![](local/cache-vignettes/L300xH470/rubon9-59d38.jpg?1724744805)
-
Journal menu
- General information
- Editorial Board and External Reviewers
- Journal Policies
- Publication Ethics and Malpractice Statement
- Instructions for authors
- Paper reviewing
- Article processing charge
- Feedback from stakeholders
- Journal’s Open Access statement
- Order hard copies of the journal
- 50 most cited papers in the journal
INFORMATION ASYMMETRIES, FAMILY OWNERSHIP AND DIVESTITURE FINANCIAL PERFORMANCE: EVIDENCE FROM WESTERN EUROPEAN COUNTRIES
Download This ArticleAbstract
Compared to other transactions, corporate divestiture is characterized by greater ambiguity and lower transparency, which can be detrimental to stock market reaction. Drawing upon agency theory and information economics literature, this paper examines the relationship between information asymmetries, family ownership and the divestiture financial performance in Western European countries. Based on a sample of 115 Western European divestiture transactions carried out between 1996 and 2010, we find support for the assertion that information asymmetry impacts divestiture financial performance. We also show that the influence of information asymmetries is moderated by family ownership, which acts as a signal of divestiture quality.
Keywords: Information Asymmetries, Ownership, Financial Performance
How to cite this paper: Peruffo, E., Oriani, R., & Perri, A. (2014). Information asymmetries, family ownership and divestiture financial performance: Evidence from Western European countries. Corporate Ownership & Control, 11(4), 43-57. https://doi.org/10.22495/cocv11i4p4