{"id":{"repo_id":"salford","oai_identifier":"oai:salford-repository.worktribe.com:1337794"},"canonical_url":"https://search.dev.ndltd.org/etd/salford/oai:salford-repository.worktribe.com:1337794","repository":{"repo_id":"salford","name":"U. of Salford","base_url":"https://salford-repository.worktribe.com/oaiprovider"},"display":{"title":"Do Malaysian spin-offs create value?","abstract":"This thesis primarily investigates the short- and long-run share return performance of Malaysianspin-off firms during the period January 1980 to April 2011. Using daily and monthly data, thestudy examines the performance of spin-off firms against the benchmarks of Malaysian All-Shares indices.The results show that parent firms significantly outperformed the market during the few dayssurrounding the announcement date even after adjustment for size. In the long-run analysis overthree years, however, and after allowing for size, this research failed to find abnormalperformance for either parents or spun-off entities.Overall, the results of the research allow us to plausibly argue that the market anticipates bothincreased value for parent shareholders and potential exploitable stock market inefficiency inthe short-run period but not in the long-run.The present work fills another gap in the spin-off literature by discovering whether politicalcontrol of firms leads to poor performance for shareholders. The results indicate that parentfirms with strong informal ties with leading Malaysian politicians significantly outperformedtheir counterparts in the non-politically linked group over the short-run period even aftereliminating the influence of size. However, holding political-control shares in a portfolio wouldgive a negative return effect to investors over the three-year holding periods.This research also examines whether increased corporate focus in the event of a spin-off isassociated with the short- and long-run share return outperformance. By looking at the sharereturn performance of both focus-increasing and non focus-increasing parent firms, this studyprovides evidence contradicting the claims of the corporate focus hypothesis. The results showthat focus-increasing parent firms significantly underperformed their counterparts in the nonfocus-increasing group during the few days around the announcement date even aftercomprehensive size adjustment. It can also be seen that spin-offs by focus-increasing entitiesfail to demonstrate abnormal performance in the long-run period (three-years).","abstract_html":"This thesis primarily investigates the short- and long-run share return performance of Malaysianspin-off firms during the period January 1980 to April 2011. Using daily and monthly data, thestudy examines the performance of spin-off firms against the benchmarks of Malaysian All-Shares indices.The results show that parent firms significantly outperformed the market during the few dayssurrounding the announcement date even after adjustment for size. In the long-run analysis overthree years, however, and after allowing for size, this research failed to find abnormalperformance for either parents or spun-off entities.Overall, the results of the research allow us to plausibly argue that the market anticipates bothincreased value for parent shareholders and potential exploitable stock market inefficiency inthe short-run period but not in the long-run.The present work fills another gap in the spin-off literature by discovering whether politicalcontrol of firms leads to poor performance for shareholders. The results indicate that parentfirms with strong informal ties with leading Malaysian politicians significantly outperformedtheir counterparts in the non-politically linked group over the short-run period even aftereliminating the influence of size. However, holding political-control shares in a portfolio wouldgive a negative return effect to investors over the three-year holding periods.This research also examines whether increased corporate focus in the event of a spin-off isassociated with the short- and long-run share return outperformance. By looking at the sharereturn performance of both focus-increasing and non focus-increasing parent firms, this studyprovides evidence contradicting the claims of the corporate focus hypothesis. The results showthat focus-increasing parent firms significantly underperformed their counterparts in the nonfocus-increasing group during the few days around the announcement date even aftercomprehensive size adjustment. It can also be seen that spin-offs by focus-increasing entitiesfail to demonstrate abnormal performance in the long-run period (three-years).","abstract_has_math":false,"creators":["Zakaria, N"],"institution":null,"degree_name":null,"degree_level":"Doctoral (Level 8)","degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2012,"date_issued":"2012","date_published":"2012","updated_at":"2026-07-24T04:26:12Z","subjects":[],"languages":["en"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["oai:salford-repository.worktribe.com:1337794"],"render_values":[{"text":"oai:salford-repository.worktribe.com:1337794","href":null,"code":true}]}]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.sponsor","label":"Sponsor","values":["University of Salford"]},{"key":"dc:creator","label":"Author","values":["Zakaria, N"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2012-06-01"]},{"key":"dc:date.issued","label":"Date","values":["2012"]},{"key":"dc:relation.isreferencedby","label":"Dc Relation Isreferencedby","values":["https://salford-repository.worktribe.com/output/1337794"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["Doctoral (Level 8)"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["oai:salford-repository.worktribe.com:1337794"]},{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://salford-repository.worktribe.com/file/1337794/1/N.%20Zakaria%20-%202012.pdf"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This thesis primarily investigates the short- and long-run share return performance of Malaysianspin-off firms during the period January 1980 to April 2011. Using daily and monthly data, thestudy examines the performance of spin-off firms against the benchmarks of Malaysian All-Shares indices.The results show that parent firms significantly outperformed the market during the few dayssurrounding the announcement date even after adjustment for size. In the long-run analysis overthree years, however, and after allowing for size, this research failed to find abnormalperformance for either parents or spun-off entities.Overall, the results of the research allow us to plausibly argue that the market anticipates bothincreased value for parent shareholders and potential exploitable stock market inefficiency inthe short-run period but not in the long-run.The present work fills another gap in the spin-off literature by discovering whether politicalcontrol of firms leads to poor performance for shareholders. The results indicate that parentfirms with strong informal ties with leading Malaysian politicians significantly outperformedtheir counterparts in the non-politically linked group over the short-run period even aftereliminating the influence of size. However, holding political-control shares in a portfolio wouldgive a negative return effect to investors over the three-year holding periods.This research also examines whether increased corporate focus in the event of a spin-off isassociated with the short- and long-run share return outperformance. By looking at the sharereturn performance of both focus-increasing and non focus-increasing parent firms, this studyprovides evidence contradicting the claims of the corporate focus hypothesis. The results showthat focus-increasing parent firms significantly underperformed their counterparts in the nonfocus-increasing group during the few days around the announcement date even aftercomprehensive size adjustment. It can also be seen that spin-offs by focus-increasing entitiesfail to demonstrate abnormal performance in the long-run period (three-years)."]},{"key":"dc:title","label":"Title","values":["Do Malaysian spin-offs create value?"]}]}],"canonical_facts":{"dc:contributor.sponsor":["University of Salford"],"dc:creator":["Zakaria, N"],"dc:date":["2012-06-01"],"dc:date.issued":["2012"],"dc:description.abstract":["This thesis primarily investigates the short- and long-run share return performance of Malaysianspin-off firms during the period January 1980 to April 2011. Using daily and monthly data, thestudy examines the performance of spin-off firms against the benchmarks of Malaysian All-Shares indices.The results show that parent firms significantly outperformed the market during the few dayssurrounding the announcement date even after adjustment for size. In the long-run analysis overthree years, however, and after allowing for size, this research failed to find abnormalperformance for either parents or spun-off entities.Overall, the results of the research allow us to plausibly argue that the market anticipates bothincreased value for parent shareholders and potential exploitable stock market inefficiency inthe short-run period but not in the long-run.The present work fills another gap in the spin-off literature by discovering whether politicalcontrol of firms leads to poor performance for shareholders. The results indicate that parentfirms with strong informal ties with leading Malaysian politicians significantly outperformedtheir counterparts in the non-politically linked group over the short-run period even aftereliminating the influence of size. However, holding political-control shares in a portfolio wouldgive a negative return effect to investors over the three-year holding periods.This research also examines whether increased corporate focus in the event of a spin-off isassociated with the short- and long-run share return outperformance. By looking at the sharereturn performance of both focus-increasing and non focus-increasing parent firms, this studyprovides evidence contradicting the claims of the corporate focus hypothesis. The results showthat focus-increasing parent firms significantly underperformed their counterparts in the nonfocus-increasing group during the few days around the announcement date even aftercomprehensive size adjustment. It can also be seen that spin-offs by focus-increasing entitiesfail to demonstrate abnormal performance in the long-run period (three-years)."],"dc:identifier":["oai:salford-repository.worktribe.com:1337794"],"dc:identifier.uri":["https://salford-repository.worktribe.com/file/1337794/1/N.%20Zakaria%20-%202012.pdf"],"dc:language":["en"],"dc:relation.isreferencedby":["https://salford-repository.worktribe.com/output/1337794"],"dc:title":["Do Malaysian spin-offs create value?"],"dc:type":["Thesis"],"dc:type.qualificationlevel":["Doctoral (Level 8)"]},"updated_at":"2026-07-24T04:26:12Z"}