000			01782naa a2200253uu 4500
001			6041811065821
003			OSt
005			20190211161057.0
008			060418s2006 xx ||||gr |0|| 0 eng d
100	1		_aKUMAR, M. V. Shyam _924842
245	1	0	_aThe value from acquiring and divesting a joint venture : _ba real options approach
260			_aUK : _bWiley, _cApril 2005
520	3		_aThis study examines the value created from acquiring and divesting a joint venture. Unlike previous research which focuses on parent firm factors, the study examines value in light of the reason behind the termination of the venture and the characteristics of the target market. Consistent with the real options view, the paper finds that ventures divested to refocus a parent firm's product market portfolio were associated with significant value creation. In contrast, ventures acquired with the objective of growth and expansion in a target market, while not associated with significant value creation, did not destroy value either. Apart from these results, the paper also finds that acquirers and divesters gained lesser value when they terminated ventures in uncertain and concentrated industries. These latter findings highlight an important caveat with regard to termination: joint ventures confer valuable flexibility which is also forgone once they are terminated. Implications are discussed.
650		4	_aJoint ventures _918206
650		4	_aReal options _924843
650		4	_aTermination _924844
650		4	_aEvent study _924845
650		4	_aCompra _912071
650		4	_aDivestitures _924846
773	0	8	_tStrategic Management Journal _g26, 4, p. 321-331 _dUK : Wiley, April 2005 _xISSN 0143-2095 _w
942			_cS
998			_a20060418 _b1106^b _cNatália
998			_a20091214 _b1459^b _cDaiane
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c15658 _d15658
041			_aeng