From patchwork to theory development: mapping and advancing research about business portfolio restructuring

Abdel-Kader MG, Mentzeniot V (2007) The effect of corporate restructuring on the shareholders’ value: the case of GEC/Marconi. J Bus 1:28–46 Alexander GJ, Benson PG, Kampmeyer JM (1984) Investigating the valuation effects of announcements of voluntary corporate selloffs. J Finance 39:503–517 Amihud Y, Lev B (1999) Does corporate ownership structure affect its strategy towards diversification? Strat Manag J 20:1063–1069 Amis J, Slack T, Hinings CR (2004) The pace sequence and linearity of radical change. Acad Manag J 47(1):15–39 Abor J, Graham M, Yawson A (2011) Corporate governance and restructuring activities following completed bids. Corp Gov Int Rev 19:61–76 Berger PG, Ofek E (1999) Causes and effects of corporate refocusing programs. Rev Financ Stud 12:311–345 Bergh DD (1995) Size and relatedness of units sold: an agency theory and resource-based perspective. Strat Manag J 16:221–239 Bergh DD (1997) Predicting divestiture of unrelated acquisitions: an integrative model of ex ante conditions. Strat Manag J 18:715–731 Bergh DD (1998) Product-market uncertainty, portfolio restructuring, and performance: an information-processing and resource-based view. J Manag 24:135–155 Bergh DD, Lawless MW (1998) Portfolio restructuring and limits to hierarchical governance: the effects of environmental uncertainty and diversification strategy. Organ Sci 9:87–102 Bergh DD, Johnson RA, Dewitt R (2008) Restructuring through spin-off or sell-off: transforming information asymmetries into financial gain. Strat Manag J 29:133–148 Bergh DD, Lim E (2008) Learning how to restructure: absorptive capacity and improvisational views of restructuring actions and performance. Strat Manag J 29:593–616 Bethel JE, Liebeskind J (1993) The effects of ownership structure on corporate restructuring. Strat Manag J 14:15–31 Bigley GA, Wiersema MF (2002) New CEOs and corporate strategic refocusing: how experience as heir apparent influences the use of power. Admin Sci Q 47:707–727 Bowman EH, Singh H (1993) Corporate restructuring: reconfiguring the firm. Strat Manag J 14:5–14 Bowman EH, Singh H, Useem M, Bhadury R (1999) When does restructuring improve economic performance? Calif Manag Rev 41:33–54 Brauer M (2006a) What have we acquired and what should we acquire in divestiture research? A review and research agenda. J Manag 32(6):751–785 (2006) The temporal dynamics of the divestiture process. Academy of Management Best Paper Proceedings. Academy of Management, Georgia Brauer M (2009) Corporate and divisional manager involvement in divestitures—a contingent analysis. Br J Manag 20:341–362 Brickley JA, Van Drunen LD (1990) Internal corporate restructuring: an empirical analysis. J Account Econ 12:251–280 Brown SL, Eisenhardt KM (1995) Product development: Past research, present findings, and future directions. Acad Manag Rev 20:343–378 Burgelman RA (1994) Fading memories: a process theory of strategic business exit in dynamic environments. Admin Sci Q 39:24–56 Burgelman RA (1996) A process model of strategic business exit: implications for an evolutionary perspective on strategy. Strat Manag J 17:193–214 Byerly RT, Lamont BT, Keasler T (2003) Business portfolio restructuring, prior diversification posture and investor reactions. Manag Decis Econ 24:535–548 Cashen LH (2009) Pressures for the creation of a more independent board of directors in the post-restructuring period. Acad Account Financ Stud J 13:57–72 Cashen LH (2011) Board leadership structure under fire: CEO duality in the post-restructuring period. Acad Strat Manag J 10:1–19 Chandler AD (1962) Strategy and structure: chapters in the history of the American industrial enterprise. MIT Press, Cambridge Chang SJ (1996) An evolutionary perspective on diversification and corporate restructuring: entry, exit, and economic performance during 1981–89. Strat Manag J 17:587–611 Chatterjee S, Harrison JS, Bergh DD (2003) Failed takeover attempts, corporate governance and refocusing. Strat Manag J 24:87–96 Çolak G (2010) Diversification, refocusing and firm value. Eur Financ Manag 16:422–448 Cusatis PJ, Miles JA, Woolridge JR (1993) Restructuring through spinoffs: the stock market evidence. J Financ Econ 33:293–311 Daley L, Mehrotra V, Sivakumar R (1997) Corporate focus and value creation evidence from spinoffs. J Financ Econ 45:257–281 Dalton DR, Daily CM, Ellstrand AE, Johnson JL (1998) Meta-analytic reviews of board composition, leadership structure, and financial performance. Strat Manag J 19:269–290 Dalton DR, Daily CM, Certo ST, Roengpitya R (2003) Meta- analyses of financial performance and equity: fusion or confusion? Acad Manag J 46(1):13–26 Dann LY, DeAngelo H (1988) Corporate financial policy and corporate control: a study of defensive adjustments in asset and ownership structure. J Financ Econ 20(1/2):87–127 Decker C, Bresser R K F, Mellewigt T (2010) Strategic or status quo-preserving business exit. (How) do CEO turnover and succession matter? SFB discussion paper 2010, 025, Freie Universität Berlin Decker C, Mellewigt T (2007a) The drivers and implications of business divestiture: an application and extension of prior findings. SFB 649 discussion paper 2007, 054, Freie Universität Berlin Decker C, Mellewigt T (2007b) Thirty years after Michael E. Porter: what do we know about business exit? Acad Manag Exec 21:41–55 Decker C, Mellewigt T (2010) Business exit and strategic change: sticking to the knitting or striking a new path? Br J Manag 23:165–178 Denis DJ, Denis DK, Sarin A (1997) Agency problems, equity ownership, and corporate diversification. J Finance 52:135–160 Denis DJ, Kruse TA (2000) Managerial discipline and corporate restructuring following performance declines. J Financ Econ 55:391–424 Dittmann I, Maug E, Schneider C (2008) How Preussag became TUI: a clinical study of institutional blockholders and restructuring in Europe. Financ Manag 37:571–598 Donaldson G (1990) Voluntary restructuring: the case of general mills. J Financ Econ 27:117–141 Duhaime IM, Grant JH (1984) Factors influencing divestment decision-making: evidence from a field study. Strat Manag J 5:301–318 Geiger SW, Cashen LH (2007) Organizational size and CEO compensation: the moderating effect of diversification in downscoping organizations. J Manag Issues 19(2):233–252 Gibbs PA (1993) Determinants of corporate restructuring: the relative importance of corporate governance, takeover threat, and free cash flow. Strat Manag J 14:51–68 Gillan SL, Kensinger JW, Martin JD (2000) Value creation and corporate diversification: the case of Sears, Roebuck & Co. J Financ Econ 55:103–137 Goranova M, Alessandri TM, Brandes P, Dharwadkar R (2007) Managerial ownership and corporate diversification: a longitudinal view. Strat Manag J 28:211–225 Hanson RC, Song MH (2006) Corporate governance and asset sales: the effect of internal and external control mechanisms. Financ Rev 41:361–386 Hatfield DE, Liebeskind JP, Opler TC (1996) The effects of corporate restructuring on aggregate industry specialization. Strat Manag J 17(1):55–72 Haynes M, Thompson S, Wright M (2003) The determinants of corporate divestment: evidence from a panel of UK firms. J Econ Behav Organ 52(1):147–166 Hitt MA, Hoskisson RE, Johnson RA, Moesel DD (1996) The market for corporate control and firm innovation. Acad Manag J 39(5):1084–1119 Hopkins HD (1991) Acquisition and divestiture as a response to competitive position and market structure. J Manag Stud 28:665–677 Hoskisson RE, Hitt MA (1990) Antecedents and performance outcomes of diversification: a review and critique of theoretical perspectives. J Manag 16:461–509 Hoskisson RE, Hitt MA, Johnson RA, Grossman W (2002) Conflicting voices: the effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Acad Manag J 45:697–716 Hoskisson RE, Johnson RA (1992) Corporate restructuring and strategic change: the effect on diversification strategy and R&D intensity. Strat Manag J 13:625–634 Hoskisson RE, Johnson RA, Moesel DD (1994) Corporate divestiture intensity in restructuring firms: effects of governance, strategy, and performance. Acad Manag J 37:1207–1251 Hoskisson RE, Turk TA (1990) Corporate restructuring: governance and control limits of the internal capital market. Acad Manag Rev 15:459–477 Hyland DC (2008) The long-run performance of diversifying firms. J Econ Financ 32:294–310 John K, Ofek E (1995) Asset sales and increase in focus. Symposium on corporate focus. J Financ Econ 37:105–126 Johnson RA (1996) Antecedents and outcomes of corporate refocusing. J Manag 22:439–483 Johnson RA, Hoskisson RE, Hitt MA (1993) Board of Director involvement in restructuring: the effects of board versus managerial controls and characteristics. Strat Manag J 14:33–50 Kaiser KMJ, Stouraitis A (2001) Reversing corporate diversification and the use of the proceeds from asset sales: the case of thorn EMI. Financ Manag 30:63–102 Kaplan SN (1989) The effects of management buyouts on operating performance and value. J Financ Econ 24:217–254 Khan AQ, Mehta DR (1996) Voluntary divestitures and the choice between sell-offs and spin-offs. Financ Rev 31:885 Klein A (1986) The timing and substance of divestiture announcements: individual, simultaneous and cumulative effects. J Finance 41:685–696 Langley A, Smallman C, Tsoukas H, van de Ven AH (2013) Process studies of change in organization and management: unveiling temporality, activity, and flow. Acad Manag J 56(1):1–13 Lee D, Madhavan R (2010) Divestiture and firm performance: a meta-analysis. J Manag 36:1345–1371 Liao J (2004) Restructuring scope, performance and R&D intensity: do all restructuring activities create value? Advances in competitiveness research 12:20–36 Liao J (2005) Corporate restructuring, performance and competitiveness: an empirical examination. Compet Rev 15:33–48 Liebeskind JP, Opler TC, Hatfield DE (1996) Corporate restructuring and the consolidation of US industry. J Ind Econ 44:53–68 Markides CC (1992a) Research notes. Consequences of corporate refocusing: ex ante evidence. Acad Manag J 35:398–412 Markides CC (1992b) The economic characteristics of de-diversifying firms. Br J Manag 3:91–100 Markides CC (1993) Corporate refocusing. Bus Strat Rev 4:1–15 Markides CC (1995) Diversification, restructuring and economic performance. Strat Manag J 16:101–118 Markides CC, Singh H (1997) Corporate restructuring: a symptom of poor governance or a solution to past managerial mistakes? Eur Manag J 15:213–219 Miles JA, Rosenfeld JD (1983) The effect of voluntary spin-off announcements on shareholder wealth. J Finance 38:1597–1606 Mitchell ML, Mulherin JH (1996) The impact of industry shocks on takeover and restructuring activity. J Fin Econ 41:193–229 Montgomery CA, Thomas AR (1988) Divestment: motives and gains. Strat Manag J 9:93–97 Moschieri C (2011) The implementation and structuring of divestitures: the unit’s perspective. Strat Manag J 32:368–401 Mulherin JH, Boone AL (2000) Comparing acquisitions and divestitures. J Corp Fin 6:117–139 Nippa M, Beechler S, Klossek A (2007) Success factors for managing international joint ventures: a review and an integrative framework. Manag Organ Rev 3:277–310 Nippa M, Pidun U, Rubner H (2011) Corporate portfolio management: appraising four decades of academic research. Acad Manag Exec 25:50–66 Palich LE, Cardinal LB, Miller CC (2000) Curvilinearity in the diversification-performance linkage: an examination of over three decades of research. Strat Manag J 21:155–174 Perry T, Shivdasani A (2005) Do boards affect performance? Evidence from corporate restructuring. J Bus 78:1403–1431 Pidun U, Rubner H, Krühler M, Untiedt R, Nippa M (2011) Practices of corporate portfolio management. J Appl Corp Finance 23:63–76 Poon PS, Newbould GD, Durtschi C (2001) Market reactions to corporate restructurings. Rev Quant Finance Account 16:269–290 Powell R, Yawson A (2005) Industry aspects of takeovers and divestitures: evidence from the UK. J Bank Fin 29:3015–3040 Robins J, Wiersema MF (1995) A resource-based approach to the multibusiness firm: empirical analysis of portfolio interrelationships and corporate financial performance. Strat Manag J 16:277–299 Rosenfeld JD (1984) Additional evidence on the relation between divestiture announcements and shareholder wealth. J Finance 39:1437–1448 Shahrur H (2005) Industry structure and horizontal takeovers: analysis of wealth effects on rivals, suppliers, and corporate customers. J Financ Econ 76:61–98 Shleifer A, Vishny RW (1991) Takeovers in the ’60s and the ’80s: evidence and implications. Strat Manag J 12:51–59 Short JC, Moss TW, Lumpkin GT (2009) Research in social entrepreneurship: past contributions and future. Strat Entrep J 3:161–194 Singh H, Montgomery CA (1987) Corporate acquisition strategies and economic performance. Strat Manag J 8(4):377–386 Singh M, Mathur I, Gleason KC, Etebari A (2001) An empirical examination of the trend and performance implications of business diversification. J Bus Econ Stud 7:25–51 Smith KG, Ferrier WJ, Ndofor H (2001) Competitive dynamics research: critique and future directions. In: Hitt MA, Freeman RE, Harrison JS (eds) Handbook of strategic management. Blackwell, Malden, pp 315–361 Teece DJ, Pisano G, Shuen A (1997) Dynamic capabilities and strategic management. Strat Manag J 18:509–533 Wiersema MF (1995) Executive succession as an antecedent to corporate restructuring. Hum Resour Manag 34:185–202 Wright P, Ferris SP (1997) Agency conflict and corporate strategy: the effect of divestment on corporate value. Strat Manag J 18:77–83 Wu Z, Delios A (2009) The emergence of portfolio restructuring in Japan. Manag Int Rev 49:313–335