While recent studies indicate that value-based management (VBM) helps owners in aligning managerial interests (i.e., decision-influencing role), little evidence is provided for its support in managerial decision-making (i.e., decision-facilitating role). We investigate whether the depth of VBM implementation and contextual factors may determine VBM’s decision-facilitating role. We investigate our research question on a dataset of 1,774 divestitures by European firms between 2005 and 2016. Divestitures allow for the analysis of managerial decision-making in situations where managerial self-interest is less pronounced and, thus, where VBM’s decision-facilitating role can be differentiated from its decision-influencing role. Our empirical results indicate that VBM implementation down to the business-unit level is positively associated with divestiture returns, while we find no such effect if VBM implementation is limited to the corporate level. Further empirical tests indicate that this positive association is contingent on a high dispersion of the costs of capital across a firm’s business portfolio. In sum, our study indicates that VBM can facilitate managerial decision-making when firms consider its depth of implementation and firm-specific information needs.

尽管最近的研究表明，基于价值的管理（VBM）可帮助所有者调整管理利益（即，影响决策的角色），但很少有证据表明其支持管理决策（即，促进决策的角色））。我们调查了VBM实施的深度和上下文因素是否可以确定VBM的决策促进作用。我们在2005年至2016年间对欧洲公司进行的1,774宗资产剥离的数据集上调查了我们的研究问题。在管理者自身利益不太明显，因此VBM的决策促进角色可以发挥作用的情况下，剥离可以分析管理者的决策。区别于其决策影响力。我们的经验结果表明，将VBM实施降到业务部门水平与资产剥离收益呈正相关，而如果将VBM实施限于公司水平，则不会发现这种影响。进一步的经验检验表明，这种正向联系取决于公司业务组合中资本成本的高度分散。总而言之，我们的研究表明，当企业考虑实施的深度和企业特定的信息需求时，VBM可以促进管理决策。