Australian divestiture activity: An examination of gains to sell-off announcements

This study examines the source of gains associated with Australian divestiture activity, defined as a voluntary modification of the firm's productive assets by a sell-off of a complete operating division or wholly-owned subsidiary of the divesting firm The sell-off announcement produces positive average abnormal returns of 1.15% over the two-day announcement period. We conclude that the gains arise predominantly from divestitures that have a strategic focus as demonstrated by, first, the divested unit is unrelated to the firm's core activities (a strategic divestiture), second, the significance of the strategic variable in explaining the positive market reaction in regression analysis, and third, the finding of more significant results where the intended use of proceeds of the sell-off is for strategic purposes.

Job uncertainty and personal control during downsizing: A comparison of survivors and victims

This study developed and tested a model of job uncertainty for survivors and victims of downsizing. Data were collected from three samples of employees in a public hospital, each representing three phases of the downsizing process: immediately before the announcement of the redeployment of staff, during the implementation of the downsizing, and towards the end of the official change programme. As predicted, levels of job uncertainty and personal control had a direct relationship with emotional exhaustion and job satisfaction, In addition, there was evidence to suggest that personal control mediated the relationship between job uncertainty and employee adjustment, a pattern of results that varied across each of the three phases of the change event. From the perspective of the organization's overall climate, it was found that levels of job uncertainty, personal control and job satisfaction improved and/or stabilized over the downsizing process. During the implementation phase, survivors experienced higher levels of personal control than victims, but both groups of employees reported similar levels of job uncertainty. We discuss the implications of our results for strategically managing uncertainty during and after organizational change.

The nomenclature of style: Brutalism, Minimalism, art history and visual style in architecture journals

The naming of styles or movements is a basic mechanism of the architectural journals. The announcement of new tendencies, groups or philosophies, gives a journal its character as ‘news’, and if such terms are taken up in general discourse this demonstrates the prescience of the editor and enhances the repute of the journal. The announcement of phenomenon such as ‘critical regionalism’ or ‘deconstructivism’ referred architectural developments to a context in socio-politics or philosophy, and thus aimed to provide at least an initial resistance to their understanding as the formal styles which they quickly became. A different strategy, or occasion, which this paper will discuss, is where the name of an architectural moment is given in the traditional form of an art historical style. Here the nomenclature of style and a certain attitude to form is introduced as the starting point for a more open ended critical inquiry. Two examples of this strategy will be given. The first is Peter Reyner Banham and the Architecture Review’s promotion of ‘Brutalism’ as an anti-aesthetic which took its conceptual form from early twentieth century art movements, particularly Futurism. The second, identified with Architectural Design in the 1990’s is ‘Minimalism’, a term describing a strand of the visual arts of the 1960’s which can be understood as an attempt to nuance and add seriousness to the present rampant nostalgia for the style of the architecture of the 1960’s.