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A systematic review of the literature on industrial divestment

2019-07-26Artigo científico Acesso aberto
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dc.contributor.authorSilva, Pedro
dc.contributor.authorMoreira, Antonio
dc.date.accessioned2026-02-19T15:36:52Z
dc.date.available2026-02-19T15:36:52Z
dc.date.issued2019-07-26en_US
dc.date.updated2026-01-27T00:58:16Z
dc.description.abstractPurpose – The purpose of this paper is to review the existing research on industrial divestment in order to identify the reasons for it, the process whereby it is achieved, and the outcomes of industrial sell-offs and closures. The study reports the main findings that have gained acceptance in the literature, gaps in the research and potential directions for future research. Design/methodology/approach – A three stage systematic literature review protocol was used to conduct this review. The results are organized according to an “Antecedents – Process – Outcomes” framework. Findings – The traditional accounts of industrial divestment have been framed in terms of firms’ weak performance and over-diversification as antecedents to divestment, leading to corporate governance issues. However, the list of antecedents of industrial divestment is more extensive. There is no consensus over the impact of some factors on divestments, as is the case of firm and unit size. The results are not conclusive as to whether firm performance improves after divesting. Research limitations/implications – Future research should analyze the relationship between the antecedents of investment and divestment. The divestment process is not well studied and more studies that engage in theory building are needed, namely, on primary data and examining the short-term and long-term impacts of divestment on performance. Practical implications – This review offers a comprehensive synthesis of the antecedents, the process and outcomes of divestment through sell-offs and closures. Factors such as environmental conditions and the entry mode strategy are important in determining the divestment of subsidiaries. Divestments may be positively or negatively regarded by shareholders, depending on the context of the firm. Promoting managerial changes facilitates divestment. Originality/value – This paper synthesizes knowledge of the main reasons as to why firms completely dispose of their assets, contributing to this under-researched field.eng
dc.description.sponsorshipThis work was supported by the Fundação para a Ciência e a Tecnologia (FCT) by means of a PhD scholarship (Grant No. SFRH/BD/115337/2016).
dc.description.versioninfo:eu-repo/semantics/publishedVersion
dc.identifier.doi10.1108/BJM-01-2018-0040en_US
dc.identifier.slugcv-prod-680182
dc.identifier.urihttp://hdl.handle.net/10400.2/21380
dc.language.isoeng
dc.peerreviewedyes
dc.relationEssays on Divestment: A Stakeholder Approach
dc.rights.uriN/A
dc.subjectDivestment
dc.subjectReview
dc.subjectClosure
dc.subjectSell-off
dc.titleA systematic review of the literature on industrial divestmenteng
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleEssays on Divestment: A Stakeholder Approach
oaire.awardURIhttp://hdl.handle.net/10400.2/21379
oaire.citation.endPage461
oaire.citation.issue3en_US
oaire.citation.startPage443
oaire.citation.titleBaltic Journal of Managementen_US
oaire.citation.volume14en_US
oaire.versionhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43
person.familyNameMoreira
person.givenNameAntonio
person.identifier.orcid0000-0002-6613-8796
rcaap.cv.cienciaid541F-5442-5666 | António Carrizo Moreira
rcaap.rightsopenAccessen_US
relation.isAuthorOfPublication51ad303d-335c-4e2f-bae3-fffffef2e2f5
relation.isAuthorOfPublication.latestForDiscovery51ad303d-335c-4e2f-bae3-fffffef2e2f5
relation.isProjectOfPublication6d51e56b-e7b0-4cdc-acc6-d4fafdf8830c
relation.isProjectOfPublication.latestForDiscovery6d51e56b-e7b0-4cdc-acc6-d4fafdf8830c

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