Spin-Offs, Diversifikation Und Shareholder Value: Eine Theorie- Und Hypothesengeleitete Empirische Analyse Europäischer Unternehmensabspaltungen
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Der Transaktionsform des Spin-offs kommt eine zunehmende Bedeutung zu, wenn es darum geht, Unternehmen an ver�nderte Umweltbedingungen anzupassen und seine Potentiale im Hinblick auf die Steigerung des Unternehmenswerts nutzbar zu machen. Jens Vollmar zeigt in seiner empirischen Kapitalmarktstudie mit Hilfe der Ereignisstudienmethodik auf, dass Spin-off-Ank�ndigungen den Unternehmenswert auch in europ�ischem Kontext positiv beeinflussen. Zum anderen belegt der Autor, dass Spin-offs untrennbar mit dem Diversifikationsph�nomen verkn�pft sind. Die aus der Diversifikationsforschung abgeleiteten Erfolgsfaktoren erkl�ren einen substanziellen Anteil der gemessenen Aktienkurseffekte. Die entwickelten Modelle erlauben somit eine genaue Prognose des Spin-off-Erfolgs und damit eine f�r die Unternehmenspraxis unmittelbare Nutzbarkeit der gewonnenen Erkenntnisse.
Dr. Jens Vollmar ist wissenschaftlicher Mitarbeiter am Institut für Accounting, Controlling und Auditing der Universität St. Gallen am Lehrstuhl für Internationale Rechnungslegung. Er ist zudem als Berater für die Unternehmenspraxis tätig.
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