دانلود مقاله ISI انگلیسی شماره 101023
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
101023 2017 17 صفحه PDF سفارش دهید 11984 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Product market competition, type of mergers, and post-merger performance in Taiwan
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 46, Part B, December 2017, Pages 292-308

پیش نمایش مقاله
پیش نمایش مقاله

چکیده انگلیسی

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.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.