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      Firm Value Effects of Global, Regional, and Local Brand Divestments in Core and Non-Core Businesses

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      Author
      Depecik, B.
      van Everdingen, Y. M.
      van Bruggen, G. H.
      Date
      2014
      Source Title
      Global Strategy Journal
      Print ISSN
      2042-5791
      Publisher
      Wiley
      Volume
      4
      Issue
      2
      Pages
      143 - 160
      Language
      English
      Type
      Article
      Item Usage Stats
      130
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      208
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      Abstract
      In this article, we investigate the effect of brand divestments on firm value. We integrate two common motives for focus-increasing brand divestitures—global branding and refocusing on core businesses—in a single common framework. In particular, we investigate the effects of divesting local/regional/global brands in core businesses and local/regional/global brands in non-core businesses on firm value. Analyzing 205 divestment announcements in the global food and beverages industry, we find that, in most cases, brand divestments destroy firm value. Only when firms divest local or regional brands in non-core businesses is the effect on firm value positive.
      Keywords
      Brand divestments
      Brand portfolio management
      Portfolio refocusing
      Event study
      Food and beverages industry
      Permalink
      http://hdl.handle.net/11693/12564
      Published Version (Please cite this version)
      http://dx.doi.org/10.1111/j.2042-5805.2014.1074.x
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      • Department of Management 551
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