Corporate spinoffs are tax-free transactions between the parent firm (a.k.a. divesting firm) and its newly created, independent spun-off subsidiary (a.k.a. child firm) to increase value for both sides’ shareholders. As critical governance mechanisms, in this study we examine the effects of institutional and managerial ownerships on the market value of spun-off subsidiaries based on the corporate governance literature and behavioral agency perspective. In our sample, we have 144 completed U.S. spinoffs within a 14-year of time span, which are drawn from the SDC Platinum. According to our empirical analysis, we have found that both ownership structures have significant negative effects on the change in market value of the child firm. In addition, we have examined the interaction effect of both ownerships, which results in another significant effect in the opposite direction. Thus, this study reveals the critical importance of institutional and managerial ownerships for the market success of spun-off subsidiaries.
{"title":"Utjecaj upravljačkog i institucionalnog vlasništva na tržišnu vrijednost korporativnih spin-off poduzeća","authors":"O. V. Ozbek","doi":"10.30924/mjcmi.28.2.15","DOIUrl":"https://doi.org/10.30924/mjcmi.28.2.15","url":null,"abstract":"Corporate spinoffs are tax-free transactions between the parent firm (a.k.a. divesting firm) and its newly created, independent spun-off subsidiary (a.k.a. child firm) to increase value for both sides’ shareholders. As critical governance mechanisms, in this study we examine the effects of institutional and managerial ownerships on the market value of spun-off subsidiaries based on the corporate governance literature and behavioral agency perspective. In our sample, we have 144 completed U.S. spinoffs within a 14-year of time span, which are drawn from the SDC Platinum. According to our empirical analysis, we have found that both ownership structures have significant negative effects on the change in market value of the child firm. In addition, we have examined the interaction effect of both ownerships, which results in another significant effect in the opposite direction. Thus, this study reveals the critical importance of institutional and managerial ownerships for the market success of spun-off subsidiaries.","PeriodicalId":47182,"journal":{"name":"Management","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139170036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
International mobility has become an integral part of academic staff activities at higher education institutions (HEIs). In the context of globalisation and internationalisation, it plays a key role in both individual academic career and HEI performance. However, research on the motivation of academic staff to engage in international mobility, especially short-term mobility, remains modest. In addition, the COVID-19 pandemic introduced significant changes in international academic mobility organisation, with virtual mobility becoming the new normal. Research on academic staff responses to this form of mobility is nascent, but no less relevant given the current spread of blended international mobility. Drawing from self-determination theory, this paper aims to identify what motivates academic staff to engage in short-term international academic mobility in the pre-pandemic (“old normality”) and pandemic (“new normality”) periods. The study builds on the findings of a longitudinal research during which 13 academic staff members from 12 different countries were interviewed twice: before and during the pandemic. Findings suggest that academic staff is primarily driven to engage in short-term international mobility by intrinsic motivation, namely the need for competence development during both physical (pre-pandemic) and virtual (pandemic) mobility, while the need for relatedness plays a more significant role in the international physical mobility. Organisational support is an equally important extrinsic motivator for both mobility types. This empirical study provides implications for the international academic mobility literature and HEI management on the enhancement of academic staff involvement in international academic staff mobility.
{"title":"Avionska karta ili Zoom sastanak? Mobilnost akademskog osoblja u “staroj” i “novoj normalnosti”","authors":"Jolanta Preidienė","doi":"10.30924/mjcmi.28.2.13","DOIUrl":"https://doi.org/10.30924/mjcmi.28.2.13","url":null,"abstract":"International mobility has become an integral part of academic staff activities at higher education institutions (HEIs). In the context of globalisation and internationalisation, it plays a key role in both individual academic career and HEI performance. However, research on the motivation of academic staff to engage in international mobility, especially short-term mobility, remains modest. In addition, the COVID-19 pandemic introduced significant changes in international academic mobility organisation, with virtual mobility becoming the new normal. Research on academic staff responses to this form of mobility is nascent, but no less relevant given the current spread of blended international mobility. Drawing from self-determination theory, this paper aims to identify what motivates academic staff to engage in short-term international academic mobility in the pre-pandemic (“old normality”) and pandemic (“new normality”) periods. The study builds on the findings of a longitudinal research during which 13 academic staff members from 12 different countries were interviewed twice: before and during the pandemic. Findings suggest that academic staff is primarily driven to engage in short-term international mobility by intrinsic motivation, namely the need for competence development during both physical (pre-pandemic) and virtual (pandemic) mobility, while the need for relatedness plays a more significant role in the international physical mobility. Organisational support is an equally important extrinsic motivator for both mobility types. This empirical study provides implications for the international academic mobility literature and HEI management on the enhancement of academic staff involvement in international academic staff mobility.","PeriodicalId":47182,"journal":{"name":"Management","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139168090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Cidália Oliveira, M. Rodrigues, Rui Silva, Mário Franco
This study aims to identify and characterize the culture of the largest exporters without the Balanced Scorecard (BSC) and with the BSC implemented. In addition, it confirms whether there are different characteristics in the type of organizational culture of the largest exporters without the BSC and with the BSC. To achieve this objective, data were collected through questionnaires sent to the 250 largest exporters in Portugal. Multivariate statistical techniques were used to validate the research hypotheses. This research shows that the Adhocracy (turbulent management) culture type prevails in organizations without BSC, while the Market (productivity) culture type prevails in organizations with BSC. The study is based on the characterization of the culture type of the organizations. This characterization is significant because organizational culture shapes and differentiates organizations’ actions, goal definitions, and strategic objectives, which can affect organizational performance. Although recent literature has addressed organizational culture and performance monitoring in isolation, not many studies have been found that link the topics of organizational culture, BSC, and performance.
{"title":"Organisational\u0000culture and balanced scorecard","authors":"Cidália Oliveira, M. Rodrigues, Rui Silva, Mário Franco","doi":"10.30924/mjcmi.28.2.10","DOIUrl":"https://doi.org/10.30924/mjcmi.28.2.10","url":null,"abstract":"This study aims to identify and characterize the culture of the largest exporters without the Balanced Scorecard (BSC) and with the BSC implemented. In addition, it confirms whether there are different characteristics in the type of organizational culture of the largest exporters without the BSC and with the BSC. To achieve this objective, data were collected through questionnaires sent to the 250 largest exporters in Portugal. Multivariate statistical techniques were used to validate the research hypotheses. This research shows that the Adhocracy (turbulent management) culture type prevails in organizations without BSC, while the Market (productivity) culture type prevails in organizations with BSC. The study is based on the characterization of the culture type of the organizations. This characterization is significant because organizational culture shapes and differentiates organizations’ actions, goal definitions, and strategic objectives, which can affect organizational performance. Although recent literature has addressed organizational culture and performance monitoring in isolation, not many studies have been found that link the topics of organizational culture, BSC, and performance.","PeriodicalId":47182,"journal":{"name":"Management","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138956011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}