This paper examines whether post-merger board composition affects the premiums paid to target shareholders. Using a sample of 207 stock-for-stock mergers from 1996 to 2004, we show that target merger premiums vary inversely with target director representation on the post-merger board. We also...

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...

This chapter surveys the theoretical and empirical research on the main mechanisms of corporate law and governance, discusses the main legal and regulatory institutions in different countries, and examines the comparative governance literature. Corporate governance is concerned with the...

Die Zusammenführung von Forschungs- und Entwicklungsbereichen als Folge einer Fusion oder Akquisition erfordert in der Regel ein umfassendes Integrationsprojekt, um die Innovationsfähigkeit des Unternehmens auch in Zukunft sicherzustellen. Auf Basis eines konzeptionellen Bezugsrahmens erfolgt...

The combination of research and development units following a merger or an acquisition usually requires a broad and widespread integration project to ensure that a company?s innovative capabilities are carried forward into the future. Previous research has shown, however, that the combined...

Mergers and Acquisitions (M&A) have become a central instrument of organizational development. Consequently, research on M&A has developed into a complex research area of management science in recent years. However, the different perspectives are so heterogeneous that a holistic view is often...

Although post-merger integration (PMI) in management control systems (MCSs) is a key determinant of successful corporate mergers and acquisitions (M&As), it has not attracted due academic attention because the existing case studies on PMI is are highly concentrated on integration in terms of...

This article addresses the question whether companies from emerging economies create shareholder value through foreign acquisitions. The popular business press usually views these foreign acquisitions very positively. The stock markets have often reacted negatively to the acquisitions. The...

The world of mergers and acquisitions are often fraught with change, loss of identity and uncertainty for the workers who remain. The consolidation of work-groups can result in new roles, unfamiliar faces, new social structure and the introduction of foreign processes. The need to quickly...