KHAS Finance Webinars – Dr. O. Volkan Özbek
The guest of the Finance Webinars series organized by Kadir Has University International Trade and Finance Department is Dr. O. Volkan Özbek from Michael Neidorff School of Business, Trinity University in San Antonio, Texas.
Prior research has suggested that corporate spin-offs are intended to create value for both the parent firm (a.k.a. divesting firm) and the newly created child firm (a.k.a. spun-off firm). This study develops a theoretical framework to explain how institutional and managerial ownerships may impact changes in the market performance of corporate spin-offs. Leveraging corporate governance and behavioral agency perspectives, we argue that both ownership structures negatively affect the change in the market performance of U.S. corporate spin-offs. Our sample includes 144 completed spin-offs of the U.S. between 2000 and 2014, drawn from the SDC Platinum database. Our findings indicate that managerial and institutional ownerships have significant and adverse effects on the change in the market performance of the child firm. In addition, we have looked at the interaction effect of these ownership structures and have found a significant and positive impact. Thus, our results reveal the critical importance of both ownership structures and their interaction for the market success of corporate spin-offs.
The webinar will be in English.
About the speaker:
Dr. O. Volkan Özbek earned his PhD in Business Administration with a concentration in Strategy from the University of Texas at Arlington. His primary research interests are corporate spin-offs including their governance structures and the upper echelons perspective that includes top management team demographics as well as executives’ behavioral and cognitive characteristics. In his dissertation research, he looked at the impact of corporate governance on the change in market valuation of spun-off subsidiaries by focusing on their board and CEO characteristics as well as ownership structure. He has gotten published in some “top” management journals including the Academy of Management Review (AMR) and the American Business Review (ABR). He has presented his research papers at many “major” academic conferences as well. Prior to his doctoral education, he also earned a Master’s in Business from the University of Wisconsin at Madison, an MBA from the Saginaw Valley State University in Michigan, a Master’s in Management Science from the Naval Science and Engineering Institute, and a Bachelor’s in Computer Engineering from the Turkish Naval Academy. His teaching interests are primarily in the areas of Strategic Management and International Business. He teaches at the Trinity University in San Antonio, TX.
Date: November 9, 2021, Tuesday at 17.00 (GMT+3)
Title: The Effect of Institutional and Managerial Ownerships on the Market Performance of U.S. Corporate Spin-offs
Zoom Meeting ID: 862 9289 4389
Zoom Link: https://us02web.zoom.us/j/86292894389