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Corporate diversification, refocusing and shareholder voting

Tokbolat, Yerzhan; Le, Hang; Thompson, Steve


Yerzhan Tokbolat

Associate Professor

Steve Thompson


We examine if shareholders' attitude towards firm diversification strategy is revealed in their votes on management-initiated acquisition and divestment proposals using data on voting by shareholders of UK public firms between 1997 and 2019. We find that voting dissent is higher for diversifying acquisitions and lower for refocusing divestments, especially when these involve diversified firms. We also find a negative relationship between diversification premium and voting dissent. Our results provide evidence that diversification characteristics of firms and deals have a significant impact on shareholders' dissent in acquisitions and divestments.


Tokbolat, Y., Le, H., & Thompson, S. (2021). Corporate diversification, refocusing and shareholder voting. International Review of Financial Analysis, 78, Article 101924.

Journal Article Type Article
Acceptance Date Oct 14, 2021
Online Publication Date Oct 19, 2021
Publication Date 2021-11
Deposit Date Mar 1, 2022
Publicly Available Date Oct 20, 2023
Journal International Review of Financial Analysis
Print ISSN 1057-5219
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 78
Article Number 101924
Public URL
Publisher URL


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