Sell-Offs and Firm Performance: A Matter of Experience?
基于组织学习理论，研究内部和外部资产剥离经验如何调节企业剥离活动与后续会计绩效的关系，发现一般剥离经验有正向调节作用，但经验构成很重要：重复剥离相关资产带来学习收益，而经验异质性高则不利；外部顾问和同行的剥离经验也有正向影响。
Drawing on organizational learning theory, this article examines the moderating influences of different forms of internal and external sell-off experience on the relationship between firm sell-off activity and subsequent firm accounting performance. The results from a longitudinal analysis of sell-off activity by 293 European companies over a 15-year period (1995-2009) are consistent with basic predictions from learning theory, suggesting a positive moderating influence of a firm’s general sell-off experience. Yet, by distinguishing between multiple forms of learning (i.e., experiential, superstitious, interfirm, and vicarious learning), we further argue and find that the composition of a firm’s general sell-off experience is of substantial importance. Specifically, we find that learning benefits result from the repeated sale of related assets, whereas high levels of experience heterogeneity negatively affect the relationship between firm sell-off activity and subsequent firm performance. Furthermore, external sell-off experience by advisors and by industry peers is found to positively influence the divestiture–firm performance linkage. Collectively, these findings contribute to organizational learning theory and extend prior research on divestiture performance.