Why managers divest—Evidence from New Zealand's largest companies
调查新西兰最大公司CEO，区分剥离与非剥离企业，识别1985-1990年间208个业务单元剥离的关键因素与动机，发现剥离企业规模更大、增长更快，典型动机是将不良资产变现以强化资产负债表或再投资于核心业务。
Abstract Chief Executives from New Zealand's largest companies were surveyed to distinguish divesting and nondivesting companies, and to identify the relative importance of the factors and motives which led to the divestment of 208 business units in the period 1985 through 1990. The divesting companies were considerably larger and faster growing than nondivestors. The typical divestment was motivated by the need to convert unattractive assets into liquid form which could then be held to strengthen the balance sheet, or reinvested in either the core business or new areas.