Antecedents of corporate spin-offs in Spain: A resource-based approach |
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| Authors: | Flix Lpez Iturriaga Natalia Martín Cruz |
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| Institution: | aBusiness & Economics School, University of Valladolid, Avda. Valle del Esgueva 6, 47011 Valladolid, Spain;bVisiting Scholar, Haas Business School (IMIO), University of Berkeley, CA, United States |
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| Abstract: | We explore the antecedents of corporate spin-offs for a sample of 3462 Spanish firms between 1992 and 2002. Using a resource-based approach, we identify three reasons firms engage in spin-offs: (a) to create complementarities, (b) to appropriate residual rents, and (c) to focus on the core business. Specifically, we find that spin-offs are more common among firms that belong to a group able to create networks and new knowledge that can be exploited through spin-offs. In addition, we find that spin-offs are more frequent in firms that wish to exploit strategic advantages achieved through knowledge investments and in firms that increase efforts to the focus on the parent firm's core competences. |
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| Keywords: | Corporate spin-offs Diversification Knowledge Resource-based approach Social networks |
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