Articles liés à Cumulative Abnormal Returns During Merger and Acquisition...

Cumulative Abnormal Returns During Merger and Acquisition Announcement: How Do Human Capital Assets Affect Cumulative Abnormal Returns During Merger and Acquisition Announcements? - Couverture souple

Ngammekchai, Surasak (Matt)

 
9783838378855: Cumulative Abnormal Returns During Merger and Acquisition Announcement: How Do Human Capital Assets Affect Cumulative Abnormal Returns During Merger and Acquisition Announcements?
Couverture souple
ISBN 10 : 3838378857 ISBN 13 : 9783838378855
Editeur : LAP LAMBERT Academic Publishing, 2010

Synopsis

The results presented in this paper strongly support the integrative theory of mergers and acquisitions (Finkelstein and Larsson (1999), which suggests that the organizational integration is one of the most important determinants of M&A success. Overall, the EF is negatively correlated with CARs when the entire data set is analyzed. The results suggest that integration processes become more complicated because the employees from the target firm are more resistant to the new culture due to a low level of cultural domination of the acquiring firm. In addition, the results demonstrate that this effect is strongest in 1) within-industry mergers, 2) cross-region mergers, and 3) mergers involving employees with high-valued skill sets. I find significant effects for the EF only in some specific industry groups that require employees with high skill levels and expertise. Additionally, the findings also show that a group of M&A transactions in which target firms' average deal value per acquired employee is high, indicating that the employees have high skill sets and expertise, experiences a particularly strong effect from the EF.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

The results presented in this paper strongly support the integrative theory of mergers and acquisitions (Finkelstein and Larsson (1999), which suggests that the organizational integration is one of the most important determinants of M&A success. Overall, the EF is negatively correlated with CARs when the entire data set is analyzed. The results suggest that integration processes become more complicated because the employees from the target firm are more resistant to the new culture due to a low level of cultural domination of the acquiring firm. In addition, the results demonstrate that this effect is strongest in 1) within-industry mergers, 2) cross-region mergers, and 3) mergers involving employees with high-valued skill sets. I find significant effects for the EF only in some specific industry groups that require employees with high skill levels and expertise. Additionally, the findings also show that a group of M&A transactions in which target firms' average deal value per acquired employee is high, indicating that the employees have high skill sets and expertise, experiences a particularly strong effect from the EF.

Biographie de l'auteur

Surasak (Matt) Ngammekchai achieved Ph.D. in Finance, Master of Business Administration, and Master of International Management. He has working experience in Investment Banking and Finance. His research interests are Corporate Finance, Firm Valuation, and Mergers & Acquisitions.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
LAP LAMBERT Academic Publishing
Date d'édition
2010
Langue
anglais
ISBN 10 
3838378857
ISBN 13 
9783838378855
Reliure
Broché
Nombre de pages
84
Coordonnées du fabricant
non disponible
Personne responsable
KreGa Onlinehandel GmbH
4950000000000
info@krega-onlinehandel.de

Birkenweg 31
Brakel
33034
Allemagne