O rganizational P rospects , I nfluence C osts , and O wnership C hanges

作者：Margaret Meyer, Paul Milgrom, John Roberts · 发表于：Journal of Economics & Management Strategy · 年份：1992 · DOI：10.1111/j.1430-9134.1992.00009.x · 被引用次数：472 · 研究领域：Corporate Finance and Governance、Taxation and Compliance Studies、Merger and Competition Analysis

We augment efficiency‐based theories of ownership by including influence costs. Our principal conclusion is that the prospect of organizational decline and layoffs creates additional influence costs in multiunit organizations that would be absent if there was no prospect of layoffs and would be lessened or eliminated in focused organizations. This helps explain the tendency of firms to divest poorly performing units, as well as the pattern of sales of such units to firms already in businesses related to that of the divested unit.