IRIS - Institutional Research Information System
IRIS è il sistema di gestione integrata dei dati della ricerca adottato dalla Luiss Guido Carli. Il Catalogo dei prodotti della ricerca della Luiss raccoglie e rende disponibile, dove possibile nel rispetto del diritto d'autore, la produzione scientifica dei docenti e ricercatori dell'Ateneo. Il Catalogo alimenta inoltre i siti docenti del MIUR.
EnglishCompared to other transactions, corporate divestiture is characterized by greater ambiguity and lower transparency, which can be detrimental to stock market reaction. Drawing upon agency theory and information economics literature, this paper examines the relationship between information asymmetries, family ownership and the divestiture financial performance in Western European countries. Based on a sample of 115 Western European divestiture transactions carried out between 1996 and 2010, we find support for the assertion that information asymmetry impacts divestiture financial performance. We also show that the influence of information asymmetries is moderated by family ownership, which acts as a signal of divestiture quality.
INFORMATION ASYMMETRIES, FAMILY OWNERSHIP AND DIVESTITURE FINANCIAL PERFORMANCE: EVIDENCE FROM WESTERN EUROPEAN COUNTRIES / Peruffo, Enzo; Oriani, Raffaele; Alessandra, Perri. - In: CORPORATE OWNERSHIP & CONTROL. - ISSN 1810-3057. - 11:(2014), pp. 43-57.
| Titolo: | INFORMATION ASYMMETRIES, FAMILY OWNERSHIP AND DIVESTITURE FINANCIAL PERFORMANCE: EVIDENCE FROM WESTERN EUROPEAN COUNTRIES | |
| Autori: | ||
| Data di pubblicazione: | 2014 | |
| Rivista: | ||
| Citazione: | INFORMATION ASYMMETRIES, FAMILY OWNERSHIP AND DIVESTITURE FINANCIAL PERFORMANCE: EVIDENCE FROM WESTERN EUROPEAN COUNTRIES / Peruffo, Enzo; Oriani, Raffaele; Alessandra, Perri. - In: CORPORATE OWNERSHIP & CONTROL. - ISSN 1810-3057. - 11:(2014), pp. 43-57. | |
| Abstract: | Compared to other transactions, corporate divestiture is characterized by greater ambiguity and lower transparency, which can be detrimental to stock market reaction. Drawing upon agency theory and information economics literature, this paper examines the relationship between information asymmetries, family ownership and the divestiture financial performance in Western European countries. Based on a sample of 115 Western European divestiture transactions carried out between 1996 and 2010, we find support for the assertion that information asymmetry impacts divestiture financial performance. We also show that the influence of information asymmetries is moderated by family ownership, which acts as a signal of divestiture quality. | |
| Handle: | http://hdl.handle.net/11385/118993 | |
| Appare nelle tipologie: | 01.1 - Articolo su rivista (Article) |
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| Peruffo_Perri_Oriani.pdf | Versione dell'editore | DRM non definito | Administrator |
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http://hdl.handle.net/11385/118993
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