The purpose of this paper is to review the existing research on industrial divestment in order to identify the reasons for it, the process whereby it is achieved, and the outcomes of industrial sell-offs and closures. The study reports the main findings that have gained acceptance in the literature, gaps in the research and potential directions for future research.,A three stage systematic literature review protocol was used to conduct this review. The results are organized according to an “Antecedents – Process – Outcomes” framework.,The traditional accounts of industrial divestment have been framed in terms of firms’ weak performance and over-diversification as antecedents to divestment, leading to corporate governance issues. However, the list of antecedents of industrial divestment is more extensive. There is no consensus over the impact of some factors on divestments, as is the case of firm and unit size. The results are not conclusive as to whether firm performance improves after divesting.,Future research should analyze the relationship between the antecedents of investment and divestment. The divestment process is not well studied and more studies that engage in theory building are needed, namely, on primary data and examining the short-term and long-term impacts of divestment on performance.,This review offers a comprehensive synthesis of the antecedents, the process and outcomes of divestment through sell-offs and closures. Factors such as environmental conditions and the entry mode strategy are important in determining the divestment of subsidiaries. Divestments may be positively or negatively regarded by shareholders, depending on the context of the firm. Promoting managerial changes facilitates divestment.,This paper synthesizes knowledge of the main reasons as to why firms completely dispose of their assets, contributing to this under-researched field.

中文翻译：

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对产业撤资文献的系统回顾

本文的目的是回顾现有的关于工业撤资的研究，以确定其原因，实现的过程以及工业抛售和关闭的结果。该研究报告了已获得文献认可的主要发现，研究中的差距以及未来研究的潜在方向。采用三阶段系统文献综述方案进行了该综述。结果是根据“前提-过程-结果”框架进行组织的。传统的产业撤资描述是根据企业业绩不佳和过度多样化作为撤资的先行条件而导致的，从而导致公司治理问题。但是，工业撤资的前提条件更为广泛。对于某些因素对撤资的影响，就公司和单位规模而言，尚无共识。剥离后企业绩效是否得到改善尚无定论。未来的研究应分析投资与剥离前因之间的关系。资产剥离的过程还没有得到很好的研究，还需要进行更多的理论研究，即关于原始数据以及研究资产剥离对业绩的短期和长期影响。通过抛售和关闭而撤资的过程和结果。环境条件和进入模式策略等因素对于确定子公司的剥离很重要。股东可能会正面或负面地考虑资产剥离，取决于公司的环境。促进管理变革促进撤资。本文综合了企业为何完全处置其资产的主要原因的知识，从而为这一研究不足的领域做出了贡献。