Forthcoming Articles

International Journal of Banking, Accounting and Finance

International Journal of Banking, Accounting and Finance (IJBAAF)

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International Journal of Banking, Accounting and Finance (One paper in press)

Regular Issues

  • Divestment on the stock markets: a sign of low opportunity industry?   Order a copy of this article
    by Jean Gabriel Cousin, Sebastien Dereeper, Asad Iqbal Mashwani 
    Abstract: Corporate divestments have been studied for a long time, but the main focus of previous studies has been on the firm-level impact of divestments. We take this discussion to the industry level and argue that, on average, divestments are carried out in industries where opportunities are low. These industries have low operating performance (gauged by capital expenditures, cash flow, sales growth, asset growth, profit margin, market-to-book value, and research and development) compared to industries where there are no divestments. In addition to this evidence, we find that in merger and acquisition activities where the target is in industries where divestments occurred in the last three pre-event years, bidders created less value compared to mergers where the target industry had no divestments. Both the low operating performance of industries post-divestments and the low value created by bidders targeting industries where divestments occurred signal that industries where divestments take place have low opportunities ahead. This also implies that corporate change can be interpreted as a signal for industrial change.
    Keywords: divestitures; equity carve-outs; industry performance; industry opportunities; mergers and acquisitions; M&As; cumulative abnormal returns; corporate restructuring; asset divestment.
    DOI: 10.1504/IJBAAF.2026.10080473
     

 

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