Books
on Corporate Spin-Offs and Related Subjects
This page presents short descriptions on interesting books on:
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 dimprese, 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-Offs 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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2003 by Alexander Tübke.
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