Books on Corporate Spin-Offs and Related Subjects

This page presents short descriptions on interesting books on:

• Corporate Spin-Offs
• Related Subjects

Links to personal comments are given for some books. If you would like to suggest a book that should be included in this page, please mail the title and source with a short description of the book to: publication@Corporate-Spin-Offs.com

Books on Corporate Spin-Offs

• Tübke, A.: "Success Factors of Corporate Spin-Offs", Kluwer, 2003 (forthcoming)
  This study was undertaken in the framework of the European Community initiative ADAPT and investigates Spin-Offs in the Italian region of Piedmont. Further, the authors examine the example of Spin-Offs from co-operatives. Link to see the abstract of the study.

• Abburrà, L. et al.: "Quale Spin-Off? Riorganizzazioni aziendali, creazione d’imprese, nuovi imprenditori - Looking into Spin-Offs: Company reorganization, business creation, new entrepreneurs", Codex Development Agency, IRES Piedmont, Turin, 1998 (Italian and English)
  This study was undertaken in the framework of the European Community initiative ADAPT and investigates Spin-Offs in the Italian region of Piedmont. Further, the authors examine the example of Spin-Offs from co-operatives. Link to see a short commentary of the study.

• Arcaini, E.: "Imprese che producono imprese. Motivazioni e fattori influenti sulla formazione di Spin-Off" ("Companies that produce companies. Motivations and factors influencing the creation of Spin-Offs"), IRES Lombardy, Camera di Commercio Industria Artigianato e Agricultura di Milano, Milan, 1997 (Italian)
  The IRES Lombardy conducted a survey on 147 Spin-Offs from the manufacturing sector in the highly industrialised Milan region. The objective was to determine the influencing factors for the creation, performance and survival of Corporate Spin-Offs. Link to see a short commentary of the study.

• Cornell, J.: "Spin-Off to Pay-Off: An Analytical Guide to Investing in Corporate Divestitures", McGraw-Hill, New York, ISBN 0-7863-1204-1, 1998
  Based on a theoretic part describing a range of Spin-Off phenomena and valuation consequences of the Spin-Off process, the author proposes strategies for professional investors that help select and evaluate investments into Spin-Offs. The book concludes with a rich collection of completed, pending and future Spin-Off candidates.

• Dohm, L.: "Die Desinvestition als strategische Handlunsalternative- Eine Studie des Desinvestitionsverhaltens U.S.-amerikanischer Grossunternehmen" ("Divestment as a Strategic Alternative- A Study of the Divestment Behaviour of large U.S.-American companies"), Verlag Peter Lang, Frankfurt am Main, ISBN 3-631-40825-0, 1989 (German)
  Using 16 case-studies of large U.S. companies, this work develops proposals for the management of divestments. Further, a concept for the construction of a company-related divestment flexibility is developed. This divestment flexibility becomes part of a pro-active strategic management, enabling the company to divest quickly and successfully at any time and thus contributing substantially to its success. Five typologies of divestment processes are derived, and a two-dimensional divestment decision model is presented.

• Lindholm, Å.: "The Economics of Technology-related Ownership Changes- A Study of Innovativeness and Growth through Acquisitions and Spin-Offs", Chalmers University of Technology, Gothenburg, 1998
  This PhD-thesis is based on the hypothesis that technology-related ownership changes of small firms contribute to overall competitiveness and long-term growth. Lindholm examines the nature of technology-related acquisitions and Spin-Offs in Swedish industry, their effects on innovativeness and growth and the factors that influence these effects. She concludes that technology-related ownership changes constitute a great economic potential for growth and innovativeness. This potential seems to be exploitable by policies and management. Link to see the abstract of the thesis.

• Markides, C.C. : "Diversification, Refocusing and Economic Performance", The MIT Press, Cambridge (MA), ISBN 0-262-13311-3, 1995
  Based on a sample of 250 US Fortune 500 firms from 1985, this PhD-thesis investigates the current extent of refocusing phenomena, the characteristics of firms that are refocusing, and the consequences of these phenomena from a strategic point of view. Further, the author outlines the effects on company market value, corporate performance and organisational structure.

• Nadig, L.: "Spin-Off mittels Management-Buy-Out - Die Veräusserung von Unternehmensteilen durch Verkauf an das bisherige Management" ("Spin-Off through Management Buy-Out - The Disposal of Company Shares through a Sale to the Former Management"), Paul Haupt, Bern, ISBN 3-258-04571-2, 1992 (German)
  Using an empirical survey of 56 of the biggest Swiss companies, this PhD-thesis analyses the problems related to a Spin-Off through Management Buy-Out. After a description of the phenomenon of "Spin-Off through Management Buy-Out" in the US, Germany, the UK and Switzerland, the author ananlyses the motivations and characteristics of such transactions. He treats implementation and organisational problems, like finding a just price, financing the transaction, and legal aspects. Steps to be taken after the transaction, e.g. management or financial restructuring,  are equally mentioned. 

• Parhankangas, A.: "Disintegration of Technological Competencies: An Empirical Study of Divestments through Spin-Off Arrangements", Acta Polytecnica Scandinavica, Mathematics, Computing and Management in Engineering Series No. 99, Published by the Finnish Academy of Technology, Espoo, ISBN 952-5148-89-0, ISSN 1238-9803, 1999
  The study investigates the factors determining the characteristics and outcomes of disintegration processes of technological competencies. A number of hypotheses is tested on 54 technology-related Spin-Offs from large Finnish industrial companies. The results indicate that the decision to spin-off is related to changes in resource complementarities between parent and Spin-Off. Further, their relation seems to be determined by the characteristics of the Spin-Off. Both the implementation of the Spin-Off process and the characteristics of the Spin-Off impact on the financial success of the Spin-Off. Finally, the development stage of the Spin-Off’s core-business influences the optimal implementation procedure of the Spin-Off process.

• Sadtler, D.; Campbell, A. and Koch, R.: "Breakup! When Large Companies are Worth More Dead than Alive", Capstone, London, ISBN 0-684-84510-5, 1997
  The authors part from a shareholder-perspective stating that shareholders can achieve portfolio balance much more easily and efficiently than managers. From this point of view, diversification seems not a good strategy, as it causes managers to take responsibility for businesses they do not understand. This is why the traditionally diversified Multi-Business Corporation (MBC) centre, which operates as an intermediary between the operating businesses and the investors, does not create wealth, but destroys value. They promote the restructuring towards a Focused Business Company (FBC), which is built around a set of central skills and capabilities that can create value across the portfolio of businesses. This restructuting process, which the authors called break-up, creates value because it eliminates value destruction. Four  strategies for investing into break-up candidates are presented. 

• Schultze, G.: "Der Spin-Off als Konzernspaltungsform" ("The Spin-Off as a Form of Breaking-Down Large Companies"), Verlag Peter Lang, Berlin, ISBN 3-631-32980-6, 1998 (German)
  Restructuring-driven Spin-Offs are well-known practice in the US corporate environment.However, Spin-Offs play only an emerging role in the restructuring practices of European companies. To fill this gap, the author investigates the legal base for conducting a Spin-Off process in the Federal Republic of Germany. He also takes a look at the drivers for Spin-Off processes, their organisational and financial consequences and effects on the company value. Although the reform of the German company transformation laws ("Umwandlungsgesetz und Umwandlungssteuergesetz"), which came into effect in January 1995, opened-up new possibilities, German companies do not dispose of the same instruments for restructuring like their US competitors. 

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Books on Related Subjects

• Block, Z. and MacMillan, I. C.: "Corporate Venturing: Creating New Businesses within the Firm", Harvard Business School Press, Boston, ISBN 0-87584-321-2, 1993
  This is one of THE books on Corporate Venturing. In a practice-oriented manner, the authorswork out why corporate venturing should be intruduced into the company. They present a venturing process model that guides venture managers and senior managers to reconcile the needs of a new venture with those of its parent organisation in a way that is beneficial to both parties.

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If you would like to suggest a book that should be included in this page, please mail the title and source with a short description of the book to: publication@Corporate-Spin-Offs.com

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