Firm Value Effects of Global, Regional, and Local Brand Divestments in Core and Non‐Core Businesses
研究了品牌剥离对企业价值的影响，发现剥离非核心业务中的本地或区域品牌能提升企业价值，而其他情况则损害价值。
In this article, we investigate the effect of brand divestments on firm value. We integrate two common motives for focus‐increasing brand divestitures—global branding and refocusing on core businesses—in a single common framework. In particular, we investigate the effects of divesting local/regional/global brands in core businesses and local/regional/global brands in non‐core businesses on firm value. Analyzing 205 divestment announcements in the global food and beverages industry, we find that, in most cases, brand divestments destroy firm value. Only when firms divest local or regional brands in non‐core businesses is the effect on firm value positive.