In this paper we introduce generalized hyperbent functions from $F_{2^n}$ to $Z_{2^k}$, and investigate decompositions of generalized (hyper)bent functions. We show that generalized (hyper)bent functions from $F_{2^n}$ to $Z_{2^k}$ consist of components which are generalized (hyper)bent functions from $F_{2^n}$ to $Z_{2^{k^\prime}}$ for some $k^\prime < k$. For odd $n$, we show that the Boolean functions associated to a generalized bent function form an affine space of semibent functions. This complements a recent result for even $n$, where the associated Boolean functions are bent.