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Salaber, Julie; Rao-Nicholson, Rekha; Cao, Tuan H. (2015)
Publisher: Elsevier
Languages: English
Types: Article
Subjects: UOW11
The study looks at mergers and acquisitions (M&As) in ASEAN countries and examines the post-M&A performance using data from 2001 to 2012. The industry-adjusted operating performance tends to decline in the 3 years following an M&A. Yet, the results suggest that M&As completed during the financial crisis are more profitable than those implemented before and/or after the crisis. We argue that this is mainly due to the synergies created between the firms’ resources during the crisis which augur well for firms’ economic performance. We find that, during the crisis, certain characteristics of the firms like the relative size of the target, cross-border nature of deals, acquirer's cash reserves and friendly nature of deals are important determinants of long-term post-M&A operating performance. However, for M&As during the crisis, there appears to be no relationship between performance and firms’ characteristics linked to M&A activity such as payment method, industry relatedness and percentage of target's share acquired.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • Agrawal, A., Jaffe, J. F., & Gershon, N. M. (1992). The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly. The Journal of Finance, 47(4), 1605-1621.
    • Aguiar, M., & Gopinath, G. (2007). Emerging Market Business Cycles: The Cycle Is the Trend. [Article]. Journal of political economy, 115(1), 69-102.
    • Alexandridis, G., Mavrovitis, C. F., & Travlos, N. G. (2012). How have M&As changed? Evidence from the sixth merger wave. The European Journal of Finance, 18(8), 663- 688.
    • Amel, D., Barnes, C., Panetta, F., & Salleo, C. (2004). Consolidation and efficiency in the financial sector: A review of the international evidence. Journal of Banking & Finance, 28(10), 2493-2519.
    • Anwar, S., & Nguyen, L. P. (2011). Foreign direct investment and trade: The case of Vietnam. Research in International Business and Finance, 25(1), 39-52.
    • Beltratti, A., & Paladino, G. (2013). Is M&A different during a crisis? Evidence from the European banking sector. Journal of Banking & Finance, 37(12), 5394 -5405.
    • Berger, A. N., Saunders, A., Scalise, J. M., & Udell, G. F. (1998). The effects of bank mergers and acquisitions on small business lending. Journal of financial economics, 50(2), 187-229.
    • Berkovitch, E., & Narayanan, M. (1990). Competition and the medium of exchange in takeovers. Review of Financial Studies, 3(2), 153-174.
    • Berrill, J., & Mannella, G. (2013). Are firms from developed markets more international than firms from emerging markets? Research in International Business and Finance, 27(1), 147-161.
    • Bertrand, O., & Betschinger, M.-A. (2012). Performance of domestic and cross-border acquisitions: Empirical evidence from Russian acquirers. Journal of comparative economics, 40(3), 413-437.
    • Boisot, M., & Child, J. (1988). The iron law of fiefs: Bureaucratic failure and the problem of governance in the Chinese economic reforms. Administrative Science Quarterly, 507- 527.
    • Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial economics, 21(1), 3-40.
    • Brouthers, K. D., & Brouthers, L. E. (2000). Acquisition or greenfield start‐up? Institutional, cultural and transaction cost influences. Strategic Management Journal, 21(1), 89-97.
    • Bryson, J. M., Crosby, B. C., & Stone, M. M. (2006). The Design and Implementation of Cross‐Sector Collaborations: Propositions from the Literature. Public Administration Review, 66(s1), 44-55.
    • Caves, R. E. (1989). Mergers, takeovers, and economic efficiency: foresight vs. hindsight. International Journal of Industrial Organization, 7(1), 151-174.
    • Chakrabarti, A. K. (1990). Organizational factors in post-acquisition performance. Engineering Management, IEEE Transactions on, 37(4), 259-268.
    • Chatterjee, R. A. (2000). The financial performance of companies acquiring very large takeover targets. Applied financial economics, 10(2), 185-191.
    • Chen, W. (2011). The effect of investor origin on firm performance: Domestic and foreign direct investment in the United States. Journal of international economics, 83(2), 219- 228.
    • Chenhall, R. H., & Langfield-Smith, K. (2007). Multiple perspectives of performance measures. European Management Journal, 25(4), 266-282.
    • Agrawal, A., Jaffe, J. F., & Gershon, N. M. (1992). The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly. The Journal of Finance, 47(4), 1605-1621.
    • Aguiar, M., & Gopinath, G. (2007). Emerging Market Business Cycles: The Cycle Is the Trend. [Article]. Journal of political economy, 115(1), 69-102.
    • Alexandridis, G., Mavrovitis, C. F., & Travlos, N. G. (2012). How have M&As changed? Evidence from the sixth merger wave. The European Journal of Finance, 18(8), 663- 688.
    • Amel, D., Barnes, C., Panetta, F., & Salleo, C. (2004). Consolidation and efficiency in the financial sector: A review of the international evidence. Journal of Banking & Finance, 28(10), 2493-2519.
    • Anwar, S., & Nguyen, L. P. (2011). Foreign direct investment and trade: The case of Vietnam. Research in International Business and Finance, 25(1), 39-52.
    • Beltratti, A., & Paladino, G. (2013). Is M&A different during a crisis? Evidence from the European banking sector. Journal of Banking & Finance, 37(12), 5394 -5405.
    • Berger, A. N., Saunders, A., Scalise, J. M., & Udell, G. F. (1998). The effects of bank mergers and acquisitions on small business lending. Journal of financial economics, 50(2), 187-229.
    • Berkovitch, E., & Narayanan, M. (1990). Competition and the medium of exchange in takeovers. Review of Financial Studies, 3(2), 153-174.
    • Berrill, J., & Mannella, G. (2013). Are firms from developed markets more international than firms from emerging markets? Research in International Business and Finance, 27(1), 147-161.
    • Bertrand, O., & Betschinger, M.-A. (2012). Performance of domestic and cross-border acquisitions: Empirical evidence from Russian acquirers. Journal of comparative economics, 40(3), 413-437.
    • Boisot, M., & Child, J. (1988). The iron law of fiefs: Bureaucratic failure and the problem of governance in the Chinese economic reforms. Administrative Science Quarterly, 507- 527.
    • Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial economics, 21(1), 3-40.
    • Brouthers, K. D., & Brouthers, L. E. (2000). Acquisition or greenfield start‐up? Institutional, cultural and transaction cost influences. Strategic Management Journal, 21(1), 89-97.
    • Bryson, J. M., Crosby, B. C., & Stone, M. M. (2006). The Design and Implementation of Cross‐Sector Collaborations: Propositions from the Literature. Public Administration Review, 66(s1), 44-55.
    • Caves, R. E. (1989). Mergers, takeovers, and economic efficiency: foresight vs. hindsight. International Journal of Industrial Organization, 7(1), 151-174.
    • Chakrabarti, A. K. (1990). Organizational factors in post-acquisition performance. Engineering Management, IEEE Transactions on, 37(4), 259-268.
    • Chatterjee, R. A. (2000). The financial performance of companies acquiring very large takeover targets. Applied financial economics, 10(2), 185-191.
    • Chen, W. (2011). The effect of investor origin on firm performance: Domestic and foreign direct investment in the United States. Journal of international economics, 83(2), 219- 228.
    • Chenhall, R. H., & Langfield-Smith, K. (2007). Multiple perspectives of performance measures. European Management Journal, 25(4), 266-282.
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  • Discovered through pilot similarity algorithms. Send us your feedback.

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