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- W3091333005 endingPage "328" @default.
- W3091333005 startingPage "315" @default.
- W3091333005 abstract "The important role financial advisors play in corporate divestiture is widely recognized. However, their influence on firm performance is underexplored. Our study examines three aspects (the number, task relevance, and exclusivity) of firm-advisor ties in explaining firms’ post-divestiture performance. We find that more prior firm-advisor ties and higher task relevance in those ties improve post-divestiture performance (ROA as well as market measures). These positive effects are amplified in divesting firms facing financial decline as compared to firms that are maintaining their historical accounting performance. We find that the exclusivity of firm-advisor ties can be a double-edged sword, revealed by its nonmonotonic effect on post-divestiture performance. This study demonstrates that divesting firms may benefit from hiring familiar advisors when prior ties with the focal advisor are contextually relevant, but not necessarily exclusive. Firms’ pre-restructuring financial conditions can strengthen those relationships." @default.
- W3091333005 created "2020-10-08" @default.
- W3091333005 creator A5003810621 @default.
- W3091333005 creator A5062153840 @default.
- W3091333005 date "2020-12-01" @default.
- W3091333005 modified "2023-10-16" @default.
- W3091333005 title "Firm-advisor ties and financial performance in the context of corporate divestiture" @default.
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