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Seller Responsiveness to the Need to Divest

Ann K. Buchholtz

University of Georgia

Michael Lubatkin

University of Connecticut and Groupe ESC/Lyon

Hugh M. O’Neill

University of North Carolina

Little theoretical attention has been given to divestiture; that is, to the question of why two firms that face similar environments make different selling decisions and reap different performance outcomes from a sale. This article proposes a framework of divestiture built around the core concept of seller responsiveness, which is defined as the readiness of the management at the selling firm to respond to the need to divest. The data show how divestiture context, management characteristics, and governance attributes influence seller responsiveness and, in turn, the price the divesting firm receives. Finally, the framework’s implications for research and practice are discussed.

Journal of Management, Vol. 25, No. 5, 633-652 (1999)
DOI: 10.1177/014920639902500502
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This article has been cited by other articles:


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M. Brauer
What Have We Acquired and What Should We Acquire in Divestiture Research? A Review and Research Agenda
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What Constrains or Facilitates Divestitures of Formerly Acquired Firms? The Effects of Organizational Inertia
Journal of Management, February 1, 2005; 31(1): 50 - 72.
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