Academic literature on the topic 'Spin-off corporativa'

Esta propuesta utiliza el caso del Antigüo Grupo Empresarial Bavaria para analizar tres aspectos relacionados con la diversificación no relacionada y el proceso de spin off de las firmas. Primero se establece que las empresas con unidades de negocio caracterizadas por excesos de liquidez, se diversifican de manera no relacionada, debido a que la existencia de un mercado interno de capitales, les permite derribar sus restricciones de financiación e incrementar la rentabilidad corporativa. Segundo, se demuestra que la decisión de diversificación de un gerente corporativo es inversamente proporcional a la magnitud del costo esperado por la dilución de esfuerzo del gerente de la nueva unidad de negocio. Y finalmente, se muestra como la diversificación no relacionada presenta un límite en su contribución al incremento de la rentabilidad corporativa, en cuyo caso se puede inducir la decisión de realizar un spin off, para delimitar, especializar y mejorar la calidad de las decisiones de asignación de recursos. Se concluye que lo anterior puede explicar porque en algunos grupos económicos se observan ciclos de diversificación y ciclos de enfoque. Cuando el grupo económico desea incrementar la rentabilidad inicia su proceso de diversificación, una vez llega al umbral que hace que la probabilidad de acierto en sus decisiones de inversión se reduzca, entonces empieza nuevamente su proceso de enfoque, realizando separación de sus unidades no relacionadas. Este ciclo se puede repetir en el desarrollo histórico de un grupo empresarial.

Una spin-off es una estrategia de desinversión corporativa en la cual una firma es dividida en dos(o más) empresas independientes, pero bajo la propiedad de los accionistas de la compañía matriz. Este estudio evalúa el efecto en los retornos accionarios de la spin-off anunciada por la Compañía Sud Americana de Vapores (CSAV) en septiembre de 2011. Esto, con el propósito de extraer lecciones acerca de la implementación de una determinada estrategia corporativa y sus efectos en la riqueza delos accionistas, en el contexto de un mercado emergente y relativamente pequeño como el mercado bursátil chileno. Usando la metodología de estudio de eventos se estudia el efecto en el retorno accionario de CSAV de: el ingreso del Grupo Luksic a la propiedad de CSAV; el anuncio de la spin-off de CSAV; yla aprobación de los accionistas de CSAV del aumento de capital por USD1.200 millones. En el primer evento la acción de CSAV registra retornos anormales positivos y significativos en el día t=0 y el CAR al día t=+10 también es positivo y significativo, lo que muestra una favorable reacción del mercado. En el segundo evento se aprecian retornos anormales negativos y significativos desde el día t=0 hasta el día t=+2, evidenciando una negativa reacción del mercado ante el anuncio de la spin-off y una pérdida de riqueza por parte de los accionistas. Según los tres métodos, el CAR al día t=+10 es negativo y estadísticamente significativo, y fluctúa entre -18,65% y -24,91%. En el tercer evento, dos (de tres) modelos registran retornos anormales negativos y significativos en el día t=0, no obstante el CAR al día t=+10 es no significativo.

Una spin-off es una estrategia de desinversión corporativa en la cual una firma es dividida en dos(o más) empresas independientes, pero bajo la propiedad de los accionistas de la compañía matriz. Este estudio evalúa el efecto en los retornos accionarios de la spin-off anunciada por la Compañía Sud Americana de Vapores (CSAV) en septiembre de 2011. Esto, con el propósito de extraer lecciones acerca de la implementación de una determinada estrategia corporativa y sus efectos en la riqueza delos accionistas, en el contexto de un mercado emergente y relativamente pequeño como el mercado bursátil chileno. Usando la metodología de estudio de eventos se estudia el efecto en el retorno accionario de CSAV de: el ingreso del Grupo Luksic a la propiedad de CSAV; el anuncio de la spin-off de CSAV; yla aprobación de los accionistas de CSAV del aumento de capital por USD1.200 millones. En el primer evento la acción de CSAV registra retornos anormales positivos y significativos en el día t=0 y el CAR al día t=+10 también es positivo y significativo, lo que muestra una favorable reacción del mercado. En el segundo evento se aprecian retornos anormales negativos y significativos desde el día t=0 hasta el día t=+2, evidenciando una negativa reacción del mercado ante el anuncio de la spin-off y una pérdida de riqueza por parte de los accionistas. Según los tres métodos, el CAR al día t=+10 es negativo y estadísticamente significativo, y fluctúa entre -18,65% y -24,91%. En el tercer evento, dos (de tres) modelos registran retornos anormales negativos y significativos en el día t=0, no obstante el CAR al día t=+10 es no significativo.

O spin-off corporativo se configura como alternativa eficiente na expansão do empreendedorismo, pois apresenta taxa de crescimento expressiva e capacidade de inovação decorrente da experiência adquirida na organização-mãe. Nesse contexto, este estudo se propõe a analisar o surgimento de spin-offs corporativos sob a perspectiva da relação com a organização-mãe por meio da adaptação do modelo de Tubke (2005), combinado com os recursos do modelo de Clarysse et al. (2005). Adotou-se a estratégia de pesquisa de estudo de casos múltiplos, com dois casos, nos quais foram considerados como unidades de análise as organizações-mãe e os spin-offs. Os dados foram coletados por meio de entrevista semiestruturada e foram tratados com a análise de conteúdo categorizada em temas. Dentre os resultados, observou-se que o tipo de ligação e os recursos fornecidos contribuem para a consolidação dos novos negócios. Adicionalmente, verificou-se que a organização-mãe tende a apoiar casos em que o spin-off faça parte de sua cadeia de valor.

The author uses the case of Displaytech, Inc to illustrate the selection, formation and structure of successful university spin-off corporations at the University of Colorado Foundation. He highlights the key factors that have contributed to the success of University Research Corporation, a for-profit subsidiary set up by the Foundation to deal with equity and royalty income from spin-off ventures. Still using the case of Displaytech as an example, the author also explores the risks involved in university-sponsored new ventures. Advice is offered on corporate structure, reward systems, attainment of consensus, protection against liability, and equities and royalties.

The Xerox Corporation has devised several strategies for managing the numerous spin-off firms that independently commercialized many of its technologies. From 1979 to 1998, thirty-five technology-based organizations emerged from Xerox's research centers. Contradicting the common perception that Xerox “fumbled the future” by letting its technology walk out the door, in fact the company set in motion a series of deliberate initiatives to manage its spin-off organizations. After initially adopting a laissez-faire approach, the company soon turned to ad hoc methods, which evolved into a formal internal venture capital structure and culminated in a triage process, with the result that only companies perceived by Xerox as fitting into its overall corporate strategy were retained. By using spin-offs to withdraw gracefully from areas it considered to be marginal, Xerox for feited the potential to realize value from their research. Some, but not all, of the spin-offs obtained venture capital financing from outside sources and thus prospered independently. Their success demonstrated the opportunity that Xerox missed in managing its spin-offs.

Purpose The purpose of this paper is to explore the inter-organisational dynamics, in terms of the triggers to spin-off formation and the genealogical inheritance of spin-offs, between a parent characterised by an adverse event and the spin-offs that emerge. The study focusses on the nature of the triggering event, exploring the heterogeneous nature of the processes by which some spin-offs are formed to exploit new opportunities created unexpectedly by an adverse event, and on the genealogical inheritance that forms the pre-entry experience of the founder. Design/methodology/approach A case study based on interview data with founders of spin-offs, supplemented with interviews with managers and industry experts, and with secondary data sources. The case study is of the spin-offs from a successful firm, Élan Corporation, reported to be the world’s 20th largest drug firm in 2002, that experienced an adverse event in 2002. The Élan case offers the opportunity to focus exclusively on what Buenstorf (2009) refers to as necessity spin-offs. Prior to collecting data it was necessary to identify the population of spin-offs from Élan. Findings This study extends existing research by identifying “opportunistic spin-offs”: spin-offs that occur in the wake of an adverse event where the entrepreneur exploits an unexpected opportunity to engage in entrepreneurship but does not feel compelled to establish the spin-off. These spin-offs are characterised by “unexpected opportunities”, “opportunistic acquisition of assets” and, perhaps reflecting the seniority and experience of those involved, “alternative employment opportunities”. Originality/value Understanding the process of spin-off formation is important because it provides insight into how and why individuals initiate new ventures. Spin-offs are an important source of new firms and an important mechanism in the process of industry evolution. The study contributes to the literature on spin-offs by providing evidence of the heterogeneous nature of spin-offs that occur in the aftermath of an adverse event, leading to the classification of some spin-offs as “opportunistic spin-offs”. The study contributes to the entrepreneurship literature by demonstrating that an important trigger for venture creation is unexpected changes in an individual’s employment circumstances.

Purpose The purpose of this paper is to identify the minimum conditions for the formation of an ecosystem that favours the emergence of spin-offs whose parent company is a family business. Design/methodology/approach Three family companies that have experienced processes supporting the creation of new companies led by family members were used for this exploration. Findings The findings show that it is possible to form an ecosystem with five basic components from which other factors of a different kind are derived, and that would favour the minimum conditions for new companies to emerge from the family business. Originality/value Spin-off companies have received valuable recognition in recent years. The vast majority of research on spin-offs considers those arising under the protection of a private innovation centre, a corporation, or university. This research gives more breadth to this coverage, by studying the emergence of spin-offs that rely on the family business as the parent company.

The license agreement between the Italian Fiat and the Yugoslav Crvena Zastava, signed in 1954, was the first commercial arrangement and enterprise between a Western corporation and a socialist country in the post-war era. The Yugoslav side expected the establishment of the modern automobile industry to have a spin-off effect, helping to modernise the entire industrial sector. However, this ambitious plan failed to materialise, leaving the country with Western-type automobiles, which often fell below even East European quality standards. As it was linked to almost the entire industrial sector, the underperformance of the Yugoslav automobile industry can be understood as both a reason for and indication of a dangerously overstretched political and economic system. In particular, the ‘ethnic key’ policy and so-called workers’ self-management were bottlenecks in reaching successful outcomes, only further fuelling Yugoslav contradictions instead of helping to modernise the Yugoslav economy.

Twenty-years ago groups from California to Massachusetts were actively involved in the development of an artificial heart. From biomaterials development to biomedical power sources, the supporting industry and spin-off benefit was broad indeed. Young people were seeking careers in biomedical engineering and science. The National Institutes of Health was supporting artificial heart research at $10 to $12 million dollar levels. Groups at Andros, Inc. (now Baxter Novacor) and Stanford, Thoratec, Penn State and the Hershey Medical Center, Cleveland Clinic and the Division of Artificial Organs, the University of Utah, the Texas Heart Institute and the Baylor College of Medicine, Thermal Electron Corporation, and many more were the source of research and breakthrough development of pumps and systems for artificial hearts. We reported on performance criteria for an artificial heart pump at the First Biomechanics Symposium in 1973 [1]. By the beginning of the decade of the 90’s, thousands of presentations had been made and manuscripts written reporting significant progress in the development of artificial heart pumps and systems. The Heart, Lung and Blood Institute of the National Institutes of Health was supporting an artificial heart contract research and development program at a level of $6 million dollars in 1991 [2]. Broad basic research grant activity also continues. The National Institutes of Health’s artificial heart program received renewed support from the Institute of Medicine’s special review in 1991 [3]. In December of 1992, the 16th Annual Cardiovascular Science and Technology Conference attracted over 500 attendees. This annual conference has provided a continuing forum for an update on progress in artificial heart development.

Estudo sobre spin-offs corporativas, que tem por objetivo apresentar uma proposta de Plano de Negócio para esse tipo de empresa. Foi elaborado a partir da comparação entre a experiência prática do autor e o disposto na teoria sobre spin-offs corporativas e planos de negócios; e estruturado conforme metodologia de pesquisa para o Mestrado Profissional. Agrega coleta de dados descritiva, estudo de casos, proposição do modelo e validação externa com especialistas no tema. São apresentados dois casos de implantação de spin-offs corporativas em empresas no segmento de turismo no Brasil com descrição dos planos de negócio utilizados em ambas. Foi consultada a teoria sobre spin-off corporativa para correta definição desse tipo de empresa e seus principais aspectos, o que a diferencia de uma spin-off acadêmica, bem como sua relevância para os negócios. Foram também consultados dois planos de negócio teóricos de entidades de incentivo ao empreendedorismo no Brasil e nos Estados Unidos. Após análise comparativa dos quatro planos de negócio e validação com dois especialistas, identificou-se que a relação entre empresa mãe e spin-off é um aspecto crítico desse negócio, bem como a carência de ferramentas para desenho de modelos de negócios. Por fim foi sugerido um padrão de Plano de Negócios para atender as necessidades especificas de implantação de spin-offs corporativas.
Research about corporate spin-offs which aims to present a Business Plan model to this kind of company. Was created by the comparison of author\'s experience and the theory about spin-off and business plan; and was formulated according to the study methodology of the Professional Masters, which combines descriptive data collecting, case studies, a model\'s proposition and external validation with specialists in this field of knowledge. Are presented two cases of spin-off implementation in brazilian tourism companies with theirs business\'s plan description. Were consulted the corporate spin-off theory in order to base the precisely definition of this kind of company and its business relevance. Were also consulted theoretical business plan of agencies of entrepreneurship\'s fostering on Brazil and United States. After comparative analysis of the four business plans and also a specialists\'s validation, was found that the relationship between the parent firm and the spin-off is an critical aspect of this kind of business as well the lack of tools to draw its business model. Ultimately was proposed a Business Plan model to ensure the specific needs of corporate spin-off implementation

Las diferencias existentes entre la teoría financiera y las estrategias administrativas no han llegado a tener una participación conjunta en beneficio de la maximización de rendimientos que ellos siempre han atendido de manera independiente. Bavaria es uno de los pocos casos documentados académicamente para ser usado como caso de estudio en Latinoamérica, y es porque cuando estuvo en la administración del Grupo Santo Domingo, tuvo diversas decisiones en las que influyo la diversificación corporativa y las adquisiciones de empresas con el fin de expandirse para así convertirse en un gran grupo cervecero sino también en un gran holding luego de la escisión. La presente investigación nos llevará a ver por qué la teoría administrativa sigue centrándose en los problemas habituales del riesgo específico a través de la diversificación corporativa, cuando la teoría financiera dicta todo lo contrario para centrarse únicamente en el riesgo y el rendimiento como componentes de la teoría del portafolio. Con la finalidad de que cada uno de nosotros comprendamos el valor que aporta cada una de estas perspectivas, y se sugiera de que existe la necesidad de buscar una cohesión teórica entre ambos pensamientos, para lograr un beneficio en la búsqueda de rendimientos hacia las empresas que se encuentran en un mercado cada vez más competitivo y cambiante tanto por la innovación como la satisfacción de nuevas necesidades en los seres humanos.
The differences between financial theory and management strategies have not come to have a joint participation in benefit of the maximization of returns that they have always attended independently. Bavaria is one of the few cases documented academically to be used as a case study in Latin America, and is because when he was in the administration of the Santo Domingo Group he had several decisions influenced by corporate diversification and acquisitions of companies in order to expand to become a large beer group but also a large holding after the split. The present investigation will lead us to see why administrative theory continues to focus on the usual problems of specific risk through corporate diversification, when financial theory dictates the opposite to focus solely on the risk and performance of the components in the company portfolio theory. In order that each of us understand the value of each of these perspectives, and suggest that there is a need to seek a theoretical cohesion between both thoughts, to achieve a profit in the returns to the companies that are in the search for a market increasingly competitive and changing both for innovation and the satisfaction of new needs in human beings.
Trabajo de Suficiencia Profesional

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A evolução das redes de comunicação e infraestruturas comerciais alterou a dinâmica dos mercados, inserindo as organizações em um contexto de interação intensa. Países emergentes com taxas de crescimento positiva tem centrado sua estratégia de desenvolvimento no empreendedorismo aliado à inovação e a difusão tecnológica. Neste contexto, considerando a conjuntura industrial do Rio Grande do Sul, este estudo se propôs a analisar os fatores que conduziram empresa gaúcha inserida na economia tradicional a investir na criação de um novo negócio de base tecnológica, uma spin-off corporativa. Para tanto, foi realizado um estudo de caso, a partir de framework de análise estruturado pela literatura revisada, do qual derivaram os fatores de análise: Caracterização (empresa-mãe e spin-off) e Fatores Relevantes à Decisão e ao Processo de Spin-off (contexto externo, interno e motivadores). Os resultados encontrados demonstram que a criação da spin-off se mostra como alternativa de exploração de ativos estagnados na empresa-mãe frente à oportunidade mercadológica. Ainda, se atribui à spin-off expectativa de ganhos futuros à empresa-mãe, com risco minimizado, ao preservar a imagem em caso de insucesso. Os resultados apontam que a decisão de externalizar o novo negócio e integrá-lo a um ambiente de tecnologia e inovação diverso da empresa-mãe guardam relação com estratégia para atenuar barreiras de entrada no mercado onde a empresa-mãe é reconhecida por outra natureza tecnológica. Considerando o contexto externo os resultados evidenciam que, embora a influência exercida na decisão seja restrita, fatores como políticas-públicas permeiam e impactam o processo desde a caracterização da empresa-mãe até a criação da spin-off.
The evolution of commercial communication and infrastructure has changed the dynamics of the markets by introducing organizations in an intense interaction process. Emerging countries, with positive growth rates, have been focusing their development strategy on innovation entrepreneurship and technology diffusion. In the context of the local industry in Rio Grande do Sul, this study has analyzed the factors that led the industry (once inserted in the traditional economy of the State) to invest in creating a new tech based business, called a corporate spin-off. An analysis framework was developed based on the literature reviewed, and derived the following factor analysis: Characterization (parent company and spin-off); and, Relevant Factors of Spin-off Decision and Process (external and internal environment, and motivators). The framework was applied to a case study and the results show that the creation of the spin-off is an alternative to explore stagnated resources in the parent company upon a market opportunity. While the parent company expects future earnings from the spin-off, the spin-off offers minimized risk and preserves the parent company’s image in event of failure. The results indicate that separating the new business and integrating it into a technology and innovation environment different from the parent company is a strategy to mitigate the market barriers that would be encountered by the parent company, which is recognized by another technological nature. Within the external context, the results show that while factors such as public-policies have limited impact on decision making, they impact on the process from the characterization of the parent company to the creation of spin-off.

碩士
國立交通大學
高階主管管理學程碩士班
90
The purpose of this thesis is to identify the strategy of corporation spin off. There are a lot of articles and books to discuss the issues about mergers and acquisitions to help corporation to develop and grow rapidly. Based on the past experiences, fewer cases succeed in mergers and acquisitions. Some reasons come from the improper resources allocation. It does not balance the resources and corporation growth strategy. Eventually, there are not any companies that have boundless resources to expand its business size. To some extent, it has to make some reasonable and effective resource planning. This research makes efforts to deliberate Eaton’s case - the process, impact and result to the corporation, employees and shareholders. How the corporation to take and give is to congregate its core competence business units to face its challenge in the future. This study uses Eaton Corporation semiconductor equipment operation as the case of this thesis and to identify the corporation strategy — Spin Off. It is not only that its success of spinning off its semiconductor equipment operation but also it prove itself good performance of multiplying its business while it rewards its shareholders with over 18% high returns on equity for the last decade. This thesis mainly comprises two concepts: I, The Impact of Merger and Acquisition Vs Divestiture and Spin-off to corporation growth. II. The Role of Spin-off Strategy to Corporation Development and focus. In chapter 1, introduce the Eaton Corporation’s overall business activities, what its mission and value. Chapter 2 discusses some related articles and researches of mergers, acquisitions, and divestiture. These strategies strengthen corporation core business and let the corporation become more competitive. Chapter 3 and Chapter 4 explain Eaton Corporation long-term development strategies, how it pursued its interest through various strategies, the process of spin-off and the result analysis, the influences to the corporation finance, operation, employees and shareholders. Chapter 5 explains what spin-off and why to spin off. In the conclusion, this research emphasizes the importance of spin-off and focus and explains how the enterprise should always review its business units to reorganize its core competence business unit by divestiture and acquisition. It is also important to get businesses focus through spin-off.

碩士
國立政治大學
經營管理碩士學程(EMBA)
94
Enterprise can through reengineering, merge and spin off to reach this purpose. This research will be focused in the enterprise spin-off. This research takes case study methodology that inquires into the spin-off motive and strategy analysis of the M company. And data collection of the related market successfully representative's individual cases of the spin-off, containment: the Acer group, Yu Long and SIS semi-conductor company. To compile those companies background comparison, spin-off reason, methodology and result. According this summary to inquire the M company spin-off strategy whether exactitude, whether the feasibility for having already differed from to partition modus, and the strategy of wafer factory spin off. Base on the aims at above mentioned subjects, the study has identified 4 conclusions that can be used if has the spin-off case of other semi-conductions they can also adopt those 4 angles to the analytical study. Below are the 4 conclusions. 1. In regard to the semi-conductor management trend, by original IDM operation the mode turn into foundry business the strategy of the work mode to conform to the market trend. 2. Per customer angle, solve the conflict between own brand and foundry business that is one of the most important items. 3. With management level of enterprise, parent company is IDM operation mode, the subsidiary is a foundry business operation mode, so partition independently can will management and the prize and punishment system separate, reduce the complicated management items. 4. As faced with flow of process and systems, the IDM and foundry mode is different, is existed in same company in the meantime, that cause complications of the production systems, ERP system, operation and management systems.

碩士
國立交通大學
管理學院財務金融學程
105
Firm, as well as products have a certain life cycle. In the past, the average company enjoyed an average of 40 years of scenery, only to decline. In today's highly competitive business environment, the average life expectancy of company has been reduced to 14 years. If the company to achieve the goal of sustainable development is necessary to break the original life cycle S-curve of fate, then "4+2 formula for Sustained Business Success" within the company organizational change decision-making and implementation of the relationship between the company can rebuild the second life curve of the key factors. This paper explores the reasons for the adoption of segmentation strategy and the changes in business performance after segmentation, and the reasons for the poor performance. D-Link and Alpha, Asus and Pegatron, the two cases are based on similar factors and motivation to adopt corporate segmentation strategy to adjust the corporate structure and strengthen the competitiveness of company, but Asus and Pegatron split after the performance of the business than D-Link and Alpha good reason is that corporate governance and sustainable research and development innovation.