There is little consensus as to whether firms that find themselves spun off from other companies – either as new, standalone companies, or under the stewardship of new parent companies – perform better or worse than they did before. An oft-cited 1992 study found that, on average, the performance of divested units after the spin-off does not improve—and is just as likely to decline—compared with the three years before divestment. But a study from 1999 found that long-run performance of both the former parent company and the divested unit is strongly positive, provided that the spin-off increases the company’s focus. A 2010 meta-analysis detailed many of the different issues that make divestiture so hard to evaluate consistently.
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