Spin-off as a financial strategy: study on determinants
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações do Mackenzie |
Texto Completo: | https://dspace.mackenzie.br/handle/10899/28381 |
Resumo: | This is a multi-country event study that involved 1,032 spin-off transactions with 921 parents’ companies and 1,101 subsidiaries. We assessed spin-off determinants for short- and long-term performance. Moreover, we investigated whether is adequate to compare market returns of companies from several countries using their local index. Our short-term (CAR) results were aligned with previous studies with a CAR near the event window of +1.6%, p<0.01. Long-term (BHAR) for the parent was -4.86%, p<0.01, for the subsidiary was -0.47%, non-significant, and combined -2.93%, p<0.01. There is no apparent influence of potential determinants for CAR or BHAR. Grouping the best-performing companies versus the worst performance, we found a similar profile in both groups. These observations were made for CAR and BHAR results. |
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2021-12-13T18:18:48Z2021-12-13T18:18:48Z2021-08-06IKEDA, Wilson Eduardo. Spin-off as a financial strategy: study on determinants. 2021. 125 f. Dissertação (Mestardo em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo. 2021.https://dspace.mackenzie.br/handle/10899/28381This is a multi-country event study that involved 1,032 spin-off transactions with 921 parents’ companies and 1,101 subsidiaries. We assessed spin-off determinants for short- and long-term performance. Moreover, we investigated whether is adequate to compare market returns of companies from several countries using their local index. Our short-term (CAR) results were aligned with previous studies with a CAR near the event window of +1.6%, p<0.01. Long-term (BHAR) for the parent was -4.86%, p<0.01, for the subsidiary was -0.47%, non-significant, and combined -2.93%, p<0.01. There is no apparent influence of potential determinants for CAR or BHAR. Grouping the best-performing companies versus the worst performance, we found a similar profile in both groups. These observations were made for CAR and BHAR results.Este é um estudo de evento com empresas de 45 países que envolveu 1.032 transações de spin-off com 921 controladoras e 1.101 subsidiárias. Avaliamos os determinantes do spin-off para o desempenho de curto e longo prazo. Além disso, investigamos se é adequado comparar os retornos de mercado de empresas de vários países usando seu índice local. Nossos resultados de curto prazo (CAR) estão alinhados com estudos anteriores com um CAR próximo à janela de eventos de + 1,6%, p <0,01. Longo prazo (BHAR) para a controladora foi -4,86%, p <0,01, para a subsidiária foi --0,47%, não significativo e combinado -2,93%, p <0,01. Não há influência aparente de determinantes potenciais para CAR ou BHAR. Agrupando as empresas de melhor desempenho versus o de pior desempenho, encontramos um perfil semelhante em ambos os grupos. Essas observações foram feitas para os resultados do CAR e BHAR.application/pdfporUniversidade Presbiteriana MackenzieAdministração de EmpresasUPMBrasilCentro de Ciências Sociais e Aplicadas (CCSA)http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessspin-offdeterminantsCARBHARmulti-country event studyCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESASSpin-off as a financial strategy: study on determinantsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisForte, Denishttp://lattes.cnpq.br/0075062531510292Nakamura, Wilson Toshirohttp://lattes.cnpq.br/1327686935533816Betrancea, Larissa Margareta.http://lattes.cnpq.br/9175414168973193Ikeda, Wilson Eduardospin-offdeterminantsCARBHARmulti-countries event studyreponame:Biblioteca Digital de Teses e Dissertações do Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEORIGINALWILSON IKEDA.pdfWILSON IKEDAapplication/pdf1512964https://dspace.mackenzie.br/bitstream/10899/28381/1/WILSON%20IKEDA.pdfeb30e3d5d28a111424b707676c6cabf6MD51CC-LICENSElicense_urlapplication/octet-stream49https://dspace.mackenzie.br/bitstream/10899/28381/2/license_url4afdbb8c545fd630ea7db775da747b2fMD52license_textapplication/octet-stream0https://dspace.mackenzie.br/bitstream/10899/28381/3/license_textd41d8cd98f00b204e9800998ecf8427eMD53license_rdfapplication/octet-stream0https://dspace.mackenzie.br/bitstream/10899/28381/4/license_rdfd41d8cd98f00b204e9800998ecf8427eMD54LICENSElicense.txttext/plain2108https://dspace.mackenzie.br/bitstream/10899/28381/5/license.txt1ca4f25d161e955cf4b7a4aa65b8e96eMD55TEXTWILSON IKEDA.pdf.txtWILSON IKEDA.pdf.txtExtracted texttext/plain261246https://dspace.mackenzie.br/bitstream/10899/28381/6/WILSON%20IKEDA.pdf.txtedeb6c705c6730f9639d8fa296d4cb7eMD56THUMBNAILWILSON IKEDA.pdf.jpgWILSON IKEDA.pdf.jpgGenerated Thumbnailimage/jpeg1168https://dspace.mackenzie.br/bitstream/10899/28381/7/WILSON%20IKEDA.pdf.jpgf6759d481a17469cb871e286c8f61b1bMD5710899/283812021-12-14 03:03:39.836TElDRU7Dh0EgREUgRElTVFJJQlVJw4fDg08gTsODTy1FWENMVVNJVkEKCkNvbSBhIGFwcmVzZW50YcOnw6NvIGRlc3RhIGxpY2Vuw6dhLCB2b2PDqiAobyBhdXRvciAoZXMpIG91IG8gdGl0dWxhciBkb3MgZGlyZWl0b3MgZGUgYXV0b3IpIGNvbmNlZGUgw6AgVW5pdmVyc2lkYWRlIFByZXNiaXRlcmlhbmEgTWFja2VuemllIG8gZGlyZWl0byBuw6NvLWV4Y2x1c2l2byBkZSByZXByb2R1emlyLCAgdHJhZHV6aXIgKGNvbmZvcm1lIGRlZmluaWRvIGFiYWl4byksIGUvb3UgZGlzdHJpYnVpciBhIHN1YSB0ZXNlIG91IGRpc3NlcnRhw6fDo28gKGluY2x1aW5kbyBvIHJlc3VtbykgcG9yIHRvZG8gbyBtdW5kbyBubyBmb3JtYXRvIGltcHJlc3NvIGUgZWxldHLDtG5pY28gZSBlbSBxdWFscXVlciBtZWlvLCBpbmNsdWluZG8gb3MgZm9ybWF0b3Mgw6F1ZGlvIG91IHbDrWRlby4KClZvY8OqIGNvbmNvcmRhIHF1ZSBhIFVuaXZlcnNpZGFkZSBQcmVzYml0ZXJpYW5hIE1hY2tlbnppZSBwb2RlLCBzZW0gYWx0ZXJhciBvIGNvbnRlw7pkbywgdHJhbnNwb3IgYSBzdWEgdGVzZSBvdSBkaXNzZXJ0YcOnw6NvIHBhcmEgcXVhbHF1ZXIgbWVpbyBvdSBmb3JtYXRvIHBhcmEgZmlucyBkZSBwcmVzZXJ2YcOnw6NvLgoKVm9jw6ogdGFtYsOpbSBjb25jb3JkYSBxdWUgYSBVbml2ZXJzaWRhZGUgUHJlc2JpdGVyaWFuYSBNYWNrZW56aWUgcG9kZSBtYW50ZXIgbWFpcyBkZSB1bWEgY8OzcGlhIGEgc3VhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbyBwYXJhIGZpbnMgZGUgc2VndXJhbsOnYSwgYmFjay11cCBlIHByZXNlcnZhw6fDo28uCgpWb2PDqiBkZWNsYXJhIHF1ZSBhIHN1YSB0ZXNlIG91IGRpc3NlcnRhw6fDo28gw6kgb3JpZ2luYWwgZSBxdWUgdm9jw6ogdGVtIG8gcG9kZXIgZGUgY29uY2VkZXIgb3MgZGlyZWl0b3MgY29udGlkb3MgbmVzdGEgbGljZW7Dp2EuIFZvY8OqIHRhbWLDqW0gZGVjbGFyYSBxdWUgbyBkZXDDs3NpdG8gZGEgc3VhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbyBuw6NvLCBxdWUgc2VqYSBkZSBzZXUgY29uaGVjaW1lbnRvLCBpbmZyaW5nZSBkaXJlaXRvcyBhdXRvcmFpcyBkZSBuaW5ndcOpbS4KCkNhc28gYSBzdWEgdGVzZSBvdSBkaXNzZXJ0YcOnw6NvIGNvbnRlbmhhIG1hdGVyaWFsIHF1ZSB2b2PDqiBuw6NvIHBvc3N1aSBhIHRpdHVsYXJpZGFkZSBkb3MgZGlyZWl0b3MgYXV0b3JhaXMsIHZvY8OqIGRlY2xhcmEgcXVlIG9idGV2ZSBhIHBlcm1pc3PDo28gaXJyZXN0cml0YSBkbyBkZXRlbnRvciBkb3MgZGlyZWl0b3MgYXV0b3JhaXMgcGFyYSBjb25jZWRlciDDoCBVbml2ZXJzaWRhZGUgUHJlc2JpdGVyaWFuYSBNYWNrZW56aWUgb3MgZGlyZWl0b3MgYXByZXNlbnRhZG9zIG5lc3RhIGxpY2Vuw6dhLCBlIHF1ZSBlc3NlIG1hdGVyaWFsIGRlIHByb3ByaWVkYWRlIGRlIHRlcmNlaXJvcyBlc3TDoSBjbGFyYW1lbnRlIGlkZW50aWZpY2FkbyBlIHJlY29uaGVjaWRvIG5vIHRleHRvIG91IG5vIGNvbnRlw7pkbyBkYSB0ZXNlIG91IGRpc3NlcnRhw6fDo28gb3JhIGRlcG9zaXRhZGEuCgpDQVNPIEEgVEVTRSBPVSBESVNTRVJUQcOHw4NPIE9SQSBERVBPU0lUQURBIFRFTkhBIFNJRE8gUkVTVUxUQURPIERFIFVNIFBBVFJPQ8ONTklPIE9VIEFQT0lPIERFIFVNQSBBR8OKTkNJQSBERSBGT01FTlRPIE9VIE9VVFJPIE9SR0FOSVNNTyBRVUUgTsODTyBTRUpBIEEgVU5JVkVSU0lEQURFIFBSRVNCSVRFUklBTkEgTUFDS0VOWklFLCBWT0PDiiBERUNMQVJBIFFVRSBSRVNQRUlUT1UgVE9ET1MgRSBRVUFJU1FVRVIgRElSRUlUT1MgREUgUkVWSVPDg08gQ09NTyBUQU1Cw4lNIEFTIERFTUFJUyBPQlJJR0HDh8OVRVMgRVhJR0lEQVMgUE9SIENPTlRSQVRPIE9VIEFDT1JETy4KCkEgVW5pdmVyc2lkYWRlIFByZXNiaXRlcmlhbmEgTWFja2VuemllIHNlIGNvbXByb21ldGUgYSBpZGVudGlmaWNhciBjbGFyYW1lbnRlIG8gc2V1IG5vbWUgKHMpIG91IG8ocykgbm9tZShzKSBkbyhzKSBkZXRlbnRvcihlcykgZG9zIGRpcmVpdG9zIGF1dG9yYWlzIGRhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbywgZSBuw6NvIGZhcsOhIHF1YWxxdWVyIGFsdGVyYcOnw6NvLCBhbMOpbSBkYXF1ZWxhcyBjb25jZWRpZGFzIHBvciBlc3RhIGxpY2Vuw6dhLgo=Biblioteca Digital de Teses e Dissertaçõeshttp://tede.mackenzie.br/jspui/PRI |
dc.title.por.fl_str_mv |
Spin-off as a financial strategy: study on determinants |
title |
Spin-off as a financial strategy: study on determinants |
spellingShingle |
Spin-off as a financial strategy: study on determinants Ikeda, Wilson Eduardo spin-off determinants CAR BHAR multi-country event study CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
title_short |
Spin-off as a financial strategy: study on determinants |
title_full |
Spin-off as a financial strategy: study on determinants |
title_fullStr |
Spin-off as a financial strategy: study on determinants |
title_full_unstemmed |
Spin-off as a financial strategy: study on determinants |
title_sort |
Spin-off as a financial strategy: study on determinants |
author |
Ikeda, Wilson Eduardo |
author_facet |
Ikeda, Wilson Eduardo |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Forte, Denis |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/0075062531510292 |
dc.contributor.referee1.fl_str_mv |
Nakamura, Wilson Toshiro |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/1327686935533816 |
dc.contributor.referee2.fl_str_mv |
Betrancea, Larissa Margareta |
dc.contributor.referee2Lattes.fl_str_mv |
. |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/9175414168973193 |
dc.contributor.author.fl_str_mv |
Ikeda, Wilson Eduardo |
contributor_str_mv |
Forte, Denis Nakamura, Wilson Toshiro Betrancea, Larissa Margareta |
dc.subject.por.fl_str_mv |
spin-off determinants CAR BHAR multi-country event study |
topic |
spin-off determinants CAR BHAR multi-country event study CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
description |
This is a multi-country event study that involved 1,032 spin-off transactions with 921 parents’ companies and 1,101 subsidiaries. We assessed spin-off determinants for short- and long-term performance. Moreover, we investigated whether is adequate to compare market returns of companies from several countries using their local index. Our short-term (CAR) results were aligned with previous studies with a CAR near the event window of +1.6%, p<0.01. Long-term (BHAR) for the parent was -4.86%, p<0.01, for the subsidiary was -0.47%, non-significant, and combined -2.93%, p<0.01. There is no apparent influence of potential determinants for CAR or BHAR. Grouping the best-performing companies versus the worst performance, we found a similar profile in both groups. These observations were made for CAR and BHAR results. |
publishDate |
2021 |
dc.date.accessioned.fl_str_mv |
2021-12-13T18:18:48Z |
dc.date.available.fl_str_mv |
2021-12-13T18:18:48Z |
dc.date.issued.fl_str_mv |
2021-08-06 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
IKEDA, Wilson Eduardo. Spin-off as a financial strategy: study on determinants. 2021. 125 f. Dissertação (Mestardo em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo. 2021. |
dc.identifier.uri.fl_str_mv |
https://dspace.mackenzie.br/handle/10899/28381 |
identifier_str_mv |
IKEDA, Wilson Eduardo. Spin-off as a financial strategy: study on determinants. 2021. 125 f. Dissertação (Mestardo em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo. 2021. |
url |
https://dspace.mackenzie.br/handle/10899/28381 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.publisher.program.fl_str_mv |
Administração de Empresas |
dc.publisher.initials.fl_str_mv |
UPM |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Centro de Ciências Sociais e Aplicadas (CCSA) |
publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações do Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
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Universidade Presbiteriana Mackenzie (MACKENZIE) |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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