To Divest or not to Divest: A Meta‐Analysis of the Antecedents of Corporate Divestitures
通过元分析整合35项研究，将企业剥离的驱动因素归纳为公司治理、战略、绩效和行业环境四类，发现剥离主要受先前剥离经验、结构因素（规模和多元化）及部门业绩不佳驱动。
Corporate divestitures have been identified as important strategic actions with a positive impact on firm performance. Yet, what is still missing in the strategic management literature is an integrative framework that quantitatively synthesizes the relative impact of various antecedents to divestitures, and theoretically reconciles the multitude of theories underlying divestiture research. To fill this gap, the author conducts a meta‐analysis (based on a sample of 35 studies) and develops four broad categories of determinants: corporate governance; firm strategy; performance; and industry environment. Evidence is found that divestitures are driven mainly by prior divestment experience, structural factors (firm size and firm diversification) and weak unit performance. In addition, the relative predictive validity of several theoretical perspectives on divestment decisions is assessed.