Parent Firms' Long-run Performance and Affecting Factors following Spinoffs
| Autor: | Kuan-Ting Liu, 劉冠廷 |
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| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 This study examines the long-run performance of firms that conduct spinoffs. The results show that the parent firms perform better than their matching firms after spinoffs, implying that spinoffs can increase the efficiency of firms'' operations. Parent firms that conduct focus-increasing spinoffs and operate in the high-tech industries tend to exhibit better performance, implying that the post-spinoff extra value is at least partly generated from the avoidance of inefficiency of capital allocation. Using analysts following and credit ratings as proxies as information asymmetry, we find that this two factors positively affect the long-run performance of spinoffs. In addition, I find that the higher degree of industry concentration, the worse long-run performance. This finding reveals that spinoffs driven by industry competition can force the parent firm to operate more efficiently. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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