Operating performance changes associated with corporate mergers and the role of corporate governance
We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes is an important but heretofore overlooked factor when judging the influence of ownership on the outcomes of corporate choices. Finally, we present evidence that suggests the market sometimes under- or overreacts to merger news when initially revaluing merger partners but corrects any miscalculation following the consummation of the merger.
Year of publication: |
2009
|
---|---|
Authors: | Carline, Nicholas F. ; Linn, Scott C. ; Yadav, Pradeep K. |
Published in: |
Journal of Banking & Finance. - Elsevier, ISSN 0378-4266. - Vol. 33.2009, 10, p. 1829-1841
|
Publisher: |
Elsevier |
Subject: | Mergers Corporate governance Operating performance |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Corporate governance and the nature of takeover resistance
Carline, Nicholas F., (2014)
-
Operating performance changes associated with corporate mergers and the role of corporate governance
Carline, Nicholas F., (2009)
-
Operating performance changes associated with corporate mergers and the role of corporate governance
Carline, Nicholas F., (2009)
- More ...