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| Author: | Berger, P. Ofer, E. |
| Title: | Causes and effects of corporate refocusing programs |
| Journal: | Review of Financial Studies
1999 : SUMMER, VOL. 12:2, p. 311-346 |
| Index terms: | DIVERSIFICATION POLICY COMPANIES |
| Language: | eng |
| Abstract: | the authors study the precursors and outcomes of refocusing episodes by 107 diversified firms that were not taken over between 1984 and 1993. These firms had more value-reducing diversification policies than diversified firms that did not refocus. However, major disciplinary or incentive-altering events (including management turnover, outside shareholder pressure, changes in management compensation, and financial distress) usually occurred before refocusing took place. |
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