Product market competition, type of mergers, and post-merger performance in Taiwan

ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 > Item 310904400/110772

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题名:	Product market competition, type of mergers, and post-merger performance in Taiwan
作者:	劉永欽;Liu, Yong-Chin;陳香如;Chen, Hsiang-Ju;蘇銘璋;Su, Ming-Chang
贡献者:	財務金融學系
日期:	2017-12
上传时间:	2018-04-03 01:28:59 (UTC+0)
摘要:	This paper investigates the effect of product market competition, along with the interaction effect of market competition and the type of mergers and acquisitions (focused or diversified M&As) on an acquirer's post-merger long-term performance. Literature suggests that market competition has the function of disciplining managers and forcing them to operate efficiently. Our main hypotheses are that market competition has a positive effect on post-merger performance only for focused mergers due to the diversification-discount phenomenon, and that diversified mergers may erode the benefits of competition in post-merger performance. Using merger events for Taiwan's listed firms as a sample, the evidence supports our hypotheses, even when considering the endogeneity of market competition and considering only non-electronics events. The discipline derived from market competition tends to be weak across the whole sample. The robustness check confirms the limited positive effect of competition caused by finding a negative relation between acquisition premium and competition only for the focused M&As.
關聯:	Pacific-Basin Finance Journal
显示于类别:	[財務金融學系] 期刊論文

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