Nguyen, Pascal; Rahman, Nahid; Zhao, Ruoyun - In: International Review of Financial Analysis 30 (2013) C, pp. 170-181
Divestitures create shareholder value by helping firms to optimize their portfolio of assets. However, firms may forego value enhancing divestitures because of agency problems. More specifically, large controlling shareholders may prefer to retain the assets in order to extract private benefits...