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首页> 外文期刊>British Journal of Management >Business Exit and Strategic Change: Sticking to the Knitting or Striking a New Path?
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Business Exit and Strategic Change: Sticking to the Knitting or Striking a New Path?

机译：业务退出与战略变革：坚持编织还是开拓新路？

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摘要

The purpose of this study is to examine the potential of business exit for initiating strategic change in divesting parent firms. In contrast to prior literature that mainly investigates the impact of different antecedents on the likelihood of business exit in general, this study additionally tests the influence of these antecedents on the choice between two exit types with a cross-industry sample of divesting firms listed in the German CDAX over the time period 1999-2004. A divestiture involving strategic change is a strategic business exit; otherwise it is denoted as status quo preserving. The findings reveal that a relatively highly dissipated focus does not automatically enhance the likelihood of business exit in general and status-quo-preserving business exit in particular. CEO turnover and pressures exerted by institutional investors predict neither strategic nor status-quo-preserving business exit. Low firm performance does not nurture the likelihood of business exit per se but especially promotes status-quo-preserving business exit.
机译：这项研究的目的是研究在退出母公司中发起战略变革的业务退出的潜力。与主要研究不同先行因素对一般企业退出可能性的影响的现有文献形成对比，本研究还使用了跨行业样本的剥离公司中列出的跨行业样本，测试了这些先行因素对两种退出类型之间选择的影响。 1999-2004年期间的德国CDAX。涉及战略变革的资产剥离是战略业务的退出;否则，它被称为维持现状。调查结果表明，相对分散的关注点并不会自动增加一般情况下企业退出的可能性，尤其是不能维持现状的企业退出的可能性。 CEO的离职率和机构投资者施加的压力都无法预测战略或维持现状的业务退出。公司绩效低下并不会增加业务退出本身的可能性，而尤其会促进维持现状的业务退出。

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