavior & Organization,2003 (52),147-166.
[138]Hearth, D., & Zaima, J. K. Voluntary Corporate Divestitures and Value. Financial Management,1984,13(1),10-16.
[139]Hermalin, B.E., & Weisbach, M. S. The effects of board composition and direct incentives on firm performance. Financial Management,1992(20),101-112.
[140]Hill; C.W., & Snell, S. The effects of ownership structure and control on corporate productivity. Academy of Management Journal,1989(32),25-46.
[141]Hite, G. L., Owers, J. & R. Rogers, The market for interfirm asset sales, partial sell-offs and total liquidations. Journal of Financial Economics,1987(18), 229-252.
[142]Holcomb, J.H., & Evans, D.A., The e!ect of sunk costs on uncertain decision in experimental markets. Journal of Behavioral Economics,1987(6),59-64.
[143]Hoskisson, R. E., & Hitt, M. A. Downscoping:How to tame the diversified firm. New York:Oxford University Press,1994,105-109.
[144]Hoskisson, R. E., Johnson, R. A.,&Moesel, D. D. Corporate divestiture intensity in restructuring firms:Effects of governance, strategy, and performance. Academy of Management Journal,1994(37),1207-1251.
[145]Huang, S.CEO Characteristics, CEO-Firm Match and Corporate Refocus Value. Washington University:working paper,2007.
[146]Jain, P., The effect of voluntary sell-off announcements on shareholder wealth. Journal of Finance,1985(40),209-224.
[147]Jensen, M. C. & Murphy, K. J. Performance pay and yop-management incentives. Journal Political Economy,1990(2),132-151.
[148]Jensen, M. C. Agent cost of free cash flow, corporate finance and takeovers. American Economic Review,1986(76),323-329.
[149]Jensen, M. C. The Modem industrial revolution, exit, and the failure of internal control systems. Journal of Finance,1993(48),831-880
[150]Jensen, M. C., & Meckling, W. H. Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 1976(3),305-360.
[151]Jensen, M.C. & Ruback, R.S. The market for corporate control:The scientific evidence. Journal of Financial Economics,1983(11),5-50.
[152]John, K., & Ofek, E. Asset sales and increase in focus. Journal of Financial Economics,1995(37),105-126.
[153]John, K., & Senbet, I., Corporate governance and board effectiveness. Journal of Banking and Finance,1998(22),371-403.
[154]John, K., Lang L.H.P., & Netter, J. The voluntary restructuring of large firms in response to performance decline, Journal of Finance,1992(47),891-918.
[155]John, T. A. Optimality of spin-offs and allocation of debt. Journal of Financial and Quantitative Analysis,1993(28),139-160.
[156]Johnson, R. A. Antecedents and outcomes of orporate refocusing. Journal of Management,1996(22),439-483.
[157]Johnson, R. A., Hoskisson, R. E., & Hitt, M. A. Board of director involvement in restructuring:The effects of board versus managerial controls and characteristics. Strategic Management Journal,1993(14),33-50.
[158]Kahneman, D., & Tversky, A. Prospect theory:An analysis of decision under risk. Econometrica,1979(47),263-291.
[159]Kaiser, K., & Stouraitis, A. Value creation through corporate restructuring: European divestitures. European Management Journal,1995,13(2),164-174.
[160]Kaiser, M. J., & Stouraitis, A. Reversing corporate diversification and the use of proceeds from asset sales:The case of Thorn EMI. Financial Management,2001, 30 (4),63-102.
[161]Kang, J. K., & Stulz, R. Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience. Journal of Business, 2000(73),1-23.
[162]Kaplan, S. N., & Weisbach, M. S. The success of acquisitions:Evidence from divestitures. Journal of Finance,1992(47),107-138.
[163]Karakaya, F. Market exit and barriers to exit:Theory and practice. Psychology and Marketing,2000,17(8),651-668.
[164]Karakaya, F., & Stahl, M.J. Entry barriers and market entry decisions: A guide for marketingexecutives. New York:Quorum Books,1991,.56-67.
[165]Karpoff, J. M., Malatesta, P. H., & Walking, R. A. Corporate governance and shareholder initiatives:Empirical evidence. Journal of FinancialEconomicsy, 1996(42),365-395.
[166]Keasey, K., Thompson, S., & Wright, M. Corporate governance:economic, management and financial issues. New York; Oxford University Press,1997, 3-9.
[167]Keister, L. A. Exchange Structures in Transition:Lending and Trade Relations in Chinese Business Groups. American Sociological Review,2001(66),336-360.
[168]Klein, B., Crawford, R.G., & Alchian, A.A. Vertical integration:Appropriable rents and the competitive contracting process. Journal of Law and Economics, 1978,21(2),297-326.
[169]Koh, F.C.C., Koh, W.T.H., & Koh, B.S.K. Corporate Divestitures and. Spinoffs in Singapore. Journal of Restructuring Finance,2005(2),69-79.
[170]Kogut, B., & Zander, U. Knowledge of the firm, combinative capabilities, and the replication of techno logy. Organization Science,1992(3),383-397.
[171]Krishnaswami, S., &.Subramaniam, V. Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics,1999,53(1), 73-112.
[172]La Porta, R., Lopez-de-silanes, F., & Shleifer, A. Legal determinants of external finance. Journal of Finance,1998,52 (3),1131-1150.
[173]La Porta, R., Lopez-de-silanes, F., & Shleifer, A. Corporate ownership around the world. Journal of Finance,1999,54 (2),471-517.
[174]La Porta, R., Lopez-de-silanes, F., Shleifer, A., & Vishny, R. Investor protection and corporate governance. Journal of financial Economics,2000,58 (1-2),3-27.
[175]La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny. Investor protection and corporate valuation. Journal of Finance,2002(57),1147-1170.
[176]Lang, L., Poulsen, A., & Stulz, R. Asset sales, firm performance, and the agency. costs of managerial discretion. Journal of Financial Economics,1995(37), 3-37.
[177]Lasfer, M. A., Sudarsanam, S., & Taffler, R. J. financial distress, assets sales and lender monitoring. Financial management,1996,25(3),57-66.
[178]Lavie, D. Capability Reconfiguration:An Analysis of Incumbent Responses to Technological Change. Academy of Management Review,2006,31(11), 153-174.
[179]Lee, D. Divestiture and Firm Performance:A Meta-Analysis. Journal of Management,2010,36(6),1345-1371.
[180]Leifer, R., & Delbecq, A. Organizational/environmental interchange:a model of boundary spanning activity. Academy Of Management Review,1978,3 (1), 40-50.
[181]Leuz, C. D., Nanda, P., & Wysocki, D. Earnings management and investor protection:An international comparison. Journal of Financial Economics,2003 (69),505-527.
[182]Liefer, R.P. & Delbecq, A. Organizational Environmental Interchange:A Model of Boundary Spanning Activity. Academy of Management Review,1978(41), 40-50.
[183]Lipton, M., & Lorseh, J. A Modest Proposal for Improving Corporate Governance. Business Lawyer,1992(9),59-77.
[184]Liu, Q., & Lu, Z. Earnings Management to Tunnel:Evidence from China's Listed Firms. Working paper, University of Hong Kong,2004.
[185]Lubatkin, M., & Chatterjee, S. The strategy-shareholder value relationship testing temporal stability across market cycles. Strategic Management Journal, 1991(12),251-270.
[186]Madhok, A. Reassessing the fundamentals and beyond:Ronald Coase, the transaction cost and resource-based theories of the firm and the institutional structure of production, Strategic Management Journal,2002.23(6):535-550
[187]Maher, P. Well-timed exits. Institutional Investor,1999(33),31.
[188]Mahoney, J. T, & Pandian, J. R. The resource-based view within the conversation of strategic management. Strategic Management Journal,1992, 13(5),363-380.
[189]Makadok, R. Doing the right thing and knowing the right thing to do:why the whole is greater than the sum of the parts. Strategic Management Journal,2003, 24(10),1043-1055.
[190]Makadok, R. Toward a synthesis of the resource based and dynamic-capability views of rent creation.Strategic Management Journal,2001,22(5),387-401.
[191]Makadok, R., & Walker, G. Identifying a distinctive competence:forecasting ability in the money fund industry. Strategic Management Journal,2000,21(8), 853-864.
[192]Mankins M. C., Harding D.,& Weddigen, R.M. How the Best Divest. Harvard Business Review,2008(10),1-4.
[193]March, J. G., & Shapira, Z. Managerial perspectives on risk and risk taking. Management Science,1987(33),1404-1418.
[194]Mariotti, S., & Piscitello, L. Is divestment a failure or part of restructuring strategy?The case of Italian transnational corporations. Transnational corporations,1999,8(3),25-53.
[195]Markides, C. & Geroski, P. Teaching elephant how to dance and other silly ideas. Business Strategy Review,2003,14(3),49-53.
[196]Markides, C. C. Diversification, restructuring and economic performance. Strategic Management Journal,1995,16(2),101-118.
[197]Markides, C. C. The consequences of corporate refocusing:ex-ante evidence. Academy of Management Journal,1992,35(2),398-412.
[198]Mata, J., & Portugal, P. Closure and divestiture by foreign entrants:The impact of entry and post-entry strategies. Strategic Management Journal,2000(21), 549-562.
[199]Matsusaka, J. G., & Nanda, V. A theory of diversified firms, refocusing and divestiture. University of Southern California:Working paper,1995.
[200]Mayer, C. Corporate Governance, Competition and Performance. OECD Economics Department:Working Papers,1996.
[201]McConmell, J., & Servaes, H.Additional Evidence on Equity Ownership and Corporate Value. Journal of Finanoial EconomicS,1990,27(2),595-612.
[202]Mehran, H. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics,1995,38(2),163-184.
[203]Michael, C. M. Defensive Voluntary foreign divesment theory and empirical evidence of US MNES in the European Union. Paper presented at the United Kingdom AIB Annual conference, UMIST.Manchester, Mimeo,1994
[204]Millstein, I. M., MacAvoy, P. W. The active board of directors and performance of the large publicly traded corporation. Columbia Law Review,1998(98), 1283-1321.
[205]Miner, A. S., Bassoff, P., & Moorman, C. Organizational improvisation and learning:a field study. Administrative Science Quarterly,2001(46),304-337.
[206]Mitchell, M., & Mulherin, J. H. The Impact of Industry Shocks on Takeover and Restructuring Activity. Journal of Financial Economics,1996(41),193-229.
[207]Mitchell, M., & Stafford, E. Managerial Decisions and Long-Term Stock Price Performance. The Journal of Business,2000(73),287-329.
[208]Moliterno, T. P. & Wiersema, M. F..Firm performance,rent appropriation,and the strategic resource divestment capability. Strategic Management Journal, 2007(28),1065-1087
[209]Monks, R., & Minow, N. Corporate Governance, Cambridge, MA:Blackwell Publishers,1995,75-80.
[210]Montgomery, C. A., & Thomas, A. R. Divestment:Motives and gains. Strategic Management Journal,1988(9),93-97.
[211]Montgomery, C. A., Thomas A. R., & Kamath R. Divestiture, market valuation, and strategy. Academy of Management,1984,27(4),830-840.
[212]Morck, R., & Nakamura, M. Banks and Corporate Control in Japan. Journal of Finance,1999(54),319-339.
[213]Morgan, R. M., & Hunt, S. D. The commitment-trust theory of relationship marketing. Journal of Marketing,1994,58(3),20-38.
[214]Morrow, J. L., Johnson, R. A., & Busenitz, L. W. The effects of cost and asset retrenchment on firm performance:The overlooked role of a firm's competitive environment. Journal of Management,2004,30 (2),189-208.
[215]Moschieri, C., & Mair, J. Research on corporate divestitures:A synthesis. Journal of Management & Organization,2008(14),399-422.
[216]Mulherin, J. H., & Boone, A. L.. Comparing Acquisitions and Divestitures. Journal of Corporate Finance,2000(6),117-139.
[217]Nelson, R. R., & Winter, S. G. An Evolutionary Theory of Economic Change. Cambridge, MA:Harvard University Press,1982,11-16.
[218]Oliver, C. Sustainable competitive advantage:Combining institutional and resource-based views. Strategic Management Journal,1997(18),697-713.
[219]Owen, S. A., Shi, L., & Yawson, A. Divestitures, Wealth Effects and Corporate Governance. Accounting & Finance,2010,50(2),389-415.
[220]Owen, S., Shi, L., & Yawson, A. Divestitures, wealth effects and corporate governance. Accounting and Finance, early view,2010(50),389-415.
[221]Pagano, M., & Ailsa, R. The choice of stock ownership structure:Agency costs, monitoring,and the decision to go public. Quarterly Journal of Economics, 1998(113),187-225.
[222]Pandmanabhan, P. The Impact of European Divestment Announcement on Shareholder Wealth:Evidence from the UK. Journal of Multinational Financial Management,1993 (2),185-208.
[223]Pashiley M. M, & Philippatos, G. C. Voluntary Divestitures and Corporate Life cycle:Some Empirical Evidence. Applied Economics,1990(22),1181-1196.
[224]Peng, M. W., Wang, D., & Jiang, Y. An institution-based view of international business strategy:A focus on emerging economies. Journal of International Business Studies,2008(39),920-936..
[225]Penrose, E. The Theory of the Growth of the Firm. Oxford:Oxford University Press, 1959,1-15.
[226]Perry, T., & Shivdasani, A. Do Boards Affect Performance? Evidence from Corporate Restructuring. Journal of Business,2005(78),1403-1431.
[227]Peteraf, M. A. The cornerstones of competitive advantage:a resource-based view. Strategic Management Journal,1993,14(3):179-191.
[228]Porter, M. E. Competitive Strategy:Techniques for Analyzing Industries and Competitors. New York:The Free Press,1980,56-63.
[229]Porter, M. E. Please note location of nearest exit:exit barriers and planning. California Management Review,1976(2),21-33.
[230]Priem, R. L., & Butler, J. E.. Is the Resource-Based "View" a Useful Perspective for Strategic Management Research? Yes.. Academy of Management Review, 2001,26(1),41-56.
[231]Ravenscraft, D. J. & Scherer, F. M. Divisional sell-off A hazard function analysis.Managerial and Decision Economics,1991(12),429-438.
[232]Rosenfeld, J. D. Additional Evidence on the relation between divestiture announcements and shareholder wealth. Journal of Finance,1984(39), 1437-1448.
[233]Santos, F. M., & Eisenhardt, K. M. Organizational Boundaries and Theories of Organization. Organization Science,2005,16(5),491-508.
[234]Schlingemann, F. P., Stulz, R. M., & Walkling, R. A. Divestitures and the liquidity of the market for corporate assets. Journal of Financial Economics, 2002,64(1),117-144.
[235]Schnell M.C.A., Managerial perception of barriers to route exit:evidence from Europe's civil aviation markets. Journal of Air Transport,2001 (7),95-102.
[236]Shimizu, K. Prospect theory, behavioral theory,and threat-rigidity thesis: Combinative effects on organizational decisions to divest formerly acquired units. Academy of Management Journal,2007(50),1495-1514.
[237]Shimizu, K., & Hitt, M. A. What constraints or facilitates divestitures of formerly acquired firms? The effects of organizational inertia. Journal of Management,2005(31),50-72.
[238]Shleifer, A., & Vishny, R. A Survey of Corporate Governanee. The Journalof Finanee,1997(52),737-783.
[239]Shleifer, A.& Vishny, R.W. Takeovers in the '60s and the'80s:Evidence and implications. Strategic Management Journal,1991 (12),51-60
[240]Shleifer, A., & Vishny R. W. Managerial Entrenchment:The Case of Firm-Specific Assets. Journal of Financial Economics,1989(25),123-139.
[241]Shleifer, A., & Vishny, R. W. Greenmail, Large Shareholders and Corporate Control. Journal of Political Ecomomy,1986(94),461-480.
[242]Shleifer, A., & Vishny, R. W. Management entrenchment. Journal of Financial Economics,1989(25),123-139.
[243]Shleifer, A., & Vishny, R. W. Politicians and firms. Quarterly Journal of Economics,1994(109),995-1025.
[244]Shleifer. A., & vishny, R. W.takeover in the 60's and in 80's:Evidence and implications. Strategic ManagementJoumal,1991(12),51-60.
[245]Sicherman, N., & Pettway, R. Acquisition of divested assets and shareholderwealth. Journal of Finance,1987(42),1261-1273.
[246]Sicherman, N., & Pettway, R. Wealth effects for buyers and sellers of the same divested assets. Financial Management,1992(21),119-128.
[247]Sirmon, D. G, Gove S,&Hitt, M. A. Resource management in dyadic competitive rivalry:The effects of resource bundling and deployment. Academy of Management,2008,51(5),918-935
[248]Sirmon, D.G., Hitt, M.A., & Ireland, R.D. Managing firm resources in dynamic environments to create value:Looking inside the black box. Academy of Management Review,2007,32(1),273-292.
[249]Song, M., & Walkling, R. The impact of managerial ownership on acquisition attempts and target shareholder wealth. Journal of Financial and Quantitative Analysis,1993(28),439-457.
[250]Staw, B. M., Sandelands, L. E., & Dutton, J. E. Threat-rigidity effects in organizational behavior:Amultilevel analysis. Administrative Science Quarterly, 1981(26),501-524.
[251]Steiner, T. L. The corporate sell-off decision of diversified firms. Journal of Financial Research,1997 (20),231-241.
[252]Sternberg, E. Corporate governance:accountability in market place. London Institute of Economic Affairs,1998,12-15.
[253]Stulz, R. Managerial control of voting rights:Financing policies and the market for corporate control. Journal of Financial Economics,1988(20),25-54.
[254]Stulz, R., Walkling, R., & Song, M. The distribution of target ownership and the division of gains in successful takeovers. Journal of Finance,1990(45),817-833.
[255]Su, Y., Xu, D., & Phan, P. H. Principal-principal conflict in the governance of the Chinese public corporation. Management and Organization Review,2008(4), 17-38.
[256]Tan, G. F., & Yuan, L. S. Strategic incentives of divestitures of competing conglomerates. International Journal of Industrial Organization,2003(21),. 673-697.
[257]Teece, D. J. Explicating Dynamic Capabilities:The Nature and Microfoundations of (Sustainable) Enterprise Performance. Strategic Management Journal,2007,28 (13),1319-1350.
[258]Teece, D. J. Toward an economic theory of the multiproduct firm. Journal of Economic Behavior and Organization,1982.(3),39-63.
[259]Tehranian, H., Travlos, N., & Waegelein, J. The effects of long-term performance plans on corporate selloff-induced abnormal returns. Journal of Finance,1987(42),933-942.
[260]Thomas, P. M., & Margarethe, F. W. Firm performance, rent appropriation, and the strategic resource divestment capability. Strategic Management Journal, 2007(28),1065-1087.
[261]Tippins, M. J., & Sohi, R. S. IT competency and firm performance:is organizational learning a missing link?.Strategic Management Journal,2003, 24(8),745-761.
[262]Tirole, J. Corporate Governance. Econometrica,2001,69(1),1-35.
[263]Turk, T. A., & Baysinger, B. The impact of public policy on corporate strategy: Taxes, antitrust policy, and diversification clienteles. Texas A&M University: Working paper,1989.
[264]Tversky, A., & Kahneman, D. Advancesinprospect theory:Cumulative representation of uncertainty. Journal of Risk and Uncertainty,1992(5),297-323.
[265]Vafeas, N. Board meeting frequency and firm performance. Journal of Financial Economics,1999(53),113-142.
[266]Vera D, Crossan M. Improvisation and innovative performance in teams. Organization Science,2005,16(3),203-224.
[267]Villalonga, B., & McGahan, A. M. The choice among acquisitions, alliances, and divestitures. Strategic Management Journal,2005(26),1183-1208.
[268]Warther, V., Board effectiveness and board dissent:A model of the board's relationship to management and shareholders. Journal of Corporate Finance, 1998(4),53-70.
[269]Warusawitharana, M..Corporate asset purchases and sales:Theory and evidence. Journal of Financial Economics,2008 (87),471-497.
[270]Weisbach, M. S., CEO turnover and the firm's investment decisions. Journal of Financial Economics,1995(37),159-188.
[271]Weisbach, M. S., Outside directors and CEO turnover. Journal of Financial Economics,1988(20),431-460.
[272]Wernerfelt, B. A. Resource-based view of the firm. Strategic Management Journal,1984,5(2),171-181.
[273]Weston, J. F. Divestitures:Mistakes or Learning. Journal of Applied Corporate Finance,1989(2),68-76.
[274]Whyte, G. The Role of Asset Specificity in the Vertical Integration Decision. Journal of Economic Behavior and Organization,1994(23),287-302.
[275]Williamson, O. E. Comparative Economic Organization:The Analysis of Discrete Structural Alternatives. Administrative Science Quarterly,1991,36 (2), 219-244.
[276]Williamson, O. E. The Mechanisma of Governance. London:Oxford University Press,1996,99-103.
[277]Winter, S. G. Knowledge and Competence as Strategic Assets, in D. Teece (Ed.), The Competitive Challenge, Cambridge, MA:Ballinger,1987.
[278]Wright, M. Filatotchev, L., Hoskisson, R. and Peng. M.W. Strategy research in emerging economies:Challenging the conventional wisdom. Journal of Management Studies,2005(42),1-33.
[279]Wu, J. F., Xu, D., & Phan, P. H. The effects of ownership concentration and corporate debt on corporate divestitures in Chinese listed firms. Asia Pacific Journal of Management,2010,28(1),94-115.
[280]Wu, X., & Yuan, Q. State. Control, Legal Investor Protection, and Ownership Concentration:Evidence from China. Corporate. Governance,2009,17(2), 176-192.
[281]Young, M. N., M. W. Peng, D. Ahlstrom, G. D. Bruton, & Jiang, Y. Corporate governance in emerging economies:A review of th principal-principal perspective.23rdAnnual International Conference of the Strategic-Management-Society,2003,196-220.
[282]Zajac, E. J., & Westpha,l J. D.1994. The costs and benefits of incentives and monitoring in the largest U.S.corporations:when is more not better?. Strategic
[283]Management Journal,1994(15),121-142.
[284]Zuckerman, E. W. Focusing the corporate product:Securities analysts and de-diversification. Administrative Science Quarterly,2000(45),591-619.
[285][美]小约翰.L.科利,杰奎琳.L.多莉,罗伯特.D.哈迪.公司战略.北京:中国财政经济出版社,2003,103-119.
[286][美]安吉拉.弗恩特、德.古尔德和卡利娜.雷卡丁.公司东董事会.北京:华夏出版社,2004,62-63.
[287][美]布莱尔.所有权与控制:面向21世纪的公司治理探索.北京:中国社会科学出敝社,1999,3.
[288][美]J.弗雷德.威斯通等著.张秋生,张海珊等译.接管、重组与公司治理.北京:北京大学出版社,2006,584.
[289]白重恩,刘俏,陆洲等.中国上市公司治理结构的实证研究.经济研究,2005(2),81-91.
[290]常莉. 我国上市公司资产剥离研究.硕士学位论文,天津财经大学,2007.
[291]陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护.经济研究,2001(11),3-11.
[292]陈华明.上市公司资产剥离与经营绩效.特区经济,1999(4),38-40.
[293]陈玉罡.并购与剥离的可预测性——基于交易成本视角的研究.北京:经济科学出版社,2007,17.
[294]陈玉罡,王苏生.我国上市公司中资产剥离公司的特征研究.统计与决策,2007(15),121-122.
[295]陈信元,张田余.资产重组的市场反应.经济研究,1999(9),47-55.
[296]储诚忠,文建东.证券交易所的公司化及其影响.证券市场导报,2001(7),8-12.
[297]崔如波.公司治理:制度与绩效.北京:中国社会科学出版社,2004,35-37.
[298]邓龙安,徐玖平.技术范式演进与企业边界变动的动态变化研究科学学与科学技术管理,2007(1),151-156.
[299]杜宁.我国企业资产剥离动机研究.财务管理,2005(6),30-32.
[300]冯根福,吴林江.我国上市公司并购绩效的实证研究.经济研究,2001(1),54-61.
[301]高闯.公司治理:原理与前沿问题.北京:经济科学出版社,2009,7,47.
[302]高根著.朱宝宪,吴亚君译.兼并、收购与公司重组.北京:机械工业出版社,2004,3-6.
[303]高明华,马守莉.独立董事制度与公司绩效关系的实证分析—兼论中国独立董事有效行权的制度环境.南开经济研究,2002(2),64-68.
[304]谷祺,刘淑莲.关于资本经营的几个问题财会通讯,1998(12),3-7
[305]侯铁锋.剥离与分立对企业价值的影响.行政论坛,2000(2),11-13.
[306]胡洁.资产剥离对上市公司价值的影响研究.硕士学学位论文,南京理工大学,2005.
[307]胡铭.上市公司高层经理与经营绩效的实证分析.财贸经济,2003(4),59-62.
[308]黄清钊.公司紧缩及其绩效分析-基于我国上市公司的实证研究.硕士学位论文,福州大学,2000.
[309]金晶.我国民营上市企业公司治理与公司绩效关系问题研究.硕士学位论文,天津师范大学,2010.
[310]赖斌慧.资产剥离的财务绩效:理论与实证.博士学位论文,北京交通大学,2009.
[311]李善民,陈玉罡.上市公司兼并与收购的财富效应.经济研究,2002,(11),27-35.
[312]李善民,李珩;中国上市公司资产重组绩效研究.管理世界,2003(11),126-134.
[313]李善民,王彩萍,曾昭灶,陈玉罡,朱滔.中国上市公司资产重组长期绩效研究.管理世界,2004(9),131-136.
[314]李艳艳.我国上市公司资产剥离的市场绩效研究.硕士学位论文,浙江大学,2004.
[315]李维安.现代公司治理研究.北京:中国人民大学出版社,2001,22.
[316]李维安.公司治理学.北京:高等教育出版社,2005,13.
[317]李维安.公司治理.天津:南开大学出版社,2000,8.
[318]李维安.现代公司治理研究—资本结构、公司治理和国有企业股份制改造.北京:中国人民大学出版社,2002,110-223.
[319]李小芳.论上市公司治理结构对战略管理的影响.硕士学位论文,山西财经大学,2004.
[320]李志辉,罗平PASW/SPSS Statistics中文版统计分析教程(第3版).北京:电子工业出版社,2010,453.
[321]廖永强.基于公司治理的上市公司会计信息失真识别研究.硕士学位论文,湖南大学,2009.
[322]林毅夫,赵增耀.公司治理.北京:高等教育出版社,2004,21.
[323]林淑莉,陈富祥.企业出售资产行为之决定因素与对经营绩效及财务结构影响之研究.台北科技大学学报,1993,(37)2,251-266.
[324]刘礼安.资产剥离动机与绩效研究——基于我国上市公司数据的实证分析.硕士学位论文,暨南大学,2000.
[325]刘必俊.我国上市公司资产剥离的动因与长期绩效研究,硕士学位论文,上海交通大学,2008.
[326]刘星,安灵.基于盈余管理视角的中国上市公司资产出售实证研究.当代财经,2007(1),113-119.
[327]刘羽芬,张文隆.公司治理对中国汽车企业绩效影响的实证研究.生产力研究,2009(24),74-176.
[328]陆国庆.中国上市公司不同资产重组类型的绩效比较.财经科学,2000(6),20-24.
[329]卢纹岱.Spss统计分析.北京:电子工业出版社,2010,345.
[330]罗良忠.基于归核化战略的企业收缩性资产重组初探.财贸研究,2004(5),55-59.
[331]罗良忠,史占中.我国上市公司资产剥离宣告效应实证分析.电子科技大学学报,2006,35(4):572-576.
[332]罗良忠,朱荣林,范永进.我国上市公司资产剥离实证研究.证券市场导报.2003(12),66-61.
[333]玛格丽特·布莱尔.所有权与控制:面向21世纪的公司治理探索.北京:中国社会科学出版社,1999,56.
[334]马兰.资产出售的影响因素及经济后果研究—来自沪市上市公司的经验研究.博士学位论文,上海财经大学,2003.
[335]马连福.公司内部治理机制研究——中国的实践与日本的经验.北京:高等教育出版社,2005,13.
[336]马君潞,周军,李泽广.双重代理成本与债务治理机制的有效性——来自我国上市公司的证据(1998-2006).当代经济科学,2008(3),92-100.
[337]马庆国.管理统计—数据获取、统计原理、SPSS工具与应用研究.北京:科学出版社,2002,320.
[338]马歇尔.经济学原理.北京:商务印书馆,1994,23.
[339]迈克尔.E.S.弗兰克尔,曾建海译.并购原理,大连:东北财经大学出版社,2009,10.
[340]麦瑷珊.上市公司自愿性信息披露与公司治理结构关系实证研究.硕士学位论文,华南农业大学,2009.
[341]毛蕴诗.全球公司重构.大连:东北财经大学出版社,2004,7-8,204-205.
[342]毛蕴诗,舒强.以剥离为特征的全球性公司重构及其对中国企业的启示.华南理工大学学报社会科学版,2003,5(4),64-69.
[343]俞铁成.公司紧缩:原理及技术应用.硕士学位论文,华东师范大学,1999.
[344]潘颖.公司治理与并购绩效关系的实证研究.博士学位论文,西北大学,2010.
[345]青木昌彦,钱颖一.转轨经济中的公司治理结构.北京,中国经济出版杜,1995,133.
[346]邱丽.我国上市公司治理之对策.统计与决策,2009(4),187-188.
[347]任海云.基于公司治理的R&D投入与企业绩效关系研究.博士学位论文,西北大学,2010.
[348]沈海平.企业资产剥离型紧缩战略的影响因素分析——基于中国上市公司截面数据的实证研究.金融发展研究,2010(7),77-79.
[349]石魁纲.内部控制、公司治理与会计信息质量.合作经济与科技,2008(5),82-83.
[350]苏文兵,李心合,莫迁.多元化程度、经理人变更与企业资产剥离—来自中国上市公司的经验证据.财贸研究,2009(6),89-95.
[351]孙茹.我国上市公司债务融资的公司治理效应研究.硕士学位论文,西北大学,2010.
[352]孙永祥,黄祖辉,上市公司的股权结构与绩效.经济研究,1999(12),23-30,39.
[353]孙永祥,章融.董事会规模、公司治理与绩效.企业经济,2000(10),13-15.
[354]唐莉.中国上市公司资产出售的财富效应研究.财经问题研究,2004(12),43-49.
[355]唐宗明,蒋位.中国上市公司大股东侵害度实证分析.经济研究,2002(4),44-50.
[356]万潮领,储诚忠.沪深股票市场公司重组绩效实证研究.中国证券报,2001(1),28-34.
[357]王辉.企业利益相关者治理研究——从资本结构到资源结构.北京:高等教育出版社,2004,10.
[358]王虹,毛道维,李恒.公司治理对盈余管理影响的实证研究.四川大学学报(哲学社会科学版),2009(6),66-74.
[359]王俊.资产剥离与企业绩效的实证研究——以中国上市公司2004年数据为样本.硕士学位论文,东北财经大学,2006.
[360]王俊鞾.股权结构与公司治理绩效研究.硕士学位论文,山东大学,2005.
[361]王孟磊.论企业归核化战略的时机选择和实施途径.特区经济,2003(9), 230-231.
[362]王智慧,上市公司治理结构与战略绩效研究.北京:外经济贸易大学出版社,2002,82-83.
[363]卫建国,薛珊,黄怡锋.资产剥离对上市公司长期绩效的影响.华南理工大学学报(社会科学版),2009,11(3),13-21.
[364]魏民乐.公司治理对A企业战略制定的影响研究.硕士学位论文,天津大学,2006.
[365]吴炯,胡培,任志安.企业边界的多重性与公司治理结构.经济科学,2002(6),92-98.
[366]吴世农.我国证券市场效率的分析.经济研究,1996(4),13-19,48.
[367]吴淑琨,柏杰,席酉民.董事长和总经理两职分离一中国上市公司实证分析.经济研究,1998(8),21-28.
[368]吴小军, 股权结构与公司治理研究——基于我国上市公司公司治理的视角.硕士学位论文,华中师范大学,2007.
[369]夏怡凡.SPSS统计分析精要与实例详解.北京:电子工业出版社,2010,231.
[370]小约翰.科利等著,刘江译.什么是公司治理.北京:中国财经经济出版色,2006,3.
[371]徐向艺.公司治理:理论与实证研究.北京:经济科学出版社,2008,25.
[372]徐向艺, 王俊伟.股权结构与公司治理绩效实证分析.北京:中国工业经济,2005(6),112-119.
[373]闫哲.基于logistic模型的上市公司财务危机预测的实证研究.硕士学位论文,东北财经大学,2008.
[374]杨有红.资产重组会计.北京:中国财政经济出版社,2001,23.
[375]杨瑞龙.企业理论:现代观点.北京.中国人民大学出版社,2005,149-150
[376]于东智.股权结构、治理效率与公司绩效.中国工业经济,2001(5),28-33.
[377]袁国良.上市公司股权激励的实证分析及相关问题.北京:社会科学文献出版社.2000,16-19.
[378]曾楚宏,林丹明.论企业边界的两重性.中国工业经济,2005(10),73-80
[379]曾楚宏,林丹明.信息技术应用与企业边界的变动.中国工业经济,2004,(10),69-75.
[380]曾楚宏,林丹明,朱仁宏.企业边界的协同演化机制研究.中国工业经济,2008(7),28-37.
[381]曾金山,王薇.上市公司资产剥离的非市场因素分析.时代经贸,2008,6(94),21-22.
[382]周香花.上市公司资产剥离的理论探讨.硕士学位论文,武汉理工大学,2006.
[383]张海涛,唐元虎.关于企业资产剥离的战略意义.上海经济,2002(4),30-31.
[384]张晖明,陈志广.高级管理人员激励与企业绩效—以沪市上市公司为样本的实证研究.世界经济文汇,2002(4),29-37.
[385]张卫国,黄超.基于交易成本视角的资产剥离方式选.技术经济与管理研究,2009(4),82-84.
[386]张文.公司治理与我国上市公司治理问题研究.硕士学位论文,天津大学,2006.
[387]张文璋,顾慧慧.我国上市公司并购绩效的实证研究.证券市场导报,2002(9),21-26.
[388]张兆国,刘晓霞,邢道勇.公司治理结构与盈余管理—来自中国上市公司的经验证据.中国软科学,2009(1),122-133.
[389]郑军.企业边界变迁的产业组织演化.财经科学,2007(6),88-95.
[390]郑志刚.公司治理机制理论研究文献综述.南开经济研究,2004(5),26-33.
[391]周兆生.中国上市公司总经理激励的实证研究.改革,2003(3),50-57.
[392]朱杏珍.董事会的规模与效能探析.当代财经,2002(6),68-70.