This study develops a framework providing guidance in examining when exit decisions might be driven by resource redeployment versus divestment. Exploratory analyses of the global retail sector show patterns largely consistent with conventional explanations of exit through divestment. We also provide the first large-scale empirical evidence consistent with redeployment motives of exit. In particular, by focusing on the potential for redeployment of fixed assets (i.e., physical stores) across portfolio businesses, results show that market exit is more likely when there are combinations of lower resource adjustment costs, higher external transaction costs, and positive inducements. Under the same conditions, we also document a strong correlation between the number of fixed assets of an exiting business and the growth in fixed assets of its surviving siblings.

中文翻译：

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市场退出和资源重新配置的潜力：来自全球零售业的证据

本研究开发了一个框架，为检查何时可能由资源重新部署与撤资驱动退出决策提供指导。对全球零售业的探索性分析显示的模式与通过撤资退出的传统解释基本一致。我们还提供了第一个与退出的重新部署动机一致的大规模经验证据。特别是，通过关注跨投资组合业务重新配置固定资产（即实体店）的潜力，结果表明，当资源调整成本较低、外部交易成本较高和积极诱因相结合时，市场退出的可能性更大。在同等条件下，