Restructuring top management: Evidence from corporate spinoffs

• 成果类型: Article
• 署名作者: Wruck, EG; Wruck, KH
• 署名单位: University System of Ohio; Ohio State University
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/338788
• 发表日期: 2002
• 页码: S176-S218
• 关键词: market; focus; diversification; announcements; performance; governance; OWNERSHIP; takeovers

摘要

We examine corporate spinoffs as events through which top management is restructured. Our main findings are: (1) firm-specific human capital and human capital, in the form of governance expertise and top management experience, affect the composition of spinoff firms' top management; (2) spinoff top management structure is related to the value created by a spinoff; and (3), for a subsample of firms, spinoffs serve as a form of management dismissal, with the opportunity to manage a smaller, weaker spinoff firm serving as a consolation prize.