No one knows; especially not Boards
As the case in point, consider the coaching changes in one football code in Aus:
Des Hasler gets fired at the Manly, goes to the Bulldogs, achieves nothing and is hired back to at Manly.
Clearly gets fired at Panthers, goes to Tigers, achieves nothing and is hired back to Panthers.
Maguire wins a premiership at Souths, but gets fired anyway. But is considered a great catch at Tigers.
Bennet is lured back to Broncos after being fired, then fired again, and replaced by a guy (Seibold) who was let go at his previous club.
The same goes for corporate strategy.
For every company selling off a division, or a piece of commercial real estte for instance, there is another company (and board) who thinks it is a great idea to buy that division or that property.
And the reasons are always found in the analysis of ‘our unique circumstances’. But basically people (especially executives) simply justify a decision they have already made.
They are no different to the reasons you and I make up to justify buying someone else’s second-hand car.
There are reasons to believe in your decision, but no one knows for sure. Just making shit up as we go.
The difference is of course that some are paid more than others to do that. That is the way the market works.