Corporate Spin-Offs and Capital Allocation Decisions

References

• Ambos TC, Birkinshaw J (2010) Headquarters’ attention and its effect on subsidiary performance. Management Internat. Rev. 50(4):449–469.Crossref, Google Scholar
• Aquila FJ (2015) Key issues when considering a spin-off. Practical Law June:20–27.Google Scholar
• Arrfelt M, Wiseman RM, Hult GTM (2013) Looking backward instead of forward: Aspiration-driven influences on the efficiency of the capital allocation process. Acad. Management J. 56(4):1081–1103.Crossref, Google Scholar
• Arrfelt M, Wiseman RM, McNamara G, Hult GTM (2015) Examining a key corporate role: The influence of capital allocation competency on business unit performance. Strategic Management J. 36(7):1017–1034.Crossref, Google Scholar
• Bardolet D, Lovallo D, Rumelt R (2010) The hand of corporate management in capital allocations: Patterns of investment in multi- and single-business firms. Indust. Corporate Change 19(2):591–612.Crossref, Google Scholar
• Bergh DD, Johnson RA, DeWitt RL (2008) Restructuring through spin-off or sell-off: Transforming information asymmetries into financial gain. Strategic Management J. 29(2):133–148.Crossref, Google Scholar
• Bigley GA, Wiersema MF (2002) New CEOs and corporate strategic refocusing: How experience as heir apparent influences the use of power. Admin. Sci. Quart. 47(4):707–727.Crossref, Google Scholar
• Billett MT, Mauer DC (2003) Cross-subsidies, external financing constraints, and the contribution of the internal capital market to firm value. Rev. Financial Stud. 16(4):1167–1201.Crossref, Google Scholar
• Bower JL (1970) Managing the Resource Allocation Process (Harvard University, Boston).Google Scholar
• Capron L, Mitchell W, Swaminathan A (2001) Asset divestiture following horizontal acquisitions: A dynamic view. Strategic Management J. 22(9):817–844.Crossref, Google Scholar
• Chandler AD (1962) Strategy and Structure: Chapters in the History of the Industrial Enterprise (MIT Press, Cambridge, MA).Google Scholar
• Chang SJ (1996) An evolutionary perspective on diversification and corporate restructuring: Entry, exit, and economic performance during 1981–89. Strategic Management J. 17(8):587–611.Crossref, Google Scholar
• Christensen CM, Bower JL (1996) Customer power, strategic investment, and the failure of leading firms. Strategic Management J. 17(3):197–218.Crossref, Google Scholar
• Coase RH (1937) The nature of the firm. Economica 4(16):386–405.Crossref, Google Scholar
• Comment R, Jarrell GA (1995) Corporate focus and stock returns. J. Financial Econom. 37(1):67–87.Crossref, Google Scholar
• Corley KG, Gioia DA (2004) Identity ambiguity and change in the wake of a corporate spin-off. Admin. Sci. Quart. 49(2):173–208.Crossref, Google Scholar
• Daley L, Mehrotra V, Sivakumar R (1997) Corporate focus and value creation: Evidence from spinoffs. J. Financial Econom. 45(2):257–281.Crossref, Google Scholar
• Desai H, Jain PC (1999) Firm performance and focus: Long-run stock market performance following spinoffs. J. Financial Econom. 54(1):75–101.Crossref, Google Scholar
• Feldman ER (2016) Corporate spinoffs and analysts’ coverage decisions: The implications for diversified firms. Strategic Management J. 37(7):1196–1219.Crossref, Google Scholar
• Feldman ER, Gilson SC, Villalonga B (2014) Do analysts add value when they most can? Evidence from corporate spinoffs. Strategic Management J. 35(10):1446–1463.Crossref, Google Scholar
• Gaba V, Joseph J (2013) Corporate structure and performance feedback: Aspirations and adaptation in M-form firms. Organ. Sci. 24(4):1102–1119.Link, Google Scholar
• Gertner RH, Powers E, Scharfstein DS (2002) Learning about internal capital markets from corporate spin-offs. J. Finance 57(6): 2479–2506.Crossref, Google Scholar
• Gilbert CG (2001) A dilemma in response: Examining the newspaper industry’s response to the Internet. Acad. Management Proc. August:D1–D6.Crossref, Google Scholar
• Gilson S (2000) Analysts and information gaps: Lessons from the UAL buyout. Financial Analysts J. 56(6):82–110.Crossref, Google Scholar
• Gilson S, Healy P, Noe C, Palepu K (2001) Analyst specialization and conglomerate stock breakups. J. Accounting Res. 39(3):565–582.Crossref, Google Scholar
• Golden BR, Ma H (2003) Mutual forbearance: The role of intrafirm integration and rewards. Acad. Management Rev. 28(3):479–493.Crossref, Google Scholar
• Haans RFJ, Pieters C, He Z-L (2016) Thinking about U: Theorizing and testing U- and inverted U-shaped relationships in strategy research. Strategic Management J. 37(7):1177–1195.Crossref, Google Scholar
• Hill CWL, Hoskisson RE (1987) Strategy and structure in the multiproduct firm. Acad. Management Rev. 12(2):331–341.Crossref, Google Scholar
• Hoskisson RE, Hill CWL, Kim H (1993) The multidivisional structure: Organizational fossil or source of value? J. Management 19(2):269–298.Crossref, Google Scholar
• John K, Ofek E (1995) Asset sales and increase in focus. J. Financial Econom. 37(1):105–126.Crossref, Google Scholar
• Jones GR, Hill CWL (1988) Transaction cost analysis of strategy-structure choice. Strategic Management J. 9(2):159–172.Crossref, Google Scholar
• Joseph J, Ocasio W (2012) Architecture, attention, and adaptation in the multibusiness firm: General Electric from 1951 to (2001) Strategic Management J. 33(6):633–660.Crossref, Google Scholar
• Khanna N, Tice S (2001) The bright side of internal capital markets. J. Finance 56(4):1489–1528.Crossref, Google Scholar
• Krishnaswami S, Subramaniam V (1999) Information asymmetry, valuation, and the corporate spin-off decision. J. Financial Econom. 53(1):73–112.Crossref, Google Scholar
• Lamont O (1997) Cash flow and investment: Evidence from internal capital markets. J. Finance 52(1):83–109.Crossref, Google Scholar
• Maksimovic V, Phillips G (2002) Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence. J. Finance 57(2):721–767.Crossref, Google Scholar
• March JG, Simon HA (1958) Organizations (John Wiley, New York).Google Scholar
• Markides CC (1992) Consequences of corporate refocusing: ex ante evidence. Acad. Management J. 35(2):398–412.Crossref, Google Scholar
• Miles JA, Woolridge JR (1999) Spin-Offs and Equity Carve-Outs: Achieving Faster Growth and Better Performance (Financial Executives Research Foundation, Morristown, NJ).Google Scholar
• Moschieri C (2011) The implementation and structuring of divestitures: The unit’s perspective. Strategic Management J. 32(4):368–401.Crossref, Google Scholar
• Ocasio W (1997) Towards an attention-based view of the firm. Strategic Management J. 18(S1):187–206.Crossref, Google Scholar
• Ozbas O, Scharfstein DS (2010) Evidence on the dark side of internal capital markets. Rev. Financial Stud. 23(2):581–599.Crossref, Google Scholar
• Penrose ET (1959) The Theory of the Growth of the Firm (John Wiley, New York).Google Scholar
• Powers EA (2001) Spinoffs, selloffs and equity carveouts: An analysis of divestiture method choice. Working paper, University of South Carolina.Google Scholar
• Rajan R, Servaes H, Zingales L (2000) The cost of diversity: The diversification discount and inefficient investment. J. Finance 55(1):35–80.Crossref, Google Scholar
• Scharfstein DS (1998) The dark side of internal capital markets II: Evidence from diversified conglomerates. Working paper, Harvard Business School, Boston.Crossref, Google Scholar
• Scharfstein DS, Stein JC (2000) The dark side of internal capital markets: Divisional rent-seeking and inefficient investment. J. Finance 55(6):2537–2564.Crossref, Google Scholar
• Semadeni M, Cannella AA (2011) Examining the performance effects of post spin-off links to parent firms: Should the apron strings be cut? Strategic Management J. 32(10):1083–1098.Crossref, Google Scholar
• Seward JK, Walsh JP (1996) The governance and control of voluntary corporate spin-offs. Strategic Management J. 17(1):25–39.Crossref, Google Scholar
• Shaver JM, Mezias JM (2009) Diseconomies of managing in acquisitions: Evidence from civil lawsuits. Organ. Sci. 20(1):206–222.Link, Google Scholar
• Shin HH, Stulz RM (1998) Are internal capital markets efficient? Quart. J. Econom. 113(2):531–552.Crossref, Google Scholar
• Simon HA (1947) Administrative Behavior: A Study of Decision-Making Process in Administrative Organization (Free Press, New York).Google Scholar
• Sull DN (1999) The dynamics of standing still: Firestone Tire and Rubber and the radial revolution. Bus. History Rev. 73(3):430–464.Crossref, Google Scholar
• Tripsas M (2009) Technology, identity, and inertia through the lens of “The Digital Photography Company.” Organ. Sci. 20(2):441–460.Link, Google Scholar
• Vierreger C (2012) Strategic capital allocation: Do firms really allocate capital so inefficiently? Working paper, Drake University, Des Moines, IA.Google Scholar
• Wiersema MF, Bantel KA (1992) Top management team demography and corporate strategic change. Acad. Management J. 35(1):91–121.Crossref, Google Scholar
• Zuckerman EW (2000) Focusing the corporate product: Securities analysts and de-diversification. Admin. Sci. Quart. 45(3): 591–619.Crossref, Google Scholar