Restructuring Top Management: Evidence from Corporate Spinoffs
研究公司分拆如何导致高层管理团队重组，发现高管的人力资本（如治理经验和行业知识）影响新公司管理层构成，且管理层结构与分拆创造的价值相关；部分分拆还充当了高管解雇的“安慰奖”。
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."