Document Type : Review Article
Authors
1 PhD student, Business Administration, Faculty of Management, University of Tehran, Tehran, Iran
2 Assistant Professor, Department of Business Administration, Faculty of Management, University of Tehran, Tehran, Iran
3 Associate Professor, Department of Business Administration, Faculty of Management, University of Tehran, Tehran, Iran
4 Professor, Department of Business Administration, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran
Abstract
The purpose of this research is to present a complete picture and an integrated framework of the Business Exit process. The process is complex, dynamic and lengthy. Decisions and actions in each step have a multi-faceted interaction with other steps. To achieve this purpose, in this research, 69 works published during the years 1990-2022 were reviewed and evaluated based on a systematic method. Based on the findings of this research, the exit process is divided into 5 steps (entry strategy, exit drivers, decision making, exit method, and consequences) in order to provide a better understanding and an integrated framework of the business exit process. 34 subcategories and 213 components were also identified. Out of these 69 studies (considering two categories for some articles), exit drivers (43), consequences (28), strategy and method of exit (28), decision-making (23), and entry strategy (11), respectively, are the most studies have been assigned to themselves.
Keywords
[1] Decker, Carolin and Mellewigt, Thomas (2007). Thirty Years After Michael E. Porter: What Do We Know About Business Exit? Academy of Management Perspectives, 21(2) pp. 41–55.
[2] Elfenbein, D. W. and A. M. Knott (2015). "Time to exit: Rational, behavioral, and organizational delays." Strategic Management Journal 36(7): 957-975.
[3] Xie, X. L., et al. (2016). "Toward a typology of exit strategies." Management Decision 54(8): 1986-2007.
[4] Thywissen, C., et al. (2018). "Process matters-The relevance of the decision making process for divestiture outcomes." Long Range Planning 51(2): 267-284.
[5] Andrews, K. 1971. The concept of corporate strategy. Homewood, IL: Irwin.
[6] Hite, G., &Owers, J. 1983. Security price reaction around corporate spin-off announcements. Journal of Financial Economics, 12: 409-436.
[7] Porter ME (1976) 'Please note location of nearest exit: exit barriers and planning'. California Management Review 19: 21–33.
[8] Mulherin, H. J., & Boone, A. L. 2000. Comparing acquisitions and divestitures. Journal of Corporate Finance, 6: 117-139
[9] Lee, D. and R. Madhavan (2010). "Divestiture and Firm Performance: A Meta-Analysis." Journal of Management 36(6): 1345-1371.
[10] Shimizu, K. and Hitt, M.A. (2005), “What constrains or facilitates divestitures of formerly acquiredfirms? The effects of organizational inertia”, Journal of Management, Vol. 31 No. 1, pp. 50-72
[11] Nixon, T. D., Roenfeldt, R. L., &Sicherman, N. W. (2000).The choice between spin-offs and sell-offs. Review of Quantitative Finance and Accounting, 14, 277–288
[12] Foster, L., Haltiwanger, J., &Krizan, C. J. (2005). Marketselection, reallocation and restructuring in the U.S. retail trade sector in the 1990s. Working paper from the Bureauof the Census, December 2005.
[13] Nathan Furr & Rahul Kapoor, 2018. "Capabilities, technologies, and firm exit during industry shakeout: Evidence from the global solar photovoltaic industry," Strategic Management Journal, Wiley Blackwell, vol. 39(1), pages 33-61, January.
[14] Burgelman, R. A. (1996). "Progress model of strategic business exit: Implications for an evolutionary perspective on strategy." Strategic Management Journal 17: 193-214.
[15] Dranikoff, L., Koller, T. and Schneider, A. (2002), “Divestiture: strategy’s missing link”, HarvardBusiness Review, Vol. 80 No. 5, pp. 74-83, 133
[16] Sohl, T. and T. B. Folta (2021). "Market exit and the potential for resource redeployment: Evidence from the global retail sector." Strategic Management Journal 42(12): 2273-2293.
[17] Singh, H. (1993), “Challenges in researching corporate restructuring”, Journal of Management Studies, Vol. 30 No. 1, pp. 147-172.
[18] Brauer, M. (2006), “What have we acquired and what should we acquire in divestiture research? A review and research agenda”, Journal of Management, Vol. 32 No. 6, pp. 751 785.
[19] Silva, P. and Moreira, A.C. (2019), "A systematic review of the literature on industrial divestment", Baltic Journal of Management, Vol. 14 No. 3, pp. 443-461.
[20] Rousseau, D. M. (Ed.). (2012). The Oxford handbook of evidence-based management. Oxford University Press.
[21] Kubacki K., Thiele S., Lahtinen V., Parkinson, V. (2015) "A systematic review assessing the extent of social marketing principle use in interventions targeting children (2000-2014)", Young Consumers, 16 (2), pp.141 – 158.
[22] Cooper, H. (2010). Research Synthesis and Meta- Analysis A Step-by-Step Approach. Sage Publications, Inc
[23] Ilmakunnas, P. and J. Topi (1999). "Microeconomic and macroeconomic influences on entry and exit of firms." Review of Industrial Organization 15(3): 283-301.
[24] Mahmoodi, J., aghaeeroozbahani, A. (2022). Thematic clusters in the field of organizational governance science. Management Research in Iran, 26(2), 43-69.
[25] Nathan Furr & Rahul Kapoor, 2018. "Capabilities, technologies, and firm exit during industry shakeout: Evidence from the global solar photovoltaic industry," Strategic Management Journal, Wiley Blackwell, vol. 39(1), pages 33-61, January.
[26] Camerani, R., et al. (2020). "It's never too late (to enter) ... till it is! Firms' entry and exit in the digital audio player industry." Technological Forecasting and Social Change 153: 16.
[27] Lieberman, M. B., et al. (2017). "ENTRY, EXIT, AND THE POTENTIAL FOR RESOURCE REDEPLOYMENT." Strategic Management Journal 38(3): 526-544.
[28] Gwendolyn K. Lee Srikanth Parachuri . "Resource
[29] Redeployment through Exit and Entry: Threats of Substitution as Inducements" In Resource Redeployment and Corporate Strategy. Published online: 31 Aug 2016; 89-124
[30] Kleijweg, A. J. M. and M. H. C. Lever (1996). "Entry and exit in Dutch manufacturing industries." Review of Industrial Organization 11(3): 375-382.
[31] Ilmakunnas, P. and J. Topi (1999). "Microeconomic and macroeconomic influences on entry and exit of firms." Review of Industrial Organization 15(3): 283-301.
[32] Doan, T. T., et al. (2018). "Lessons from the flipside: How do acquirers learn from divestitures to complete acquisitions?" Long Range Planning 51(2): 252-266.
[33] Amiri, S., King, D. and DeMarie, S. (2020), "Divestiture of prior acquisitions: competing explanations of performance", Journal of Strategy and Management, Vol. 13 No. 1, pp. 33-50.
[34] Bergh, D. D. (1997). "Predicting divestiture of unrelated acquisitions: An integrative model of ex ante conditions." Strategic Management Journal 18(9): 715-731.
[35] Mahmoodi, J., aghaeeroozbahani, A. (2022). Thematic clusters in the field of organizational governance science. Management Research in Iran, 26(2), 43-69.
[36] Decker, C. and T. Mellewigt (2012). "Business Exit and Strategic Change: Sticking to the Knitting or Striking a New Path?" British Journal of Management 23(2): 165-178.
[37] Moschieri, Caterina and Mair, Johanna, Research on Corporate Divestitures: A Synthesis (2008). Journal of Management & Organization, Vol. 14, No. 4, pp. 399-422
[38] Nguyen, P. and N. Rahman (2015). "Which governance characteristics affect the incidence of divestitures in Australia?" Australian Journal of Management 40(2): 351-374.
[39] Chang, S. J. and H. Singh (1999). "The impact of modes of entry and resource fit on modes of exit by multibusiness firms." Strategic Management Journal 20(11): 1019-1035.
[40] Joseph Amankwah-Amoah , (2015),"A unified framework for incorporating decision making into explanations of business failure", Industrial Management & Data Systems, Vol. 115 Iss 7 pp. 1341 -1357
[41] Burgelman, R. A. (1994). "FADING MEMORIES - A PROCESS THEORY OF STRATEGIC BUSINESS EXIT IN DYNAMIC ENVIRONMENTS." Administrative Science Quarterly 39(1): 24-56.
[42] 41.Coudounaris, D. N., et al. (2020). "Three decades of subsidiary exits: Parent firm financial performance and moderators." Journal of Business Research 110: 408-422
[43] Peruffo, E., et al. (2018). "Experience as a source of knowledge in divestiture decisions: emerging issues and knowledge management implications." Journal of Knowledge Management 22(2): 344-361.
[44] Kolev, K. D. (2016). "To Divest or not to Divest: A Meta-Analysis of the Antecedents of Corporate Divestitures." British Journal of Management 27(1): 179-196.
[45] Amy Dittmar & Anil Shivdasani,( 2003). "Divestitures and Divisional Investment Policies," Journal of Finance, American Finance Association, vol. 58(6), pages 2711-2744, December.
[46] 45.Berry, H. (2010). ‘Why do firms divest?’, Organization Science, 21, pp. 380–396
[47] 46.Wang, P. F. and M. Jensen (2019). "A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency." Management Science 65(2): 859-878.
[48] Moschieri, Caterina and Mair, Johanna, Research on Corporate Divestitures: A Synthesis (2008). Journal of Management & Organization, Vol. 14, No. 4, pp. 399-422
[49] Javadi, M., kordnaeij, A., Khodad Hosseini, S. H., &Ganjali, A. (2022). Examining The Role of Historical Dimensions of The Organization in The Managers' Decision to Implement Strategic Changes; A Systematic Review. Modern Research in Decision Making, 7(4), 157-188
[50] Mirbagheri, S. M., RafieiAtani, A. O., &Parsanejad, M. (2021). A Systematic Literature Review of the Collective Decision-Making. Modern Research in Decision Making, 6(3), 239-258.
[51] Mirbagheri, S., RafieiAtani, A. (2022). Identify the Factors Affecting Collective Decision-Making and its Consequences. Management Research in Iran, 26(3), 26-45.
[52] Kolev, K. D. and G. McNamara (2020). "Board demography and divestitures: The impact of gender and racial diversity on divestiture rate and divestiture returns." Long Range Planning 53(2): 18.
[53] Ahn S, Walker MD (2007) Corporate governance and the spinoff decision. J Corp Financ 13(1):76–93
[54] Chiu, S. C., et al. (2016). The impact of CEO successor origin on corporate divestiture scale and scope change. Leadership Quarterly 27(4): 617-633.
[55] Moschieri, C. (2011). "THE IMPLEMENTATION AND STRUCTURING OF DIVESTITURES: THE UNIT'S PERSPECTIVE." Strategic Management Journal 32(4): 368-401.
[56] Brahmana, R. K., et al. (2021). Divestiture strategy, CEO power and firm performance. Management Research Review 44(3): 418-436.
[57] Ma, H., et al. (2014). "Business exit as a deliberate strategy for incumbent firms." Organizational Dynamics 43(4): 266
[58] Firk, S., et al. (2021). "Does value-based management facilitate managerial decision-making? An analysis of divestiture decisions." Management Accounting Research 51: 18.
[59] Coad, A. (2014). "Death is not a success: Reflections on business exit." International Small Business Journal-Researching Entrepreneurship 32(7): 721-732.
[60] Decker C, Bresser RK, Mellewigt T (2010) Strategic or status quo-preserving business exit: (how) do CEO turnover and succession matter? Discussion paper, FreieUniversität Berlin
[61] Feldman, E. R., & McGrath, P. J. (2016). Divestitures. Journal of Organization Design, 5 (2),
[62] Hopkins, H.D. (1991), “Acquisition and divestiture as a response to competitive position and market structure”, Journal of Management Studies, Vol. 28 No. 6, pp. 665-677
[63] Pham, D., Nguyen, T. and Adhikari, H. (2018), "Determinants of divestiture methods for US firms: asset sell-off versus equity carve-out", Review of Accounting and Finance, Vol. 17 No. 1, pp. 41-57
[64] Oberg, C. (2021). "Spin-in and spin-out for growth - On the acquisition and divestiture of high-tech firms." Journal of Organizational Change Management 34(3): 653-671.
[65] Albert, L. S., & DeTienne, D. R. (2016). Founding Resources and Intentional Exit Sales Strategies: An Imprinting Perspective. Group & Organization Management, 41(6), 823–846.
[66] Cefis, E. and O. Marsili (2012). "Going, going, gone. Exit forms and the innovative capabilities of firms." Research Policy 41(5): 795-807.
[67] Belén Villalonga & Anita M. McGahan, 2005. "The choice among acquisitions, alliances, and divestitures," Strategic Management Journal, Wiley Blackwell, vol. 26(13), pages 1183-1208, December.
[68] Fortune, A. and W. Mitchell (2012). "Unpacking Firm Exit at the Firm and Industry Levels: The Adaptation and Selection of Firm Capabilities." Strategic Management Journal 33(7): 794-819.
[69] Kato, M., Onishi, K. & Honjo, Y. Does patenting always help new firm survival? Understanding heterogeneity among exit routes. Small Bus Econ 59, 449–475 (2022).
[70] Grazzi, M., Piccardo, C. & Vergari, C. Turmoil over the crisis: innovation capabilities and firm exit. Small Bus Econ 59, 537–564 (2022
[71] Bergh, D. D. and B. M. Sharp (2015). "How Far Do Owners Reach Into the Divestiture Process? Blockholders and the Choice Between Spin-Off and Sell-Off." Journal of Management 41(4): 1155-1183.
[72] Chirico, F., Gómez-Mejia, L. R., Hellerstedt, K., Withers, M., & Nordqvist, M. (2020). To Merge, Sell, or Liquidate? Socioemotional Wealth, Family Control, and the Choice of Business Exit. Journal of Management, 46(8), 1342–1379.
[73] Ponikvar, N., Zajc Kejžar, K., & Peljhan, D. (2018). The role of financial constraints for alternative firm exit modes. Small Business Economics, 51, 85-103.
[74] Chiu, Sc.(., Sabz, A. Can Corporate Divestiture Activities Lead to Better Corporate Social Performance?. J Bus Ethics 179, 849–866 (2022).
[75] Feldman, E. R., et al. (2016). "Corporate divestitures and family control." Strategic Management Journal 37(3): 429-446.
[76] Moschieri, C. and J. Mair (2011). "Adapting for Innovation: Including Divestitures in the Debate." Long Range Planning 44(1): 4-25.
[77] Veld, C. and Veld-Merkoulova, Y. (2009) Value creation through spin-offs: a review of the empirical evidence. International Journal of Management Reviews, 11(4), pp. 407-420.
[78] Bettinazzi, Emanuele & Feldman, Emilie. (2021). Stakeholder Orientation and Divestiture Activity. The Academy of Management Journal. 64. 1078-1096. 10.5465/amj.2019.0627.
[79] Teschner, N. and Paul, H. (2021), "The impact of divestitures on shareholder wealth – The DACH case", European Journal of Management and Business Economics, Vol. 30 No. 1, pp. 55-71.
[80] Vidal, E. and W. Mitchell (2018). "Virtuous or vicious cycles? The role of divestitures as a complementary Penrose effect within resource-based theory." Strategic Management Journal 39(1): 131-154.Volume 11, Issue 4, Pages 959-975.
[81] Flickinger, M. and M. Zschoche (2018). "Corporate divestiture and performance: an institutional view." Journal of Management & Governance 22(1): 111-131.
[2] Elfenbein, D. W. and A. M. Knott (2015). "Time to exit: Rational, behavioral, and organizational delays." Strategic Management Journal 36(7): 957-975.
[3] Xie, X. L., et al. (2016). "Toward a typology of exit strategies." Management Decision 54(8): 1986-2007.
[4] Thywissen, C., et al. (2018). "Process matters-The relevance of the decision making process for divestiture outcomes." Long Range Planning 51(2): 267-284.
[5] Andrews, K. 1971. The concept of corporate strategy. Homewood, IL: Irwin.
[6] Hite, G., &Owers, J. 1983. Security price reaction around corporate spin-off announcements. Journal of Financial Economics, 12: 409-436.
[7] Porter ME (1976) 'Please note location of nearest exit: exit barriers and planning'. California Management Review 19: 21–33.
[8] Mulherin, H. J., & Boone, A. L. 2000. Comparing acquisitions and divestitures. Journal of Corporate Finance, 6: 117-139
[9] Lee, D. and R. Madhavan (2010). "Divestiture and Firm Performance: A Meta-Analysis." Journal of Management 36(6): 1345-1371.
[10] Shimizu, K. and Hitt, M.A. (2005), “What constrains or facilitates divestitures of formerly acquiredfirms? The effects of organizational inertia”, Journal of Management, Vol. 31 No. 1, pp. 50-72
[11] Nixon, T. D., Roenfeldt, R. L., &Sicherman, N. W. (2000).The choice between spin-offs and sell-offs. Review of Quantitative Finance and Accounting, 14, 277–288
[12] Foster, L., Haltiwanger, J., &Krizan, C. J. (2005). Marketselection, reallocation and restructuring in the U.S. retail trade sector in the 1990s. Working paper from the Bureauof the Census, December 2005.
[13] Nathan Furr & Rahul Kapoor, 2018. "Capabilities, technologies, and firm exit during industry shakeout: Evidence from the global solar photovoltaic industry," Strategic Management Journal, Wiley Blackwell, vol. 39(1), pages 33-61, January.
[14] Burgelman, R. A. (1996). "Progress model of strategic business exit: Implications for an evolutionary perspective on strategy." Strategic Management Journal 17: 193-214.
[15] Dranikoff, L., Koller, T. and Schneider, A. (2002), “Divestiture: strategy’s missing link”, HarvardBusiness Review, Vol. 80 No. 5, pp. 74-83, 133
[16] Sohl, T. and T. B. Folta (2021). "Market exit and the potential for resource redeployment: Evidence from the global retail sector." Strategic Management Journal 42(12): 2273-2293.
[17] Singh, H. (1993), “Challenges in researching corporate restructuring”, Journal of Management Studies, Vol. 30 No. 1, pp. 147-172.
[18] Brauer, M. (2006), “What have we acquired and what should we acquire in divestiture research? A review and research agenda”, Journal of Management, Vol. 32 No. 6, pp. 751 785.
[19] Silva, P. and Moreira, A.C. (2019), "A systematic review of the literature on industrial divestment", Baltic Journal of Management, Vol. 14 No. 3, pp. 443-461.
[20] Rousseau, D. M. (Ed.). (2012). The Oxford handbook of evidence-based management. Oxford University Press.
[21] Kubacki K., Thiele S., Lahtinen V., Parkinson, V. (2015) "A systematic review assessing the extent of social marketing principle use in interventions targeting children (2000-2014)", Young Consumers, 16 (2), pp.141 – 158.
[22] Cooper, H. (2010). Research Synthesis and Meta- Analysis A Step-by-Step Approach. Sage Publications, Inc
[23] Ilmakunnas, P. and J. Topi (1999). "Microeconomic and macroeconomic influences on entry and exit of firms." Review of Industrial Organization 15(3): 283-301.
[24] Mahmoodi, J., aghaeeroozbahani, A. (2022). Thematic clusters in the field of organizational governance science. Management Research in Iran, 26(2), 43-69.
[25] Nathan Furr & Rahul Kapoor, 2018. "Capabilities, technologies, and firm exit during industry shakeout: Evidence from the global solar photovoltaic industry," Strategic Management Journal, Wiley Blackwell, vol. 39(1), pages 33-61, January.
[26] Camerani, R., et al. (2020). "It's never too late (to enter) ... till it is! Firms' entry and exit in the digital audio player industry." Technological Forecasting and Social Change 153: 16.
[27] Lieberman, M. B., et al. (2017). "ENTRY, EXIT, AND THE POTENTIAL FOR RESOURCE REDEPLOYMENT." Strategic Management Journal 38(3): 526-544.
[28] Gwendolyn K. Lee Srikanth Parachuri . "Resource
[29] Redeployment through Exit and Entry: Threats of Substitution as Inducements" In Resource Redeployment and Corporate Strategy. Published online: 31 Aug 2016; 89-124
[30] Kleijweg, A. J. M. and M. H. C. Lever (1996). "Entry and exit in Dutch manufacturing industries." Review of Industrial Organization 11(3): 375-382.
[31] Ilmakunnas, P. and J. Topi (1999). "Microeconomic and macroeconomic influences on entry and exit of firms." Review of Industrial Organization 15(3): 283-301.
[32] Doan, T. T., et al. (2018). "Lessons from the flipside: How do acquirers learn from divestitures to complete acquisitions?" Long Range Planning 51(2): 252-266.
[33] Amiri, S., King, D. and DeMarie, S. (2020), "Divestiture of prior acquisitions: competing explanations of performance", Journal of Strategy and Management, Vol. 13 No. 1, pp. 33-50.
[34] Bergh, D. D. (1997). "Predicting divestiture of unrelated acquisitions: An integrative model of ex ante conditions." Strategic Management Journal 18(9): 715-731.
[35] Mahmoodi, J., aghaeeroozbahani, A. (2022). Thematic clusters in the field of organizational governance science. Management Research in Iran, 26(2), 43-69.
[36] Decker, C. and T. Mellewigt (2012). "Business Exit and Strategic Change: Sticking to the Knitting or Striking a New Path?" British Journal of Management 23(2): 165-178.
[37] Moschieri, Caterina and Mair, Johanna, Research on Corporate Divestitures: A Synthesis (2008). Journal of Management & Organization, Vol. 14, No. 4, pp. 399-422
[38] Nguyen, P. and N. Rahman (2015). "Which governance characteristics affect the incidence of divestitures in Australia?" Australian Journal of Management 40(2): 351-374.
[39] Chang, S. J. and H. Singh (1999). "The impact of modes of entry and resource fit on modes of exit by multibusiness firms." Strategic Management Journal 20(11): 1019-1035.
[40] Joseph Amankwah-Amoah , (2015),"A unified framework for incorporating decision making into explanations of business failure", Industrial Management & Data Systems, Vol. 115 Iss 7 pp. 1341 -1357
[41] Burgelman, R. A. (1994). "FADING MEMORIES - A PROCESS THEORY OF STRATEGIC BUSINESS EXIT IN DYNAMIC ENVIRONMENTS." Administrative Science Quarterly 39(1): 24-56.
[42] 41.Coudounaris, D. N., et al. (2020). "Three decades of subsidiary exits: Parent firm financial performance and moderators." Journal of Business Research 110: 408-422
[43] Peruffo, E., et al. (2018). "Experience as a source of knowledge in divestiture decisions: emerging issues and knowledge management implications." Journal of Knowledge Management 22(2): 344-361.
[44] Kolev, K. D. (2016). "To Divest or not to Divest: A Meta-Analysis of the Antecedents of Corporate Divestitures." British Journal of Management 27(1): 179-196.
[45] Amy Dittmar & Anil Shivdasani,( 2003). "Divestitures and Divisional Investment Policies," Journal of Finance, American Finance Association, vol. 58(6), pages 2711-2744, December.
[46] 45.Berry, H. (2010). ‘Why do firms divest?’, Organization Science, 21, pp. 380–396
[47] 46.Wang, P. F. and M. Jensen (2019). "A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency." Management Science 65(2): 859-878.
[48] Moschieri, Caterina and Mair, Johanna, Research on Corporate Divestitures: A Synthesis (2008). Journal of Management & Organization, Vol. 14, No. 4, pp. 399-422
[49] Javadi, M., kordnaeij, A., Khodad Hosseini, S. H., &Ganjali, A. (2022). Examining The Role of Historical Dimensions of The Organization in The Managers' Decision to Implement Strategic Changes; A Systematic Review. Modern Research in Decision Making, 7(4), 157-188
[50] Mirbagheri, S. M., RafieiAtani, A. O., &Parsanejad, M. (2021). A Systematic Literature Review of the Collective Decision-Making. Modern Research in Decision Making, 6(3), 239-258.
[51] Mirbagheri, S., RafieiAtani, A. (2022). Identify the Factors Affecting Collective Decision-Making and its Consequences. Management Research in Iran, 26(3), 26-45.
[52] Kolev, K. D. and G. McNamara (2020). "Board demography and divestitures: The impact of gender and racial diversity on divestiture rate and divestiture returns." Long Range Planning 53(2): 18.
[53] Ahn S, Walker MD (2007) Corporate governance and the spinoff decision. J Corp Financ 13(1):76–93
[54] Chiu, S. C., et al. (2016). The impact of CEO successor origin on corporate divestiture scale and scope change. Leadership Quarterly 27(4): 617-633.
[55] Moschieri, C. (2011). "THE IMPLEMENTATION AND STRUCTURING OF DIVESTITURES: THE UNIT'S PERSPECTIVE." Strategic Management Journal 32(4): 368-401.
[56] Brahmana, R. K., et al. (2021). Divestiture strategy, CEO power and firm performance. Management Research Review 44(3): 418-436.
[57] Ma, H., et al. (2014). "Business exit as a deliberate strategy for incumbent firms." Organizational Dynamics 43(4): 266
[58] Firk, S., et al. (2021). "Does value-based management facilitate managerial decision-making? An analysis of divestiture decisions." Management Accounting Research 51: 18.
[59] Coad, A. (2014). "Death is not a success: Reflections on business exit." International Small Business Journal-Researching Entrepreneurship 32(7): 721-732.
[60] Decker C, Bresser RK, Mellewigt T (2010) Strategic or status quo-preserving business exit: (how) do CEO turnover and succession matter? Discussion paper, FreieUniversität Berlin
[61] Feldman, E. R., & McGrath, P. J. (2016). Divestitures. Journal of Organization Design, 5 (2),
[62] Hopkins, H.D. (1991), “Acquisition and divestiture as a response to competitive position and market structure”, Journal of Management Studies, Vol. 28 No. 6, pp. 665-677
[63] Pham, D., Nguyen, T. and Adhikari, H. (2018), "Determinants of divestiture methods for US firms: asset sell-off versus equity carve-out", Review of Accounting and Finance, Vol. 17 No. 1, pp. 41-57
[64] Oberg, C. (2021). "Spin-in and spin-out for growth - On the acquisition and divestiture of high-tech firms." Journal of Organizational Change Management 34(3): 653-671.
[65] Albert, L. S., & DeTienne, D. R. (2016). Founding Resources and Intentional Exit Sales Strategies: An Imprinting Perspective. Group & Organization Management, 41(6), 823–846.
[66] Cefis, E. and O. Marsili (2012). "Going, going, gone. Exit forms and the innovative capabilities of firms." Research Policy 41(5): 795-807.
[67] Belén Villalonga & Anita M. McGahan, 2005. "The choice among acquisitions, alliances, and divestitures," Strategic Management Journal, Wiley Blackwell, vol. 26(13), pages 1183-1208, December.
[68] Fortune, A. and W. Mitchell (2012). "Unpacking Firm Exit at the Firm and Industry Levels: The Adaptation and Selection of Firm Capabilities." Strategic Management Journal 33(7): 794-819.
[69] Kato, M., Onishi, K. & Honjo, Y. Does patenting always help new firm survival? Understanding heterogeneity among exit routes. Small Bus Econ 59, 449–475 (2022).
[70] Grazzi, M., Piccardo, C. & Vergari, C. Turmoil over the crisis: innovation capabilities and firm exit. Small Bus Econ 59, 537–564 (2022
[71] Bergh, D. D. and B. M. Sharp (2015). "How Far Do Owners Reach Into the Divestiture Process? Blockholders and the Choice Between Spin-Off and Sell-Off." Journal of Management 41(4): 1155-1183.
[72] Chirico, F., Gómez-Mejia, L. R., Hellerstedt, K., Withers, M., & Nordqvist, M. (2020). To Merge, Sell, or Liquidate? Socioemotional Wealth, Family Control, and the Choice of Business Exit. Journal of Management, 46(8), 1342–1379.
[73] Ponikvar, N., Zajc Kejžar, K., & Peljhan, D. (2018). The role of financial constraints for alternative firm exit modes. Small Business Economics, 51, 85-103.
[74] Chiu, Sc.(., Sabz, A. Can Corporate Divestiture Activities Lead to Better Corporate Social Performance?. J Bus Ethics 179, 849–866 (2022).
[75] Feldman, E. R., et al. (2016). "Corporate divestitures and family control." Strategic Management Journal 37(3): 429-446.
[76] Moschieri, C. and J. Mair (2011). "Adapting for Innovation: Including Divestitures in the Debate." Long Range Planning 44(1): 4-25.
[77] Veld, C. and Veld-Merkoulova, Y. (2009) Value creation through spin-offs: a review of the empirical evidence. International Journal of Management Reviews, 11(4), pp. 407-420.
[78] Bettinazzi, Emanuele & Feldman, Emilie. (2021). Stakeholder Orientation and Divestiture Activity. The Academy of Management Journal. 64. 1078-1096. 10.5465/amj.2019.0627.
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