Purpose

The purpose of this research is to study the impact of divestitures on shareholder wealth. This study covers selloffs of publicly traded companies in Germany, Austria and Switzerland (DACH region) during the period 2002–2018. It aims to understand the overall effect of selloffs on shareholder wealth as well as the impact of important influencing factors.

Design/methodology/approach

This study is part of capital market studies which investigate shareholder wealth effects (abnormal returns) using event study methodology. To determine the significance of abnormal returns, a standardized cross-sectional test as suggested by Boehmer et al. (1991) was applied. The sample consists of 393 selloffs of publicly traded companies with a deal value of at least EUR 10m.

Findings

The findings confirm the overall positive impact of selloffs on shareholder wealth. The average abnormal return on the announcement day of the sample companies amounts to 1.33%. The type of buyer, the relative size of the transaction as well as the financial situation of the seller in particular seem to influence abnormal returns positively.

Originality/value

This study investigates shareholder wealth creation through selloffs in the DACH region, a largely neglected region in divestiture research, but now very relevant due to increasing pressure of active foreign investors. Sophisticated statistical methods were used to generate robust findings, which are in line with the results of similar studies for the US and the UK.

中文翻译：

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资产剥离对股东财富的影响– DACH案

目的

这项研究的目的是研究资产剥离对股东财富的影响。这项研究涵盖了2002-2018年期间德国，奥地利和瑞士（DACH地区）的上市公司的抛售。它旨在了解抛售对股东财富的总体影响以及重要影响因素的影响。

设计/方法/方法

这项研究是资本市场研究的一部分，该研究使用事件研究方法调查了股东的财富影响（超额收益）。为了确定异常收益的重要性，Boehmer等人建议采用标准化横截面试验。（1991）被应用。该样本包括393宗公开交易公司的抛售，交易额至少为1000万欧元。

发现

调查结果证实了抛售对股东财富的总体积极影响。样本公司公告日的平均非正常收益率为1.33％。买方的类型，交易的相对规模以及卖方的财务状况似乎都对异常收益产生积极影响。

创意/价值

这项研究调查了DACH地区（通过资产剥离研究在很大程度上被忽视的地区）通过抛售所创造的股东财富，但是由于活跃的外国投资者的压力越来越大，现在该研究非常相关。复杂的统计方法用于生成可靠的结果，这与美国和英国的类似研究结果一致。