Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen

Marc Rustige () and Michael Grote
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Marc Rustige: Frankfurt School of Finance & Management

Schmalenbach Journal of Business Research, 2009, vol. 61, issue 5, 470-498

Abstract: Abstract Top management routinely uses references to shareholder value to justify diversification as well as focussing of business activities. We analyze share price reactions to 184 acquisitions and 129 divestments of German corporate groups from 1996 to 2005. Contrary to frequent criticism, diversifying acquisitions do not significantly decrease firm value in our sample. Focussing acquisitions, however, increase firm value significantly. Divestments in general increase firm value, only insignificantly more so when peripheral activities are sold.

Keywords: G34; G14; Acquisitions; Corporate Diversification; Divestitures; Eventstudy; Akquisitionen; Desinvestitionen; Diversifikation; Ereignisstudie (search for similar items in EconPapers)
Date: 2009
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Working Paper: Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen (2008)
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DOI: 10.1007/BF03373662

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