SPINOFFS VERSUS BUYOUTS: PROFITABILITY OF ALTERNATE ROUTES FOR COMMERCIALIZING INNOVATIONS

• 成果类型: Article
• 署名作者: Rubera, Gaia; Tellis, Gerard J.
• 署名单位: Bocconi University; University of Southern California
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2206
• 发表日期: 2014
• 页码: 2043-2052
• 关键词: spinoffs; management buyouts; Agency theory; radicalness; INNOVATION; R&D and marketing investments

摘要

This research compares the performance of spinoffs and buyouts divested to commercialize innovations. The authors study 145 spinoffs and 121 buyouts that occurred in the United States between 1996 and 2005. Analysis provides three critical findings. First, spinoffs have higher profits in the two years after divestiture; afterwards, buyouts have higher profits. Second, strategic emphasis (investment in R&D versus marketing) is the mechanism that explains the diverging profitability of spinoffs and buyouts over time. Third, this occurs through two routes: a one-step mediated effect via strategic emphasis; a two-step mediated effect via strategic emphasis and radicalness. Copyright (c) 2013 John Wiley & Sons, Ltd.