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The Performance Effects of Transitional IT Services in Corporate Spin-offs

机译:企业分拆中过渡性IT服务的绩效影响

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In corporate spin-offs, spun-off units pursue two major objectives: separating and restructuring their business for independent operation; and retaining business continuity and minimizing operational disruptions. In trying to balance the conflicting demands of these objectives, spun-off units often turn to "transitional IT services" provided by their parents. However, the business value of the transitional IT services is not understood well yet. In this study, we examine different impacts of transitional IT services at different stages of corporate spin-offs. Our study population covers corporate spin-offs in which spun-off units were set up as independent public firms during 1999-2009 timeframe. We find that longer transitional IT services prolong the time-to-close spin-off deals and negatively affect market valuation of the spun-off units at the first day of trading. But longer transitional IT services positively affect operating performance of the spun-off units. They also help mitigate negative effects of business restructuring on operating performance.
机译:在公司分拆中,分拆部门追求两个主要目标:分离和重组其业务以实现独立运营;并保持业务连续性并最大程度地减少运营中断。为了平衡这些目标的相互矛盾的需求,分拆单位经常求助于其父母提供的“过渡性IT服务”。但是,过渡性IT服务的业务价值尚未被很好地理解。在这项研究中,我们研究了在公司分拆的不同阶段过渡性IT服务的不同影响。我们的研究对象包括公司衍生品,其中在1999-2009年期间将衍生品单位设置为独立的公共公司。我们发现,较长的过渡IT服务会延长完成分拆交易的时间,并在交易的第一天对分拆单位的市场估值产生负面影响。但是,较长的过渡IT服务会对分离部门的运营性能产生积极影响。它们还有助于减轻业务重组对运营绩效的负面影响。

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