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Kulturunterschiede bei Mergers & Acquisitions : Entwicklung eines Konzeptes zur Durchführung einer Cultural Due Diligence

Stumpf-Wollersheim, Jutta (contributor); … - 2008

Several investigations came to the conclusion that, considering in retrospect, most Mergers & Acquisitions were not successful. Differences in the corporate cultures are often quoted as being responsible for the failures. So, the question arises how such failures can be prevented in future....

Persistent link: https://www.econbiz.de/10003750322

Cultural Values, CEO Risk Aversion and Corporate Takeovers

Lehnert, Thorsten - 2011

We explicitly examine the role of culture in corporate takeover decisions. Prior research suggests that the risk … aversion of CEOs affects their takeover decisions. In this paper, we argue that managerial risk aversion at a national level is …, measured by Hofstede's (2001) uncertainty avoidance score, show less takeover activity, engage more in diversifying takeovers …

Persistent link: https://www.econbiz.de/10013119663

Female Directors and UK Company Acquisitiveness

Dowling, Michael M. - 2013

The presence, and proportion, of female directors is found to strongly influence the level of acquisitiveness of a company. This finding is made through a novel dataset covering significant size acquisitions made by FTSE 100 constituents between 2000 and 2011 and includes multiple controls for...

Persistent link: https://www.econbiz.de/10013091743

The Role of Corporate Cultural Similarity in Corporate Acquisitions : Does Cultural Similarity Affect Managerial Learning?

Schrowang, Andrew - 2020

This study examines whether the corporate cultural similarity between a target and an acquiring firm influences the acquiring managers' decision to abandon a corporate acquisition attempt conditional on the acquiring firm's stock price reaction at the announcement of the deal. We find that...

Persistent link: https://www.econbiz.de/10012838158

Corporate Employee-Engagement and Merger Outcomes

Liang, Hao - 2017

Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm's engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48...

Persistent link: https://www.econbiz.de/10012961182

Cross-Border Acquisitions and Employee-Engagement

Liang, Hao - 2017

We provide novel evidence that a firm's engagement in employee-related issues explains part of the value difference between its domestic and cross-border takeovers. An acquirer's investment in employee relations is positively related to the firm's performance when acquiring domestically, but...

Persistent link: https://www.econbiz.de/10012961793

Social Trust Distance in Mergers and Acquisitions

Lin, Tse-Chun - 2019

This paper studies the role of regional cultural differences in M\&A transactions in the U.S. We construct a county-level measure of cultural trust based on the World Values Survey data and find that a larger social trust distance between two companies reduces the likelihood of them combining...

Persistent link: https://www.econbiz.de/10012901142

Do Differences in Societal Trust Let the Cross-Border Mergers Die?

Ahmad, Muhammad Farooq - 2019

The paper further contributes to our understanding about the role of societal trust in influencing mergers outcome. Using a large sample of cross-border mergers across 56 countries between 1985 and 2014, we show that, conditional on announcement of cross-border mergers, larger differences of...

Persistent link: https://www.econbiz.de/10012893719

Shareholder Wealth Effects of Corporate Governance Deficiencies on Nasdaq

Frost, Carol Ann - 2017

The Nasdaq Stock Market's enforcement activities offer a unique setting for investigating the consequences of changes in corporate governance as evidenced by deficiency notices. We document significant negative abnormal returns in response to Nasdaq deficiency notices for audit committee and...

Persistent link: https://www.econbiz.de/10012972580

Market Reaction to Social Performance of Acquiring Firms : Evidence on Emerging Markets

Yen, Tze-Yu - 2016

This study performs a cross-country comparison by examining the large samples of merger and acquisition (M&A) activity in emerging markets (EMs). The underlying purpose is to investigate how market investors react to the M&A deals conducted by acquiring firms with different degrees of corporate...

Persistent link: https://www.econbiz.de/10012979302