References
- Adjei-Bamfo, P.; Maloreh-Nyamekye, T.; Ahenkan, A. (2019). The role of e-government in sustainable public procurement in developing countries: A systematic literature review. Resources, Conservation and Recycling 142: 189–203.
- Aggarwal, P.; Garg, S. (2019). Restructuring through spin-off: Impact on shareholder wealth. Managerial Finance.
- Ahn, S.; Denis, D. J. (2004). Internal capital markets and investment policy: Evidence from corporate spinoffs. Journal of Financial Economics 71(3): 489–516.
- Ahn, S.; Walker, M. D. (2007). Corporate governance and the spinoff decision. Journal of Corporate Finance 13(1): 76–93.
- Allen, J. W. (2001). Private information and spin-off performance. The Journal of Business 74(2): 281–306.
- Allen, J. W.; Lummer, S. L.; McConnell, J. J.; Reed, D. K. (1995). Can takeover losses explain spin-off gains? Journal of Financial and Quantitative Analysis 30(4): 465–485.
- Alli, K.; Ramírez, G. G.; Yung, K. K. (2001). Withdrawn spin-offs: An empirical analysis. Journal of Financial Research 24(4): 603–616.
- Ball, J.; Rutherford, R.; Shaw, R. (1993). The wealth effects of real estate spin-offs. Journal of Real Estate Research 8(4): 597–606.
- Berger, P. G.; Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics 37(1): 39–65.
- Bergh, D. D.; Johnson, R. A.; Dewitt, R. L. (2008). Restructuring through spin-off or sell-off: Transforming information asymmetries into financial gain. Strategic Management Journal 29(2): 133–148.
- Bhana, N. (2004). Performance of corporate restructurings through spin-offs: Evidence from JSE-listed companies. Investment Analysts Journal 33(60): 5–15.
- Bickner, B. P. (1989). How a corporate breakup boosted stock prices. Journal of Business Strategy 10(5): 20–25.
- Blount, G.; Davidson, S. (1996). Stock market responses to corporate unbundling in South Africa. De Ratione 10(1): 63–73.
- Brown, K. C.; Brooke, B. A. (1993). Institutional demand and security price pressure: The case of corporate spinoffs. Financial Analysts Journal 49(5): 53–62.
- Burch, T. R.; Nanda, V. (2003). Divisional diversity and the conglomerate discount: Evidence from spinoffs. Journal of Financial Economics 70(1): 69–98.
- Campbell, J. Y.; Lo, A. W.; MacKinlay, A. C. (1997). The econometrics of financial markets. Princeton University Press.
- Chai, D.; Lin, Z.; Veld, C. (2018). Value-creation through spin-offs: Australian evidence. Australian Journal of Management 43(3): 353–372.
- Chemmanur, T. J.; He, S. (2016). Institutional trading, information production, and corporate spin-offs. Journal of Corporate Finance 38: 54–76.
- Chemmanur, T. J.; Jordan, B. D.; Liu, M. H.; Wu, Q. (2010). Antitakeover provisions in corporate spin-offs. Journal of Banking & Finance 34(4): 813–824.
- Chemmanur, T. J.; Krishnan, K.; Nandy, D. K. (2014). The effects of corporate spinoffs on productivity. Journal of Corporate Finance 27: 72–98.
- Chemmanur, T. J.; Liu, M. H. (2011). Institutional trading, information production, and the choice between spin-offs, carve-outs, and tracking stock issues. Journal of Corporate Finance 17(1): 62–82.
- Chemmanur, T. J.; Yan, A. (2004). A theory of corporate spin-offs. Journal of Financial Economics 72(2): 259–290.
- Chong, T. T. L.; Wong, D. W. H.; Liew, V. K. S. (2009). Do spinoffs create value in Hong Kong? Journal of Asia Business Studies 4(1): 23–32.
- Çolak, G.; Whited, T. M. (2007). Spin-offs, divestitures, and conglomerate investment. The Review of Financial Studies 20(3): 557–595.
- Comment, R.; Jarrell, G. A. (1995). Corporate focus and stock returns. Journal of Financial Economics 37(1): 67–87.
- Cox, R. A.; Kleinman, R. T.; Sahu, A. P. (1992). Strategically planned spin-offs: The empirical evidence. Competitiveness Review: An International Business Journal 2(1): 9–12.
- Cusatis, P. J.; Miles, J. A.; Woolridge, J. R. (1993). Restructuring through spinoffs: The stock market evidence. Journal of Financial Economics 33(3): 293–311.
- Daley, L.; Mehrotra, V.; Sivakumar, R. (1997). Corporate focus and value creation evidence from spinoffs. Journal of Financial Economics 45(2): 257–281.
- Deloitte. (2018). The beginning of a new M&A season – Future of a deal. https://www2.deloitte.com/content/dam/Deloitte/in/Documents/finance/in-fa-deloitteuk-future-of-the-deal-noexp.pdf.
- Denning, K. C. (1988). Spin-offs and sales of assets: An examination of security returns and divestment motivations. Accounting and Business Research 19(73): 32–42.
- Desai, C. A.; Savickas, R. (2010). On the causes of volatility effects of conglomerate breakups. Journal of Corporate Finance 16(4): 554–571.
- Desai, H.; Jain, P. C. (1999). Firm performance and focus: Long-run stock market performance following spinoffs. Journal of Financial Economics 54(1): 75–101
- Dittmar, A. (2004). Capital structure in corporate spin-offs. The Journal of Business 77(1): 9–43.
- Feldman, E. R. (2016). Corporate spinoffs and analysts’ coverage decisions: The implications for diversified firms. Strategic Management Journal 37(7): 1196–1219.
- Feldman, E. R.; Gilson, S. C.; Villalonga, B. (2014). Do analysts add value when they most can? Evidence from corporate spin-offs. Strategic Management Journal 35(10): 1446–1463.
- Feng, Y.; Nandy, D. K.; Tian, Y. S. (2015). Executive compensation and the corporate spin-off decision. Journal of Economics and Business 77: 94–117.
- Fluck, Z.; Lynch, A. W. (1999). Why do firms merge and then divest? A theory of financial synergy. The Journal of Business 72(3): 319–346.
- Frank, K. E.; Harden, J. W. (2001). Corporate restructurings: A comparison of equity carve-outs and spin-offs. Journal of Business Finance & Accounting 28(3–4): 503–529.
- Galai, D.; Masulis, R. W. (1976). The option pricing model and the risk factor of stock. Journal of Financial Economics 3(1–2): 53–81.
- Gertner, R.; Powers, E.; Scharfstein, D. (2002). Learning about internal capital markets from corporate spin-offs. The Journal of Finance 57(6): 2479–2506.
- Gordon, J. M. (1992). Spin-offs: A way to increase shareholder value. Journal of Business strategy 13(1): 61–64.
- Habib, M. A.; Johnsen, D. B.; Naik, N. Y. (1997). Spinoffs and information. Journal of Financial Intermediation 6(2): 153–176.
- Harris, O.; Glegg, C. (2008). The wealth effects of cross-border spinoffs. Journal of Multinational Financial Management 18(5): 461–476.
- Harris, O.; Madura, J. (2010). Cause and effects of poison pill adoptions by spinoff units. Journal of Economics and Business 62(4): 307–330.
- (2011). Why are proposed spinoffs withdrawn? The Quarterly Review of Economics and Finance 51(1): 69–81.
- Hite, G. L.; Owers, J. E. (1983). Security price reactions around corporate spin-off announcements. Journal of Financial Economics 12(4): 409–436.
- Hoare, S. C.; Cartwright, S. (1997). The human aspects of demerger: A new agenda for research? Leadership & Organization Development Journal 18(4): 194–200.
- Huang, S. (2014). Managerial expertise, corporate decisions and firm value: Evidence from corporate refocusing. Journal of Financial Intermediation 23(3): 348–375.
- Huson, M. R.; MacKinnon, G. (2003). Corporate spinoffs and information asymmetry between investors. Journal of Corporate Finance 9(4): 481–503.
- Ito, K. (1995). Japanese spinoffs: Unexplored survival strategies. Strategic Management Journal 16(6): 431–446.
- Jain, B. A.; Kini, O.; Shenoy, J. (2011). Vertical divestitures through equity carve-outs and spin-offs: A product markets perspective. Journal of Financial Economics 100(3): 594–615.
- John, T. A. (1993). Optimality of spin-offs and allocation of debt. Journal of Financial and Quantitative Analysis 28(1): 139–160.
- Johnson, G. A.; Brown, R. M.; Johnson, D. J. (1994). The market reaction to voluntary corporate spinoffs: Revisited. Quarterly Journal of Business and Economics 33(4): 44–59.
- Johnson, R. A. (1996). Antecedents and outcomes of corporate refocusing. Journal of Management 22(3): 439–483.
- Johnson, S. A.; Klein, D. P.; Thibodeaux, V. L. (1996). The effects of spin-offs on corporate investment and performance. Journal of Financial Research 19(2): 293–307.
- Junge, S.; Graf-Vlachy, L.; Mammen, J.; Meinhardt, R.; Gudd, C. (2021). The illusion of independence: Spun-off firms’ risk-taking as a function of status and attachment to the parent firm. Long Range Planning 54(1): 101966.
- Kamboj, S.; Rahman, Z. (2015). Marketing capabilities and firm performance: Literature review and future research agenda. International Journal of Productivity and Performance Management 64(8): 1041–1067.
- Khan, A. Q.; Mehta, D. R. (1996). Voluntary divestitures and the choice between sell-offs and spin-offs. Financial Review 31(4): 885–912.
- Khaugani, M. J.; Priscillah, N. (2020). Strategic de-mergers and organizational performance of Madison Group of Companies in Kenya. International Journal of Social Sciences Management and Entrepreneurship (IJSSME) 4(1): 85–102.
- Kirchmaier, T. (2003). Corporate restructuring of British and German non-financial firms in the late 1990s. European Management Journal 21(4): 409–420.
- Klein, A.; Rosenfeld, J. (2010). The long-run performance of sponsored and conventional spin-offs. Financial Management 39(1): 227–247.
- Kothari, S. P.; Warner, J. B. (2007). Econometrics of event studies. In: Eckbo, B. Espen (ed.), Handbook of empirical corporate finance. Elsevier. 3–36.
- Krishnaswami, S.; Subramaniam, V. (1999). Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial economics 53(1): 73–112.
- Lord, R. A.; Saito, Y. (2019). Why discontinue operations? Interrelated elements of the corporate focus hypothesis. International Journal of Managerial Finance 16(2): 182–202.
- Marquette, C. J.; Williams, T. G. (2007). Takeover-divestiture combinations and shareholder wealth. Applied Financial Economics 17(7): 577–586.
- Maxwell, W. F.; Rao, R. P. (2003). Do spin-offs expropriate wealth from bondholders? The Journal of Finance 58(5): 2087–2108.
- McConnell, J. J.; Ozbilgin, M.; Wahal, S. (2001). Spin-offs, ex ante. The Journal of Business 74(2): 245–280.
- McNeil, C. R.; Moore, W. T. (2005). Dismantling internal capital markets via spinoff: Effects on capital allocation efficiency and firm valuation. Journal of Corporate Finance 11(1–2): 253–275.
- Miles, J. A.; Rosenfeld, J. D. (1983). The effect of voluntary spin-off announcements on shareholder wealth. The Journal of Finance 38(5): 1597–1606.
- Murray, L. (2008). Spin-offs in an environment of bank debt. Journal of Business Finance & Accounting 35(3–4): 406–433.
- Nanda, V.; Narayanan, M. P. (1999). Disentangling value: Financing needs, firm scope, and divestitures. Journal of Financial Intermediation 8(3): 174–204.
- Ozbek, O. V. (2020). The market success of corporate spin-offs: Do CEO external directorships, age, and their interactions matter? American Business Review 23(2): 241–259.
- Padmanabhan, P. A. (2018). Do demerger announcements impact shareholders wealth? An empirical analysis using event study. Vision 22(1): 22–31.
- Palmatier, R. W.; Houston, M. B.; Hulland, J. (2018). Review articles: Purpose, process, and structure. Journal of the Academy of Marketing Science 46: 1–5.
- Parrino, R. (1997). Spinoffs and wealth transfers: The Marriott case. Journal of Financial Economics 43(2): 241–274.
- Pearson, M. (1998). Spin-offs: Breaking up is hard to do. Journal of Business Strategy 19(4): 31–36.
- Rosenfeld, J. D. (1984). Additional evidence on the relation between divestiture announcements and shareholder wealth. The Journal of Finance 39(5): 1437–1448.
- Rovetta, B. (2006). Investment policies and excess returns in corporate spin-offs: Evidence from the US market. Financial Markets and Portfolio Management 20(3): 287–307.
- Schipper, K.; Smith, A. (1983). Effects of recontracting on shareholder wealth: The case of voluntary spin-offs. Journal of Financial Economics 12(4): 437–467.
- Schweizer, R.; Lagerström, K. (2020). Understanding a demerger process: The divorce metaphor. Scandinavian Journal of Management 36(1): 101095.
- Seifert, B.; Rubin, B. (1989). Spin-offs and the listing phenomena. Journal of Economics and Business 41(1): 1–19.
- Semadeni, M. (2015). Spin-offs. Wiley Encyclopedia of Management 3. https://doi.org/10.1002/9781118785317.weom030089.
- Semadeni, M.; Cannella Jr, A. A. (2011). Examining the performance effects of post spin-off links to parent firms: Should the apron strings be cut? Strategic Management Journal 32(10): 1083–1098.
- Seward, J. K.; Walsh, J. P. (1996). The governance and control of voluntary corporate spin-offs. Strategic Management Journal 17(1): 25–39.
- Slovin, M. B.; Sushka, M. E.; Ferraro, S. R. (1995). A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs. Journal of Financial Economics 37(1): 89–104.
- Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research 104: 333–339.
- Thomas, S. (2002). Firm diversification and asymmetric information: Evidence from analysts’ forecasts and earnings announcements. Journal of Financial Economics 64(3): 373–396.
- Thompson, T. H.; Apilado, V. (2010). Second-stage events and bondholder wealth. Managerial Finance 36(2): 103–121.
- Veld, C.; Veld-Merkoulova, Y. V. (2004). Do spin-offs really create value? The European case. Journal of Banking & Finance 28(5): 1111–1135.
- (2008). An empirical analysis of the stockholder–bondholder conflict in corporate spin-offs. Financial Management 37(1): 103–124.
- (2009). Value creation through spin-offs: A review of the empirical evidence. International Journal of Management Reviews 11(4): 407–420.
- Vijh, A. M. (1994). The spinoff and merger ex-date effects. The Journal of Finance 49(2): 581–609.
- Wheatley, C. M.; Brown, R. M.; Johnson, G. A. (2005). Line-of-business disclosures and spin-off announcement returns. Review of Quantitative Finance and Accounting 24(3): 277–293.
- Woo, C. Y.; Willard, G. E.; Beckstead, S. M. (1989). Spin-offs: What are the gains? The Journal of Business Strategy 10(2): 29–32.
- Woo, C. Y.; Willard, G. E.; Daellenbach, U. S. (1992). Spin-off performance: A case of overstated expectations? Strategic Management Journal 13(6): 433–447.
- Wruck, E. G.; Wruck, K. H. (2002). Restructuring top management: Evidence from corporate spinoffs. Journal of Labor Economics 20(S2): S176–S218.
