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

机译:过渡IT服务在企业分拆中用的绩效影响

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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:在企业分拆方面,跨越单位追求两个主要目标:分离和重组其业务的独立操作;并保留业务连续性,最大限度地减少运营中断。在试图平衡这些目标的冲突需求时,迅速的单位经常转向父母提供的“过渡IT服务”。但是,过渡IT服务的业务价值尚未理解。在这项研究中,我们研究过渡IT服务在企业分拆的不同阶段的不同影响。我们的学习人口涵盖了公司分拆,其中在1999 - 2009年的时间框架期间将耗尽单位成立为独立公共公司。我们发现,较长的过渡性IT服务延长了近期拆卸的差价,并对交易的第一天进行了淘汰单位的市场估值。但是,较长的过渡IT服务积极影响旋转单位的操作性能。他们还帮助减轻商业重组对运营性能的负面影响。

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