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Japanese spinoffs: Unexplored survival strategies

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  • Kiyohiko Ito

Abstract

This paper analyzes spinoffs of Japanese firms and the use of the spinoff as an instrument to achieve corporate growth objectives. The initial separation of the organizations and its governance mode are analyzed in the context of transaction costs theory. Spinoffs may be created in order to (1) balance costs associated with managing diversified businesses, (2) generate growth based on core competencies of a firm, and (3) pursue an efficient internal labor market. In a changing environment, the spinoff has been a widely used flexible organizational arrangement that is suitable to survival and offers an alternative way of diversification.

Suggested Citation

  • Kiyohiko Ito, 1995. "Japanese spinoffs: Unexplored survival strategies," Strategic Management Journal, Wiley Blackwell, vol. 16(6), pages 431-446.
    • Handle: RePEc:bla:stratm:v:16:y:1995:i:6:p:431-446
    DOI: 10.1002/smj.4250160603
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    Cited by:

    1. Rolf Bühner & Jörg Digmayer, 2003. "Aktienmarktreaktionen auf die Ankündigungen von Spin-offs und Sell-offs," Schmalenbach Journal of Business Research, Springer, vol. 55(7), pages 657-677, November.
    2. Md Hamid Uddin, 2010. "Corporate Spin-Offs And Shareholders' Value: Evidence From Singapore," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(4), pages 43-58.
    3. Lincoln, James R. & Guillot, Didier, 2011. "Business Groups, Networks, And Embeddedness: Innovation And Implementation Alliances In Japanese Electronics, 1985-1998," Institute for Research on Labor and Employment, Working Paper Series qt35g695gn, Institute of Industrial Relations, UC Berkeley.
    4. Pascal Barneto, 2003. "La scission d'Eridania-Béghin-Say:essai d'évaluation par un modèle d'options réelles," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 5-42, June.
    5. Sakawa, Hideaki & Watanabel, Naoki, 2018. "Parent control and ownership monitoring in publicly listed subsidiaries in Japan," Research in International Business and Finance, Elsevier, vol. 45(C), pages 7-14.
    6. Itoh, Hideshi & Kikutani, Tatsuya & Hayashida, Osamu, 2008. "Complementarities among authority, accountability, and monitoring: Evidence from Japanese business groups," Journal of the Japanese and International Economies, Elsevier, vol. 22(2), pages 207-228, June.
    7. Hisako Matsuo, 2012. "Transfer of Japanese Human Resource Management to US Subsidiaries: Resource Dependence Theory and Institutionalism," International Journal of Business and Social Research, LAR Center Press, vol. 2(6), pages 34-46, November.
    8. Manuel Portugal Ferreira & Nuno R. Reis & Roberta M. Paula & Claudia Frias Pinto, 2017. "Structural and longitudinal analysis of the knowledge base on spin-off research," Scientometrics, Springer;Akadémiai Kiadó, vol. 112(1), pages 289-313, July.
    9. Veldhoven, Joris & Cloodt, Myriam & Vanhaverbeke, Wim, 2008. "Modeling the set-up and management of a spin-out: Evidence from a case study," MPRA Paper 26489, University Library of Munich, Germany, revised 2010.
    10. Helmut Fryges & Mike Wright, 2014. "The origin of spin-offs: a typology of corporate and academic spin-offs," Small Business Economics, Springer, vol. 43(2), pages 245-259, August.
    11. Johan Wiklund & Dean A. Shepherd, 2008. "Portfolio Entrepreneurship: Habitual and Novice Founders, New Entry, and Mode of Organizing," Entrepreneurship Theory and Practice, , vol. 32(4), pages 701-725, July.
    12. Rolf Bühner, 1998. "Unternehmensspaltung — Motive und Aktienmarktreaktionen," Schmalenbach Journal of Business Research, Springer, vol. 50(9), pages 809-840, September.
    13. Nikolay Trifinov Naydenov, 2005. "Changes in the Japanese Postwar Corporate Governance System in the 1990s," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 124-150.
    14. Hisako Matsuo, 2012. "Transfer of Japanese Human Resource Management to US Subsidiaries: Resource Dependence Theory and Institutionalism," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 2(6), pages 34-46, November.
    15. Akihiro Yamada & Kento Fujita, 2022. "Impact of Parent Companies and Multiple Large Shareholders on Audit Fees in Stakeholder-Oriented Corporate Governance," Sustainability, MDPI, vol. 14(9), pages 1-20, May.
    16. Nazir Saima & Chisti Khalid, 2023. "Corporate Spin-Offs and Shareholders’ Wealth: A Systematic Review and Future Research Agenda," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 11(1), pages 42-63, October.
    17. Lincoln, James R. & Shimotani, Masahiro, 2009. "Whither the Keiretsu, Japan's Business Networks? How Were They Structured? What Did They Do? Why Are They Gone?," Institute for Research on Labor and Employment, Working Paper Series qt00m7d34g, Institute of Industrial Relations, UC Berkeley.
    18. Benjamin Dietz & Dodo zu Knyphausen-Aufseß, 2017. "Beyond a One-Size-Fits-All Explanation for Reacquisitions – A Cluster-based Analysis of Reacquisition Motives and Their Influence on the Involved Firms," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 18(1), pages 1-28, February.

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