ISSN:0143-2095    

DOI:10.1002/smj.4250140902

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractCorporate restructuring is an area of great interest to researchers in corporate strategy, finance and organizational studies. In this chapter, we briefly review prior research on corporate restructuring, and then introduce the articles in the special issue. In the papers in the issue there are indications that restructuring can be performance‐enhancing for the firm, but it can also have significant unintended consequences. The papers in this issue apply a broad range of research methods and theoretical perspectives to corporate restructuring, its initiating forces, and its consequence

ISSN:0143-2095    

DOI:10.1002/smj.4250140903

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis paper investigates the relationship between ownership structure and corporate restructuring in a sample of 93 surviving public Fortune 500 firms during the period 1981–87. The results show that blockholder ownership is associated significantly with corporate restructuring, suggesting that many managers restructured their corporations during the 1980s only when pressured to do so by large shareholder

ISSN:0143-2095    

DOI:10.1002/smj.4250140904

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractBoard of director involvement in restructuring reveals whether restructuring is brought on as an action by the board in its central oversight role or whether managers are purusing positive strategic action or correction. Therefore, based on an integration of organization economics (agency theory and market for corporate control) and strategic management theory (internal control and strategic leadership contingencies), this research examines board involvement in restructuring. Board involvement is hypothesized to be contingent on the governance mechanisms used by the board to monitor top management, control emphasis used by managers to process strategic information and board and managerial characteristics. The basic premise of the paper is that, due to their oversight role, board members (especially outside directors) become involved in restructuring only when managerial strategy implementation appears to be deficient. Top management team equity stakes are found to be negatively related to board involvement in restructuring, while outside director ownership is found to be positively related. Emphasis on strategic controls by managers was found to be negatively related to board involvement in restructuring. Top management team tenure and top management organizational tenure are negatively related to board involvement. Outsider representation on the board is positively related to board involvement in restructuring, while board tenure was found to be unrelated. Results imply that incentives to monitor (ownership) and emphasis on strategic controls reinforced by higher top management team tenure result in less board involvement in restructuring. However, restructuring may be initiated by outsiders on the board when other governance and control mechanisms fail. This implies a substitution process between governance tactics (ownership vs. board monitoring) and internal controls (managerial vigilance).

ISSN:0143-2095    

DOI:10.1002/smj.4250140905

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis study seeks to estimate the relative importance of free cash flow, corporate governance, and takeover threat in determining financial and portfolio restructuring. The free cash flow hypothesis and agency theory prescriptions are used as the basis for developing a model of restructuring. A simple analysis of variance method is used to decompose restructuring transactions and outcomes into the three effects. The results support the hypothesis that financial and portfolio restructuring are motivated, in part, by agency costs. Decomposition of variances indicates that restructuring is equally explained by free cash flow and interaction of governance and takeover threat with free cash flow.

ISSN:0143-2095    

DOI:10.1002/smj.4250140906

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractGlobal corporate restructuring often involves U.S. and Japanese alliance partners in interlinked portfolio choices. This paper develops theory and propositions that study U.S. and Japanese restructuring as a process of strategic choice, and introduces the concept of the restructuring profile. Japanese‐U.S. strategic linkages create choices in the form of a call option on portfolio reconfiguration for the Japanese firm, and a put option on financial restructuring for its U. S. partner. While Japanese competition forms an initiating force for U. S. restructuring, it also offers a source of capital for that purpose‐a unique situation in which the Japanese firm is a part of both the problem and the solution in its U. S. partner's restructur

ISSN:0143-2095    

DOI:10.1002/smj.4250140907

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis study examines the environmental and organizational forces, counter‐forces, and performance consequences of strategic restructuring in the higher education industry. The study proposes a diametric forces model to address the conflicting pressures for strategic change faced by these organizations, and uses extensive longitudinal data spanning the last two decades to examine the ways in which restructuring has been used as a successful adaptive response. The results suggest that, contrary to ecological predictions, restructuring is a predictable, common, and performance‐enhancing response to changing environmental conditions. The study concludes by discussing the applicability of its findings for research on corporate restructuring and strategic cha

ISSN:0143-2095    

DOI:10.1002/smj.4250140908

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractFew changes in the structure of firms have attracted as much attention during the last decade as the movement away from integrated production and toward cooperative relations among independent organizations. Despite recent emphasis on these strategies of 'disaggregation' and 'network' organization, little quantitative research exists on the impact of this type of reorganization on economic performance—at least in part due to the difficulty of obtaining appropriate data. The economic impact of disaggregation is examined in this paper using data on film production in the period after World War I

ISSN:0143-2095    

DOI:10.1002/smj.4250140909

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis paper deals with the impact of debt on R&D intensity for firms undergoing a leveraged buyout (LBO). We develop seven hypotheses based on capital market imperfection theories and agency theory. To test these hypotheses, we compare 72 R&D performing LBOs with 3329 non‐LBO control observations and 126 LBOs with little or no R&D expenditures. The regressions yield four statistically significant major findings. First, pre‐LBO R&D intensity is roughly one‐half of the overall manufacturing mean and two‐thirds of the firm's industry mean. Second, LBOs cause R&D intensity to drop by 40 percent. Third, large firms tend to have smaller LBO‐related declines in R&D intensity. Fourth, R&D intensive LBOs outperform both their non‐LBO industry peers and other LBOs without R&D e

ISSN:0143-2095    

DOI:10.1002/smj.4250140910

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractUsing a sample of 96 acquisitions that occurred between 1980 and 1984, this study concludes that the departure of executives from acquired firms is harmful to post acquisition performance. The negative effects of departures of the highest ranking executives (such as CEOs, Presidents, and Chairmen) appear to be most severe. Acquisition relatedness, contrary to hypothesis, did not moderate the departure‐performance relationship. Finally we find that providing one or more executives with top management team status in the newly combined firm leads to better postacquisition performance. Our study implies that executives from acquired firms are an intrinsic component of the acquired firm's resource base, and that their retention is an important determinant of postacquisition performance. Our evidence supports the view that executives are important to postacquisition performance, and we believe that this evidence extends to other restructuring contexts as wel

ISSN:0143-2095    

DOI:10.1002/smj.4250140911

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY