The purpose of this study is to extend the current understanding of business divestiture by investigating its potential for triggering strategic reorientation. A divestiture involving strategic reorientation is here denoted as a strategic business exit, otherwise it is a status quopreserving...

Fusionen und Akquisitionen sind einem hohen Misserfolgsrisiko ausgesetzt. Unternehmen muessen sich angesichts einer damit oft einhergehenden Geld- und Wertvernichtung die Frage stellen, welche Massnahmen einzuleiten sind, wenn sich Erwartungen an Unternehmenszusammenschluesse nicht erfuellen....

The paper explores the relationship between firm’s strategy and its structure through the case study of the Italian public utility ENI. Within the liberalization process nowadays occurring in the Italian gas market, the paper analyzes ENI’s performance in the period 2000-06 and focuses on...

In many industrialized countries, the debate surrounding privatization is undergoing significant changes. If during the 80’s and 90’s attention was placed on the sale of public enterprises to private operators, recent studies and practices have increasingly focused on cooperation and...

Die Annahme der positiven Wirkung einer „guten“ Corporate Governance auf den Unternehmenserfolg ist ein Grund für die grosse Aufmerksamkeit für dieses Themengebiet. In diesem Beitrag wird der Stand der Forschung zur Erfolgswirkung der Corporate Governance aufgearbeitet. Als Ergebnis laesst...

The goal of this work is to provide a pertinent measure of managerial performances, starting from the idea that those are real only when they assure the satisfaction of all groups, which are interested in the good evolution of the firm. The performances of a firm come from the operating...

Die Wahl eines geeigneten Kooperationspartners stellt einen bedeutenden Faktor für das Gelingen einer Unternehmenskooperation dar. Trotz der hohen strategischen Wichtigkeit von Kooperationen ist bisher weder abschließend geklärt, nach welchen Kriterien Unternehmen ihre Kooperationspartner...

Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...

We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in...

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...