What follows what? Sequences and combinations of acquisitions and divestitures

Oleksandra Kochura, Nicola Mirc and Denis Lacoste
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Nicola Mirc: TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse
Denis Lacoste: TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse

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Abstract: We review sequential corporate strategy patterns involving divestitures and acquisitions. We classify existing studies into acquisition-preceding-divestiture and divestiture-preceding-acquisition categories to identify four feasible interrelationships linking these two corporate restructuring tools. By acknowledging that acquisitions and divestitures are not definitive steps in resetting a firm's boundaries, we posit that the value-enhancing mechanisms involved can be observed only if we look at the order of the actions taken. We attempt to understand the multifaceted nature of these sequences and choices to propose an integrated view of acquisitions and divestitures by recognizing the precedents for each restructuring tool. The performance implications of these sequences are not yet known but considering them can better explain the success or failure of strategic restructuring decisions.

Date: 2022-04-19
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Published in Acquisitions and Corporate Strategy, D. King (ed.), 2022, 9781032036366

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03711678

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