A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency
研究企业如何通过剥离业务单元来应对因跨越不同地位层级而产生的身份模糊，发现地位不一致会促使企业剥离相关业务，尤其是核心业务，以呈现更一致的垂直市场身份。
This study focuses on the market identities of firms and suggests that identity ambiguity is caused not only by bridging horizontal product categories but also by status inconsistency stemming from bridging vertical status categories. Focusing specifically on how firms reduce status inconsistency by restructuring their business portfolios, we argue that status inconsistency motivates firms to divest business units to present a more coherent vertical market identity. Emphasizing the interplay between horizontal and vertical identity ambiguity, we argue furthermore that status-inconsistent units that are related to the core business units within a firm are more likely to be divested. Using a comprehensive sample of publicly traded U.S. firms from 1998 to 2014, we report that status inconsistency increases the likelihood of divestiture that decreases status inconsistency, particularly for high-status firms. Moreover, although status-inconsistent units are generally more likely to be divested, this effect is stronger for core business units. This paper was accepted by Greta Hsu, organizations.