Seller Responsiveness to the Need to Divest
研究了为什么面临相似环境的两家公司在剥离决策和出售绩效上不同，提出了以卖方响应性为核心的分析框架，并考察了剥离情境、管理层特征和治理属性如何影响响应性及出售价格。
Little theoretical attention has been given to divestiture; that is, to the question of why two firms that face similar environments make different selling decisions and reap different performance outcomes from a sale. This article proposes a framework of divestiture built around the core concept of seller responsiveness, which is defined as the readiness of the management at the selling firm to respond to the need to divest. The data show how divestiture context, management characteristics, and governance attributes influence seller responsiveness and, in turn, the price the divesting firm receives. Finally, the framework’s implications for research and practice are discussed.