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1 – 10 of over 65000
Article
Publication date: 12 February 2018

Dung Pham, Thanh Nguyen and Hari Adhikari

The purpose of this paper is to examine two different choices of corporate divestiture for US firms: selling off assets to public firms or issuing stocks in equity…

Abstract

Purpose

The purpose of this paper is to examine two different choices of corporate divestiture for US firms: selling off assets to public firms or issuing stocks in equity carve-outs. The authors identify industry-related, firm-specific, deal-related and market-timing factors that influence the choice between the two methods of divestiture.

Design/methodology/approach

The authors use the univariate tests, logistic regressions and buy-and-hold excess return computations to identify industry-related, firm-specific, deal-related and market-timing factors that influence the choice between the two methods of divestiture.

Findings

The results show that industry concentration, relative “hotness” of the equity carve-out market, market values of divested units and firm’s growth opportunities are all positively related to the probability of an equity carve-out selection. In contrast, firms in financial service industry, firms that divest smaller units and firms with higher asymmetric information mainly choose to divest assets through asset sell-offs. The findings also indicate that firms with higher leverage and/or higher cash flow constraint show a stronger likelihood for choosing either the equity carve-out option or asset sell-off with cash payment over asset sell-off with stock payment. In the long run, firms that sell-off their assets experienced better performance relative to firms that choose to carve-out.

Research limitations/implications

The authors recognize several limitations of this study. First, the findings use the data collected in the US market. These findings may not be necessarily true to non-US firms. Therefore, one possible extension of this paper is to further examine the determinants that drive the methods of divestiture for non-US firms. Second, the authors have not examined the association between the choices of divestiture and the subsequent long-term operating performance of the firms. This could be another interesting direction for research in the future.

Practical implications

The findings have some implication for the divestiture literature by providing a set of determinants which play important roles on firms’ choice between an asset sell-off and an equity carve-out. The findings also have important implications for a potential acquirer who is interested in buying a firm’s subsidiary. Specifically, by analyzing the aforementioned influencing factors, the acquirer might foresee the possibility of a carve-out method and plan its bidding offer accordingly. From investors’ perspective, knowing which factors affect firms’ divesting methods and their subsequent long-run stock performance is undoubtedly beneficial to their investment strategies.

Originality/value

Prior research has attempted to address the reasons why firms divest or the outcomes of those actions. This paper focuses on the factors that influence the choice of sell-off versus carve-out once the decision to divest has been made. In addition, the authors look at a wide range of factors including industry-related, firm-specific, deal-related and market timing.

Details

Review of Accounting and Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1475-7702

Keywords

Article
Publication date: 1 February 1988

Shannon Shipp, Kenneth J. Roering and Richard N. Cardozo

Many industrial firms are adopting new selling methods such as telemarketing, national account management, and the like. Unfortunately, there are few guidelines for…

Abstract

Many industrial firms are adopting new selling methods such as telemarketing, national account management, and the like. Unfortunately, there are few guidelines for division managers who pioneer the use of these techniques in their firms, particularly in terms of changes in appraisal, coordination, and planning systems that accompany the adoption of new selling methods. This article details the development and implementation of new selling methods at an industrial firm, and provides guidelines to managers for using these techniques in their own firms.

Details

Journal of Business & Industrial Marketing, vol. 3 no. 2
Type: Research Article
ISSN: 0885-8624

Article
Publication date: 23 February 2018

Maurits Kaptein, Richard McFarland and Petri Parvinen

This paper aims to develop and test a method of automating, for online retailers, the practice of adaptive selling, which is typically used by salespeople in face-to-face…

1514

Abstract

Purpose

This paper aims to develop and test a method of automating, for online retailers, the practice of adaptive selling, which is typically used by salespeople in face-to-face interactions. This method customizes persuasive messages for individual customers as they navigate a retailer’s website.

Design/methodology/approach

This paper demonstrates a method for the online implementation of automated adaptive selling using sales influence tactics. Automated adaptive selling is compared to nonadaptive selling in three e-commerce field studies.

Findings

The results reveal that adaptive selling is more effective than nonadaptive selling. The click-through rates increased significantly when adaptive selling was used.

Research limitations/implications

This paper highlights the effectiveness of existing theories concerning adaptive human-to-human selling and their utility to online selling. The authors demonstrate the added value of adaptive selling in e-commerce, thereby opening up a novel area of research into adaptive selling online. While the paper focuses on the adjustment of sales influence tactics, other factors could be investigated for adjustment in future research (e.g. prices).

Practical implications

The methods, described in detail, are readily available for implementation by online retailers. The implementations are timely and increasingly valuable as e-commerce expands into interpersonal channels (e.g. instant messengers and social media).

Originality/value

To the authors’ knowledge, this paper is the first to formally implement automated adaptive selling as described in the ISTEA model in an e-commerce setting.

Details

European Journal of Marketing, vol. 52 no. 5/6
Type: Research Article
ISSN: 0309-0566

Keywords

Article
Publication date: 1 January 1983

ED Clark

How salespeople actually sell, their attitudes and behaviour, has been largely overlooked by retail management and journals alike, immersed as they have been in pressing…

Abstract

How salespeople actually sell, their attitudes and behaviour, has been largely overlooked by retail management and journals alike, immersed as they have been in pressing issues such as survival in a modern technological world. That such little consideration has been given to the salesperson has relegated her/him to the bottom rung of the retail ladder, with scant attention paid to the skills involved in selling transactions. E D Clark attempts to counterbalance this, and underlines the need for further research.

Details

Retail and Distribution Management, vol. 11 no. 1
Type: Research Article
ISSN: 0307-2363

Article
Publication date: 1 March 1991

David W Cravens, Thomas N Ingram and Raymond W LaForge

Presents a portfolio model for multi‐sales channel effortdeployment. Shows how the approach can help sales management restructuresales channels. Notes that combining an…

1106

Abstract

Presents a portfolio model for multi‐sales channel effort deployment. Shows how the approach can help sales management restructure sales channels. Notes that combining an organization′s selling effort into multiple sales channels can be facilitated through an analytical approach that considers variations in customer requirements, buying power and contact costs. Concludes that implementing a successful multiple sales channel strategy offers impressive productivity opportunities.

Details

Journal of Business & Industrial Marketing, vol. 6 no. 3/4
Type: Research Article
ISSN: 0885-8624

Keywords

Article
Publication date: 1 June 1979

Peter Hammann

The strength of personal selling lies in the fact that it allows for communicative interchange, a process more subtle but, at the same time, more hazardous than classical…

3854

Abstract

The strength of personal selling lies in the fact that it allows for communicative interchange, a process more subtle but, at the same time, more hazardous than classical methods such as advertising, which rely on one‐way communication. In terms of efficiency, communicative interchange results in a reduction of reach losses; it is of primary importance in the marketing of commodities which have to be explained or demonstrated to the buyer and particularly, therefore, in industrial marketing and the marketing of services. It is recognised, however, that personal selling is a relatively expensive means of communication.The author undertakes a taxonomical review of the various constituents of the personal selling scene, analysing the tasks involved and the composition of the sales force. In the latter half of the monograph he selects certain sales force management problems of special importance to discuss in greater detail with regard to the optimisation of efficiency and job statisfaction.

Details

European Journal of Marketing, vol. 13 no. 6
Type: Research Article
ISSN: 0309-0566

Keywords

Article
Publication date: 16 November 2015

Thomas L. Powers

– The purpose of this paper is to provide a retrospective review of an early marketing text, Marketing Methods (1918) by Ralph Starr Butler.

317

Abstract

Purpose

The purpose of this paper is to provide a retrospective review of an early marketing text, Marketing Methods (1918) by Ralph Starr Butler.

Design/methodology/approach

Marketing Methods is summarized, and perspectives of scholars that have occurred since its publication are provided.

Findings

Marketing Methods represents the first college textbook to use the term “marketing” and, thus, represents a major and important early work in the field.

Originality/value

This review of Marketing Methods provides a retrospective on the development, structure, critical reviews and influence of this text.

Details

Journal of Historical Research in Marketing, vol. 7 no. 4
Type: Research Article
ISSN: 1755-750X

Keywords

Article
Publication date: 1 September 2003

Julie Youngs

An investigation into the viability, sustainability and future developments of farmers’ markets in North West England was carried out in 2001. For this purpose, the…

1335

Abstract

An investigation into the viability, sustainability and future developments of farmers’ markets in North West England was carried out in 2001. For this purpose, the attitudes of consumers, traders and organisers were surveyed. A primary research study was developed specifically to study North West farmers’ markets and to survey consumer attitudes to other direct selling initiatives. Both qualitative and quantitative methods were used for data collection. A total of 34 farmers’ markets were active in the North West .The highest density was found in Cumbria. Over half of the markets in the North West were thriving or developing. However, more than 60 per cent of those in Lancashire were classified as surviving. Findings showed that customer loyalty was a key factor. A lack of funding for promotion and low produce diversity were identified as major problems. The study concluded that there appears to be a potential for growing and sustainable farmers’ markets, provided that the problems identified by this study are addressed.

Details

British Food Journal, vol. 105 no. 8
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 1 July 1969

RARELY can organization and methods techniques have received a bigger boost than has come to them through the publicity attending the latest issue of the O & M Bulletin

Abstract

RARELY can organization and methods techniques have received a bigger boost than has come to them through the publicity attending the latest issue of the O & M Bulletin. Some work study people are already aware of this publication; those who are not can easily become acquainted with it by sending a crossed cheque or postal order for twelve shillings to the editor. This covers a year's subscription and HM Stationery Office, in whose favour the remittance should be crossed, will attend to renewals.

Details

Work Study, vol. 18 no. 7
Type: Research Article
ISSN: 0043-8022

Article
Publication date: 5 November 2020

Nishani Champika Wickramaarachchi, Seetha Kusum Chandani and Malka Thilini

Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also…

Abstract

Purpose

Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also uncertainties about the marketing period risk. Predicting when the incurred money is being realized is difficult because of the imperfect nature of the real estate market. Thus, the purpose of this study is to analyze the variables that explain the time on the market (TOM) of housing units, identifying the relationships in-between and the effects on TOM of residential properties.

Design/methodology/approach

Following a multi-stage sampling process, a random sample of 120 housing units was selected. Data were collected using a self-administered questionnaire. The questionnaire contained 57 variables that can affect TOM. Semi-structured interviews were conducted to confirm some of the data and information on residential units from the developers. Direct observations were conducted to verify certain physical attributes and, finally, they were comprehensively analyzed using quantitative analysis techniques in SPSS 16.0 Statistical package.

Findings

Results confirmed that lesser advertising prices, attractive environment, proximity to the city center and proper shape of lands reduce the TOM. Similarly, higher prices, longer distance to the city center and irregular shape of land increase the TOM. The results strengthen the necessity of a comfortable environment appropriate to live, probably with greenery or water bodies, which is a key influential factor that reduces the TOM in Sri Lanka.

Originality/value

wIn the Sri Lankan context, there are few contributions to the real estate literature in this regard. Many scholars have concentrated on physical and economic characteristics, whereas this research adds the environmental factors. Therefore, this research makes a significant contribution to the body of knowledge in this area, as it puts more attention on including several variables, as well as newly introduced variables as determinants. Consumers can apply the research findings to assess the relative importance of housing attributes and services which they perceive most valuable, and then to make their purchase decisions. The findings also contribute to the investigations of the behavior of housing attributes and enable knowing as to what factors are to be promoted and what to be omitted to gain a shorter TOM.

Details

International Journal of Housing Markets and Analysis, vol. 14 no. 5
Type: Research Article
ISSN: 1753-8270

Keywords

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