Abstract
The initial sample consists of all firms that are listed at the German Stock Exchange in the CDAX-index. The CD AX is a composite index which includes the shares of all domestic companies listed in Prime Standard and General Standard (cf. Figure 8). It represents the German equity market in its entirety, i.e., all companies listed on FWB Frankfurter Wertpapierbörse (Frankfurt Stock Exchange). All in all, 678 firms were identified.
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References
Figure adopted from Deutsche Börse Group.
Hite discussing Klein (1986), p. 697.
Referring to different numbers of firms and observed transactions see also Schipper & Smith (1986), p. 157. They report 63 parent firms, i.e., a much smaller amount of firms than the number of observed equity carve-outs in their sample.
Cf. Venkatraman & Tanriverdi (2004), p. 60.
“Data is considered to be objective when its meaning is the same across firms. The source of the data is considered to be secondary when the data is obtained from archives and databases outside of the firms studied” (Venkatraman & Tanriverdi 2004, p. 51).
Chang & Singh (2000), p. 740.
Cf. Villalonga (2004b), p. 501.
See, e.g., Villalonga (2004a).
See the list of sample cases and firms in Table 3 in Appendix 1.
Cf. Anslinger et al. (2003).
See Rieker (2005) for more details and examples.
Cf. Mellewigt & Kloninger (2003), p. 18 f.
Cf. Villalonga & McGahan (2005), p. 1197.
See Chapter 2.2.
See also Chapter 3.4 and the overview on exemplary empirical studies in Table 2 in Appendix 1.
Cf. Chang (1996), p. 590.
Cf. Bergh (1995), p. 229; Duhaime & Baird (1987), p. 489; Duhaime & Grant (1984), p. 310.
Cf. Duhaime & Baird (1987), p. 489; Duhaime & Grant (1984), p. 310.
Cf. Morrow et al. (2004), p. 198.
Cf. Agle et al. (2006), p. 166.
Cf. Bergh (1995), p. 229.
Product market relatedness is measured as the sales-weighted concentric diversification index and is defined as ∑ 1=1, whereby Pkl is the percentage of firm k’s sales that is in industry l defined at the four-digit SIC level, dil is a weight whose value depends on the distance between the industry i that is being exited and the other industries l in which the parent has operations. dil takes the value 2 if i and l are within the same three-digit SIC, 1 if i and l are within the same two-digit SIC, and 0 if i and l are in different two-digit SIC industries. Cf. Chang & Singh (1999), p. 1027.
Cf. Bergh (1995), p. 228; Chen & Guo (2005), p. 411.
Cf. Chi et al. (2004), p. 230; John & Ofek (1995), p. 110; Steiner (1997), p. 236.
Chi et al. (2004), p. 230; see also the study by Lubatkin et al. (1993) quoted there and Mellewigt & Kloninger (2003), p. 19.
Cf. Bühner et al. (2004), p. 734.
Cf. Gordon et al. (2000), p. 923 and 925.
Cf. Bergh (1998), p. 143; Bethel & Liebeskind (1993), p. 22; Hoskisson et al. (1994), p. 1222; Villalonga & McGahan (2005), p. 1197.
Referring to this problem, see also Bühner et al. (2004), p. 735.
Pedersen & Thomsen (2003), p. 29.
Cf. Thomsen & Pedersen (2000), p. 696; Pedersen & Thomsen (2003), p. 40.
Owner categories: 1 = banks, 2 = institutional investors (financial services), 3 = (other nonfinancial) firms, 4 = individual or family ownership, 5 = government, 6 = free float.
Cf. Agle et al. (2006), p. 166; Beckman et al. (2004), p. 265; see also Brealey & Myers (2003), p. 680.
Boyd et al. (2005), p. 249.
Cf. Beck et al. (2006), p. 13. For more information on the use of dummy variables in regression equations, see, e.g., Greene (2000), pp. 318 ff.
See Dobrev & Carroll (2003) for a review as well as new theoretical ideas and empirical findings on the impact of size effects on organizational outcomes.
Cf. Datta et al. (2003), p. 108; Dobrev et al. (2003), p. 266 f.; George (2005), p. 667; Haveman (1993), p. 608.
Cf. Dawley et al. (2002), p. 707.
Cf. Agarwal et al. (2002), p. 985, and the studies quoted there.
Cf. Servaes (1996), p. 1204 f.; see also Jandik & Makhija (2005), p. 67 ff.
For an overview on antecedents of business exit, see Chapter 2 or see Brauer (2006) for a complete review of the literature. Referring to the importance of a firm’s industrial environment, see, e.g., Barker & Duhaime (1997), p. 18.
Cf. Dobrev et al. (2001), p. 1316; Sorenson (2003), p. 453 f.
See Statistisches Bundesamt (2004, 2005a, 2005b, 2006).
Cf. Dawley et al. (2002), p. 705; Dobrev et al. (2001), p. 1321; Dobrev et al. (2003), p. 271; Ravenscraft & Scherer (1991), p. 433.
Cf. Cheng & Kesner (1997), p. 1.
Cf. Steensma & Corley (2001), p. 271 f.
Cf. Sommers et al. (1987), p. 18.
Cf. Bansal (2005), p. 201; see also Bourgeois (1981), p. 30 and 35.
Cf. George (2005), p. 662.
Cf. Barker & Duhaime (1997), p. 20 and 33. See also the studies quoted there for further details.
Cf. Love & Nohria (2005), p. 1088. Bourgeois (1981) and Singh (1986) also propose this distinction.
Cf. Bergh (1997), p. 722; Cheng & Kesner (1997), pp. 7 f.; Love & Nohria (2005), p. 1095; Morrow et al. (2004), p. 199; Singh (1986), p. 573.
Cf., e.g., Datta et al. (2003), p. 108.
Cf. Backhaus et al. (2006), p. 89 ff.; Menard (2002), pp. 75–78; Field (2003), p. 201 f.; Hutcheson & Sofroniou (1999), p. 83.
Cf. Chang & Singh (1999), p. 1028; Greene (2000), p. 813; Hoetker (2007), p. 332.
Cf. Backhaus et al. (2006), p. 426 ff.; Field (2003), p. 165; Greene (2000), p. 813 ff.; Hoetker (2007), p. 332; Menard (2002), p. 12.
Cf. Backhaus et al. (2006), p. 430 f.
Cf. Arnold (1982), p. 150.
Hoetker (2007), p. 338 (italics in the original).
See the procedure outlined by Arnold (1982), pp. 149–156. Haleblian & Finkelstein (1993) and Datta et al. (2003) provide examples for sub-group analyses according to the exemplary procedure recommended by Arnold. See also Backhaus et al. (2006), p. 74 ff.
Cf. Allison (1999), p. 188; Fahrmeir et al. (1999), p. 450.
Cf. Greene (2000), p. 155. See, e.g., the Chi-square-table in Backhaus et al. (2006), p. 818. For ?? = 0.95 and one degree of freedom in the two-group case the value for chi2 (0.95; 1) is 3.8415.
Hoetker (2007), p. 337.
For a detailed description of this procedure with an example see Allison (1999), p. 194 ff. See also Hoetker (2004), p. 9 f.
Hoetker (2007), p. 338. See also Hoetker (2006), p. 513, for an example.
Hoetker (2006), p. 512, footnote 6.
Cf. Hoetker (2007), p. 338; see also Greene (2000), p. 153 ff. For examples of how to interpret the ratios of beta coefficients see Hoetker (2006), p. 512 f.
Cf. Altman (1968), p. 591.
Cf. Bortz (2005), p. 605 and 617; Greene (2000), p. 833, footnote 19. For an application of this method in different fields, see, e.g., Altman’s (1968) seminal study in finance, Johnson’s (1971) study on market segmentation in marketing, and Peng et al. (2004) as a more recent example from management research.
Altman (1968), p. 592.
Cf. Backhaus et al. (2006), p. 154 ff.
Cf. Backhaus et al. (2006), p. 187 f.
Cf. Bortz (2005), p. 624 f.
Cf. Peng et al. (2004), p. 1122.
Cf. Chang & Singh (1999), p. 1029, especially footnote 7.
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(2008). Methods. In: Legitimacy Needs as Drivers of Business Exit. Gabler. https://doi.org/10.1007/978-3-8349-9759-3_4
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