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The Role of Corporate Culture in Mergers & Acquisitions

Bouwman, Christa H. S. - 2013

Corporate mergers are an important driver of growth, and yet many mergers fail to produce value for the shareholders of the acquiring firms. Survey and anecdotal evidence suggests that corporate culture is central to the success of mergers and acquisitions (M&A), and that cultural differences...

Persistent link: https://www.econbiz.de/10013078018

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/10012947333

Cultural Differences, Synergies and Mergers and Acquisitions

Tremblay, Andreanne - 2017

I use textual analysis of 10-K forms to develop an estimate of the differences in corporate cultures of the combining firms, and find that greater cultural differences between the combining firms lead to higher synergistic gains in mergers. The effect of cultural differences on acquisition...

Persistent link: https://www.econbiz.de/10012966079

CSR variability, managerial risk aversion, and hostile takeover threats

Likitapiwat, Tanakorn; Treepongkaruna, Sirimon; … - 2022

The quiet life hypothesis argues that, when managers are insulated from the discipline of the takeover market, they … words, they prefer to live a “quiet life”. Exploiting a distinctive measure of takeover vulnerability principally based on …. Our results show that more takeover exposure significantly raises CSR variability, consistent with the prediction of the …

Persistent link: https://www.econbiz.de/10014239260

New Venture Teams and Acquisition : Team Composition Matters

Soleimani, Leila; Stauffer, Ryan - 2019

This study examines the relationship between the composition of new venture founder teams and acquisition likelihood as a coveted exit route for entrepreneurs and investors. We find that gender diversity and the average education level of team members are positively related to acquisition...

Persistent link: https://www.econbiz.de/10014106745

Inside the Board Room : Nationality, Cultural Diversity and Cross-Border Merger Outcomes

Cao, Jian; Ellis, Kimberly; Li, Mingxiang - 2019

In recent years, an increase in the number of foreign directors on corporate boards of large multinational corporations has seemingly gone hand in hand with significant growth in cross-border merger (CBM) activity. We analyze the influence of internationalization of the board of directors on...

Persistent link: https://www.econbiz.de/10014120227

Cross-Border Mergers and Acquisitions and Corporate Social Responsibility : Evidence from Chinese Listed Firms

Li, Zhe; Wang, Ping - 2022

This study examines the impact of cross-border mergers and acquisitions (M&As) on acquirers’ corporate social responsibility (CSR). Based on a sample of Chinese listed firms, we find that firms with cross-border M&A activities experience an improvement in subsequent CSR performance, and this...

Persistent link: https://www.econbiz.de/10013298156

Firms of a Feather Merge Together : Caste Proximity and M&A Outcomes

Bhalla, Manaswini; Goel, Manisha; Konduri, Teja; Zemel, … - 2022

Using data from India, we show that shared caste identities between two firms' directors increase the likelihood that they enter a merger and acquisition (M&A) deal. Target and acquirer shareholders receive smaller gains in such deals relative to others. Negotiation outcomes and long-run firm...

Persistent link: https://www.econbiz.de/10013307204

Does CEO Ethnic Cultural Identity Affect Cross-Border Acquisitions?

Marra, Miriam; Petmezas, Dimitris; Ruan, Jing; Yin, Chao - 2023

We examine the impact of CEOs’ ethnic cultural identity (ECI) on cross-border acquisitions. Regardless of the immigration time of CEOs’ ancestors to the US, acquirers are more likely to bid for a target in their CEOs’ ancestry country of origin. The CEO ECI does not significantly affect...

Persistent link: https://www.econbiz.de/10014257778

Corporate Cultural Spillover and Synergistic Gains : Evidence from Mergers and Acquisitions

Lu, Weijie - 2015

Recent research has documented that firms' social performances have huge impacts on mergers and acquisitions (M&A) outcomes. Using a large sample of U.S public firm data, I test several theories of whether and how the cultural differences measured by adjusted corporate social responsibility...

Persistent link: https://www.econbiz.de/10013028139