Made available in DSpace on 2016-06-02T19:52:03Z (GMT). No. of bitstreams: 1 5768.pdf: 1096909 bytes, checksum: 724fa8e622698b1b18979ac73b4dbbfd (MD5) Previous issue date: 2014-02-18 / Financiadora de Estudos e Projetos / One witness a world in which a company, to survive in a increasingly competitive market, needs to lauch new products in a dwindling time. To reach this, the company needs to acquire technologies, knowledge, skills and abilities through the innovation in both products and processes. In this context, there are the technology parks, that are physical spaces where it happens technology, innovation and information sharing. A technology park works as a mechanism for business: there are technology-based companies, business incubators, universities, research institutions, higher education institutions and research laboratories. Thus, it creats a propitios environment so that there are relationships between companies and universities, or, in other words, academic knowledge becomes a part of the daily business and it develops itself in innovation that can be marketed. So that the park can achieve it goals and develop and disseminate technological processes it needs to establish strong links with government institutions, compnies that complies with its objective and universities that are able to provide academic knowledge. This study aims to determine whether the presence of a technology park encourages the creation and development of academic spin-offs in São Carlos city (SP). It was a multi case study in São Carlos Science Park and Parque Eco Tecnológico Damha-São Carlos. As the mainly results, it was possible to note that having two technology parks in the city was not enough to stimulate the creation of academic spin-offs, but it is enough to maintain and develop the spin-offs that already been created. Besides, it was possible to note that the entrepreneurs miss the incentive from the university to create academic spin-offs and to create links with incubators and technology parks. / Presencia-se um mundo no qual uma empresa, para sobreviver em um mercado cada vez mais competitivo, precisa lançar produtos novos em um espaço de tempo cada vez menor. Para que consiga isso, a empresa precisa adquirir tecnologias, conhecimento, habilidades e competências por meio da inovação, tanto em seus produtos quando em seus processos. Neste contexto, aparecem os parques tecnológicos, definidos como espaços físicos aonde acontece o compartilhamento de tecnologia, inovação e informação. Um parque tecnológico funciona como um mecanismo de negócios: nele estão empresas de base tecnológica, incubadoras de empresas, universidades, institutos de pesquisa e de ensino superior e laboratórios de pesquisa. Desta forma, cria-se um ambiente propício para que haja relações entre empresas e universidades, ou seja, o conhecimento acadêmico passa a integrar o cotidiano das empresas e se desenvolve em inovação que pode ser comercializada. Para que o parque tecnológico consiga atingir seus objetivos e desenvolver e difundir os processos tecnológicos, ele precisa estabelecer relações fortes com instituições governamentais, empresas que estejam de acordo com seus objetivos e universidades que forneçam o conhecimento acadêmico. Este trabalho teve como objetivo verificar como a presença de um parque tecnológico estimula a criação e o desenvolvimento de spin-offs acadêmicos na cidade de São Carlos - SP. Foi feito um estudo multicaso no São Carlos Science Park e no Parque Eco Tecnológico Damha-São Carlos, além de seis empresas do tipo spin-off acadêmico localizadas na Fundação ParqTec, que é uma incubadora de empresas, em São Carlos. Como resultados principais, foi possível observar que a presença de Parques Tecnológicos não é suficiente para se estimular a criação de spin-offs acadêmicos, mas é necessária para manter e desenvolver os que existem. Além disso, foi possível notar que os empreendedores sentem falta do incentivo da universidade para criação de spin-offs e para o estabelecimento de relações destas com incubadoras e parques tecnológicos.

Made available in DSpace on 2016-06-02T19:52:10Z (GMT). No. of bitstreams: 1 6739.pdf: 3515889 bytes, checksum: 9736920a79f9dfa524e4b73ca41e7759 (MD5) Previous issue date: 2015-02-26 / Spin-off companies can be defined as firms founded to exploit intellectual property or specific capabilities developed at universities and research institutes. In this context, the main goal of this work was to understand from the perspective of Transaction Costs Theory which are the main factors responsible for the creation of such companies in universities and research institutes of southeastern Brazil. In order to do so, a survey was conducted with the Technology Transfer Offices directors of 102 universities and research institutes of this region. Through a literature review in academic entrepreneurship, creation of spin-offs, Transaction Costs Theory and Brazilian innovation system it was possible to develop a theoretical and conceptual model for the creation of spin-off companies. This model indicates that the likelihood of spin-offs creation increases with: (1) low information seeking costs; (2) low bargaining costs; (3) high degree of interaction between researchers and technology transfer offices; and (4) policies aimed to the reduction of transaction costs within the creation process of these companies. The results were investigated through a descriptive analysis and using two separate regression techniques. The first technique used was a logistic regression, which related the (non) existence of spin-offs to the independent variables proposed by the theoretical and conceptual model. The second technique, in turn, was a linear regression using as dependent variable the number of spin-off companies at the investigated institutions per thousand researchers. The data analysis indicated there were signs that lower information seeking costs, high degree of interaction between researchers and technology transfer offices, as well as the existence of policies aimed to reduce transaction costs in the spin-off creation process are favorable for the generation of these companies. Though, there was no evidence that suggest bargaining costs influence the likelihood of the creation of spin-offs at universities and research institutes. / Empresas do tipo spin-off podem ser definidas como negócios fundados com o intuito de explorar propriedade intelectual ou competências específicas desenvolvidas em universidades e institutos de pesquisa. Nesse contexto, o objetivo desta pesquisa foi entender, sob a ótica de Teoria dos Custos de Transação, quais são os fatores determinantes para a criação dessas empresas em universidades e institutos de pesquisa da região sudeste do Brasil. Para tanto, foi realizado um levantamento do tipo survey juntamente aos dirigentes dos Núcleos de Inovação Tecnológica NIT de 102 universidades e institutos de pesquisa dessa região. Por meio de uma revisão bibliográfica em empreendedorismo acadêmico, criação de spin-offs, Teoria dos Custos de Transação e sistema de inovação brasileiro, foi possível a elaboração de um modelo teórico-conceitual para a criação de spin-offs. Esse modelo indica que a propensão de criação de spin-offs aumenta com: (1) baixos custos de busca de informações; (2) baixos custos de negociação; (3) alto grau de interação entre pesquisadores e escritórios de transferência de tecnologia; e (4) políticas direcionadas à diminuição dos custos de transação no processo de criação dessas empresas. Os resultados encontrados foram investigados por meio de uma análise descritiva e de duas técnicas de regressão distintas. A primeira técnica utilizada foi uma regressão logística, que relacionou a existência de spin-offs às variáveis independentes propostas no modelos teórico-conceitual. A segunda técnica, por sua vez, foi uma regressão linear que teve como variável dependente a quantidade de spin-offs criadas nas instituições investigadas a cada mil pesquisadores. A análise dos dados indicou que houve sinais de que baixos custos de busca de informações, alto grau de interação entre pesquisadores e escritórios de transferência de tecnologia, assim como a existência de políticas que diminuam os custos de transação no processo de criação de spin-offs são favoráveis para a geração dessas empresas. Não houve indícios de que os custos de negociações tenham influência na propensão de criação de spin-offs. Empresas do tipo spin-off podem ser definidas como negócios fundados com o intuito de explorar propriedade intelectual ou competências específicas desenvolvidas em universidades e institutos de pesquisa. Nesse contexto, o objetivo desta pesquisa foi entender, sob a ótica de Teoria dos Custos de Transação, quais são os fatores determinantes para a criação dessas empresas em universidades e institutos de pesquisa da região sudeste do Brasil. Para tanto, foi realizado um levantamento do tipo survey juntamente aos dirigentes dos Núcleos de Inovação Tecnológica NIT de 102 universidades e institutos de pesquisa dessa região. Por meio de uma revisão bibliográfica em empreendedorismo acadêmico, criação de spin-offs, Teoria dos Custos de Transação e sistema de inovação brasileiro, foi possível a elaboração de um modelo teórico-conceitual para a criação de spin-offs. Esse modelo indica que a propensão de criação de spin-offs aumenta com: (1) baixos custos de busca de informações; (2) baixos custos de negociação; (3) alto grau de interação entre pesquisadores e escritórios de transferência de tecnologia; e (4) políticas direcionadas à diminuição dos custos de transação no processo de criação dessas empresas. Os resultados encontrados foram investigados por meio de uma análise descritiva e de duas técnicas de regressão distintas. A primeira técnica utilizada foi uma regressão logística, que relacionou a existência de spin-offs às variáveis independentes propostas no modelos teórico-conceitual. A segunda técnica, por sua vez, foi uma regressão linear que teve como variável dependente a quantidade de spin-offs criadas nas instituições investigadas a cada mil pesquisadores. A análise dos dados indicou que houve sinais de que baixos custos de busca de informações, alto grau de interação entre pesquisadores e escritórios de transferência de tecnologia, assim como a existência de políticas que diminuam os custos de transação no processo de criação de spin-offs são favoráveis para a geração dessas empresas. Não houve indícios de que os custos de negociações tenham influência na propensão de criação de spin-offs.

Comment évaluer le rôle que jouent les spin-offs académiques - ces entreprises créées pour valoriser les résultats de la recherche publique ? Pour répondre à cette question, cette thèse envisage les spin-offs dans leurs interactions avec les acteurs hétérogènes qui composent les réseaux techno-économiques de l'innovation. Elle décrit l'entrepreneuriat académique comme un processus d'exploration et de consolidation de nouvelles technologies, marchés et relations. De plus, la thèse examine ce que produisent les collaborations inter-organisationnelles qui se nouent au cours de ce processus. Elle montre notamment la diversité des effets générés, en distinguant la contribution de différents types de partenariats (d'exploration, d'exploitation et ambidextres) à différentes dimensions de l'innovation. Enfin, la thèse étudie la manière dont la valeur de ces associations exploratoires est construite dans la pratique d'une action collective qui engage les spin-offs et leurs partenaires et qui mobilise des dispositifs de " valuation " particuliers.

This research examines the exit of a subsidiary from its corporate parent through spin-off, the actions taken by the firm management post spin-off, and the performance implications of those actions, all from the spin-off's perspective. While spin-off announcements are generally met with a positive stock market reaction, what occurs post spin-off remains largely unexamined, with performance predictions regarding spin-off firms often being equivocal. This raises questions as to what generates positive performance for spin-off firms, with agency, transaction cost, and upper echelons theories offering differing, and sometimes conflicting, predictions. By integrating these theoretical perspectives, a model of managerial action and its performance implications is presented. The model examines how the formation of new top management, the establishment of managerial monitoring and incentives, and the severance effects from leaving the corporate structure affect strategic, financial, and institutional actions, and how these actions affect performance. The theory and hypotheses developed in this research are empirically tested on a sample of 176 corporate spin-offs completed by publicly traded firms between 1986 and 1997. Results for the action-based models indicate that background of the CEO or the TMT, as well as CEO options, had no effect on actions. CEO and TMT ownership had opposite effects on financial actions, with TMT ownership increasing the likelihood of strategic actions and CEO ownership increasing the likelihood of institutional actions. Ownership by the parent firm and monitoring by officers of the parent serving as board members had no effect on the likelihood of actions, although having a chairman of the board from the parent decreased the likelihood of strategic actions. Finally, severance effects had limited influence on the actions taken post spin-off. Results for the performance-based models indicate that strategic actions were negatively related to ROA, while financial and institutional actions are positively related to ROA and institutional actions are positively related to market performance. In general, inaction was related to lower Tobin's q, with the signs of the coefficients for the other performance models negative, but not significant. Finally, the spin-off firm's relationship with its corporate parent had limited effect on the link between actions and performance.

In the absence of taxes and transactions costs, there can be no benefit to corporate reorganization from a financial standpoint, but ‘real world’ limitations and frictions do provide additional value that is gained through divestitures in terms of focus and financial flexibility. Herein, the corporate divestiture decision is analyzed to determine the motivation for a parent company either to cleave its offspring directly to the external capital market in an equity carve-out or to distribute the shares to the existing shareholders in a tax-free spin-off. Cash flow performance, asymmetric information, relative size of the divestiture, and relatedness of the parent’s and subsidiary’s operations are all found to contribute significantly to the divestiture decision. In Canada, an alternate form of security, known as the income trust unit, has become popular for corporate reorganizations, either through an initial public offering or as a conversion of shares. The flow-through structure of income trusts currently allows avoidance of corporate taxation to offer higher pre-tax returns to retail investors, in a market setting where yield is increasingly equated with value. To determine placement of these securities in the market, the risk of the income trust organizational form is analyzed and compared to the standard corporate form. Further, a number of publicly known characteristics of the income trusts can predict the relative risk of this type of investment. In recent ‘hot markets’ for these securities, proof is uncovered that unsuitable firms have been migrating to this sector, but valuation of the investments in this sector has remained fair and full. Although pending legislation will discontinue the tax-exempt status of income trusts in 2011, during their tenure these securities have improved the Canadian market. Based on the data analysis herein, all types of divestitures studied have been predicted to provide commensurate value with respect to risk depending on the nature of the subsidiary. / Thesis (Ph.D, Management) -- Queen's University, 2007-08-15 11:20:20.465

Research on entrepreneurial motivation of university scientists is often determined by quantitative methods without taking into account context-related influences. According to different studies, entrepreneurial scientists found a spin-off company due to motives like independency, market opportunity, money or risk of unemployment (short-term contracts). To give a comprehensive explanation, it is important to use a qualitative research view that considers academic rank, norms and values of university scientists. The author spoke with 35 natural scientists and asked professors and research fellows for their entrepreneurial motivation. The results of this study are used to develop a typology of entrepreneurial and non-entrepreneurial scientists within German universities. This paper presents the key findings of the study (Sass 2011).

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第21410号 / 経博第585号 / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 黒澤 隆文, 教授 渡邊 純子, 講師 IVINGS Steven / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DFAM

This thesis uses an event study methodology to investigate the short- and long-term effect on shareholder value from Lex ASEA-approved spin-offs' on the Swedish market between 1991-2022. The impact of spin-offs has been examined by estimating the effects on the parent firm, the spun-off entity, and a value-weighted pro-forma entity. This study has also attempted to capture sources of any abnormal returns by testing several potential determinants. The study found positive but insignificant short-term abnormal returns for all measured entities, which contradicts the positive results of previous US and European studies. Testing for relative spin-offsize and industry focus as determinants for abnormal announcement returns indicated that smaller intra-industry spin-offs yield greater abnormal returns. The spun-off and pro-forma entities showed significant long-term abnormal returns compared to the OMXSPI index benchmark. When compared against a portfolio of matched firms, only the spun-off firms delivered significant abnormal returns, but only for one of the tested intervals. Testing for relative spin-offsize and industry focus as determinants for long-term performance found that cross-industry spin-offs yield positive long-term abnormal returns for the spin-off firm. Lastly, testing the proxies for operational performance for the parent firms show general improvements in ROA and EBITDA/TA post spin-off and inconclusive results for gross profit margin. Consequently, the short-term findings presented in this study do not exhibit any increase in shareholder value related to the announcement of spin-offs. In contrast, the long-term results show increased shareholder value for the spun-off entity and the hypothetical pro-forma combined firm.

This dissertation consists of two studies related to internal capital markets and bank relationship using Japanese corporate spin-offs. The first study analyzes the relation between internal capital markets and banks by examining 137 Japanese corporate spin-offs created between the years 2001 and 2003 (since the establishment of new spin-offs law in 2001). In a univariate analysis, we find significant positive average cumulative abnormal returns around the announcements, market-adjusted excess returns after the spin-offs, an increase of the Herfindahl index, and a reduction in the diversification discount after the spin-offs. In a cross-sectional analysis, we find that bank-related governance variables such as the keiretsu-affiliation indicator, bank loan to total asset ratio, main bank ownership, and indicator variable of the existence of a bank-appointed director on the board indicator variables are significantly positively related to cumulative average abnormal returns around the announcements, market-adjusted excess returns after the spin-offs, an increase in focus of firms in terms of the Herfindahl index, and a reduction in the diversification discount. Therefore, we conclude that there is a significant relationship between internal capital markets and banks in Japan; after the internal capital market reorganization through spin-offs the closer relationship with banks creates shareholder wealth and increases the focus of firms. This paper is now co-authored with Professor Yoon K. Choi. The second study analyzes the investment policy changes in internal capital markets and the effect of banks' monitoring on the investment changes using Japanese corporate spin-offs, including merger-facilitated spin-offs within conglomerates. We find that investment sensitivity increases significantly after internal restructuring through spin-offs, consistent with Gertner et al. (2002). Furthermore, our results show that bank-related spin-offs' investments are more sensitive to investment opportunities, Tobin's Q, after being spun off. This suggests that the efficiency of Japanese internal capital markets has increased through spin-offs after the financial deregulation in 2001. We conclude that banks seem to play significant monitoring roles in internal capital markets to increase the investment efficiency after spin-offs. This paper is now co-authored with Professor Yoon K. Choi.

This research has investigated the long-run performance of corporate restructurings through unbundling transactions on the JSE between 2000 and 2012. The corporate unbundling transactions considered by the research are spin-offs and sell-offs. From the two unbundling transactions, four samples were derived, that is, 21 spin-offs, 14 parent-spin-offs, 14 sell-offs and 20 parent-sell-offs. The share price performance of these samples was investigated by a matching firm methodology under the buy and hold abnormal returns. The research found that positive abnormal returns are present for both samples for up to four years after unbundling. Secondly, with the exception of parent-sell-offs, significant abnormal returns were experienced by both samples for up to four years after unbundling. It was also found that a spin-off is a preferable corporate unbundling strategy to a sell-off over a long-run period. This research implies that companies with heavy structures should unbundle in order to unlock shareholders’ value. / Business Management / M. Com. (Business Management)