Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow

Gibbs, Philip

doi:10.1002/smj.4250140906

Cited by 238 publications

(158 citation statements)

References 25 publications

(32 reference statements)

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“…For example, Goodstein and Boeker (1991) found that, under conditions of environmental turbulence, adding more outside directors to the board had a positive impact on strategic change. Gibbs (1993) also found that increased outside director power was associated with an increased magnitude of strategic change.…”

Section: The Presence Of a Separate Coo/president And Strategic Changementioning

confidence: 87%

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

Zhang

2006

Strategic Management Journal

190

171

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The literature on corporate elites has paid significant attention to the leadership structure at the very top of organizations (for example, the consolidation vs. separation of the chief executive officer (CEO) and board chair positions-for a review, see Daily and Dalton, 1997). This is because corporate elites in different governance positions may have different interests, which means that the leadership structure at the top can influence organizational outcomes (Jensen and Zajac, 2004). Recently, there is an emerging research stream that specifically focuses on an important structure at the top: the presence of a chief operating officer (COO)/president who is separate from a CEO, and examines the performance consequences (accounting performance and stock market reactions) of this structure and the tenure outcomes of the Keywords: presence of a separate COO/president; CEO dismissal; strategic change *Correspondence to: Yan Zhang, Jesse H. Jones Graduate School of Management, Rice University, 6100 Main Street, Houston, TX 77005, U.S.A. E-mail: yanzh@rice.edu COO/president (e.g., Cannella and Shen, 2001;Davidson, Nemec, and Worrell, 2001;Hambrick and Cannella, 2004;Heenan and Bennis, 1999;Levinson, 1993;Shen and Cannella, 2003).There can be two separate roles of a COO/president: one representing an heir apparent in training for the CEO position and the other representing a co-leader delegated with internal operating authority. From a co-leader perspective, Hambrick and Cannella (2004: 959) argued that 'the decision to have a COO represents a major structural choice: it explicitly divides between two people a set of toplevel roles that are typically fulfilled by one person; it draws a structural distinction between strategy formulation and implementation; it adds an organizational layer; and it adds a highly-paid executive position to the organization's costs.' From a succession (heir apparent) perspective, Vancil (1987) found that many firms identified an heir apparent in the COO and/or president position in advance of the actual succession event and used this position to groom the next CEO. Findings of

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Section: The Presence Of a Separate Coo/president And Strategic Changementioning

confidence: 87%

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

Zhang

2006

Strategic Management Journal

190

171

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“…The most important subfields in this factor are: a) corporate strategy (Hill and Hoskisson, 1987;Hitt et al, 1996;Hoskisson and Hitt, 1988;Hoskisson and Johnson, 1992;Lieberman and Montgomery, 1988;Porter, 1987;Shleifer and Vishny, 1991); b) diversification (Bergh and Holbein, 1997;Hoskisson, 1994;Markides, 1995;Palepu, 1985); c) corporate restructuring (Bethel and Liebeskind, 1993;Bowman and Singh, 1993;Gibbs, 1993;Hoskisson and Turk, 1990;Johnson et al, 1993); d) corporate refocusing (Johnson, 1996;Markides, 1992), and e) divestitures (Duhaime and Grant, 1984;Hoskisson et al, 1994;Montgomery et al, 1984;Ravenscraft, 1987).…”

Section: Factor Analysismentioning

confidence: 99%

Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectual

Sánchez-Riofrío

Guerras‐Martín

Forcadell

2017

Rev. esp. doc. cient.

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There are few studies applying extensive qualitative and quantitative methods for addressing the research into Business Portfolio Restructuring (BPR). The aim of this paper is to identify the main authors, journals and studies that have informed the intellectual platform underpinning BPR as well as identifying the topics that have had the greatest impact. In this study, bibliographic references cited between 1959 and 2012, are analyzed using different bibliometric techniques. Three main results are found: first, the intellectual basis for this field involves a multidisciplinary and multifaceted literature, although the disciplines of finance and management are the principal contributors to research into BPR. Second, authors, journals and papers are identified to track the main framework of portfolio restructuring. Finally, the main forerunners of this study area are corporate strategy, divestitures, diversification and corporate governance. This is a study that contributes not only to the field of strategic management but also to information management.Keywords: Corporate restructuring; business portfolio restructuring; intellectual structure; bibliometric techniques; scientific production. Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectualResumen: Son pocos los estudios que aplican métodos cualitativos y cuantitativos extensivos para abordar la investigación sobre Reestructuración de la Cartera de Negocio (RCN). El objetivo de este trabajo es identificar los principales autores, revistas y estudios que han informado a la plataforma intelectual subyacente a RCN e identificar los temas que más han impactado. En este estudio, las referencias bibliográficas citadas entre 1959 y 2012, se analizan utilizando diferentes técnicas bibliométricas. Se encuentran tres resultados principales: primero, la base intelectual de este campo involucra una literatura multidisciplinaria y multifacética, aunque las disciplinas de finanzas y administración son los principales contribuyentes a la investigación en RCN. En segundo lugar, los autores, las revistas y los documentos se identifican para seguir el marco principal de la reestructuración de la cartera. Finalmente, los principales precursores de esta área de estudio son la estrategia corporativa, las desinversiones, la diversificación y el gobierno corporativo. Este es un estudio que contribuye no sólo en el campo de la gestión estratégica, sino también en el campo de la gestión de la información.Palabras clave: Reestructuración corporativa; Reestructuración de la cartera de negocios; Estructura intelectual; Técnicas bibliométricas; Producción científica.

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“…It involves reorientation of business units to rearrange resources within a firm for better performance. According to Gibbs (1993), there are three types of corporate restructuring. These include: (i) financial restructuring including recapitalizations and changes in capital structure; (ii) portfolio restructuring involving refocusing on core business, resulting in change in the diversity of business in the corporate portfolio; and (iii) operational restructuring, including reorganization and changes in business-level strategies (Gibbs , 1993).…”

Section: Analyzing Frameworkmentioning

confidence: 99%

Problems and Issues in Corporate Restructuring in the State-Owned Construction Sector in Vietnam: The Case of VINACONEX

Thang¹

2014

ASS

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The study of corporate restructuring in state-owned enterprises has been a hot topic in the academic world. However, little study has been done in investigating the corporate restructuring in state-owned enterprises in Vietnam. This study is devoted to exploring the problems and issues of corporate restructuring in a specific construction company in Vietnam. This study aims to investigate what problems and issues arise in the corporate restructuring of a construction company. A typical five-level Likert item questionnaire was designed for the data collection. Data from 398 respondents show that the company's restructuring decision was determined by the company's internal and external factors. VINACONEX needs to pay more attention to management training for managers and to carrying out technological innovation. From the findings, we propose some solutions to deal with problems arising from the restructuring of VINACONEX. The results of the study provide more evidence for the theories about corporate restructuring and contribute to the growing knowledge in strategic management by using a specific Vietnamese case. In this study, we also draw some limitations and recommendations for future research.

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Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow

Cited by 238 publications

References 25 publications

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

Quién es quién en la investigación sobre Reestructuración de la Cartera de Negocios: La estructura intelectual

Problems and Issues in Corporate Restructuring in the State-Owned Construction Sector in Vietnam: The Case of VINACONEX

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