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Restructuring Top Management: Evidence from Corporate Spinoffs

Eric G. Wruck¹; Karen H. Wruck²

¹ Econalytics · ² The Ohio State University

We examine corporate spinoffs as events through which top management is restructured. Our main findings are: (1) firm‐specific human capital and human capital, in the form of governance expertise and top management experience, affect the composition of spinoff firms’ top management; (2) spinoff top management structure is related to the value created by a spinoff; and (3), for a subsample of firms, spinoffs serve as a form of management dismissal, with the opportunity to manage a smaller, weaker spinoff firm serving as a “consolation prize.”

DOI

10.1086/338788

Volume

20 (S2)

Pages

S176-S218

Language

en

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BibTeX

Sources

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