دانلود مقاله ISI انگلیسی شماره 45077
عنوان فارسی مقاله

سهامداران بزرگ و ایجاد ارزش از طریق جمع آوری شرکت های بزرگ در اروپا هویت امور کنترل سهامداران

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
45077 2015 16 صفحه PDF سفارش دهید 14650 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Large shareholders and value creation through corporate acquisitions in Europe. The identity of the controlling shareholder matters
منبع

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

Journal : European Management Journal, Volume 33, Issue 2, April 2015, Pages 116–131

کلمات کلیدی
ترکیب و ادغام - ارزش آفرینی - ساختار مالکیت
پیش نمایش مقاله
پیش نمایش مقاله سهامداران بزرگ و ایجاد ارزش از طریق جمع آوری شرکت های بزرگ در اروپا هویت امور کنترل سهامداران

چکیده انگلیسی

We investigate whether and how major shareholders influence M&A wealth effects for listed acquirers in Europe. To that end, we examine 342 intra-European takeovers of listed target firms announced between 1997 and 2007. We find that family-controlled acquiring firms on average engage in deals with substantially larger value creation, particularly in Continental Europe. However, this positive family effect disappears in industry-diversifying acquisitions, consistent with the idea that those family-controlled firms may also pursue corporate diversification through M&As in order to diversify the family wealth. Moreover, family owners across Europe cannot curb low-value acquisitions driven by managerial overconfidence. We relate this finding to the strong connections of family owners with management in family-controlled firms. Next, large institutional shareholders all over Europe are associated with the lowest-value deals, but they are able to limit the negative effects of managerial overconfidence. As to the division of M&A gains, we find that regardless of their identity, large acquirer shareholders tend to put their firm in a weaker negotiation position. Lastly, we find no robust support for the idea that major owners are less likely to pursue private benefits through M&As in countries with stronger investor protection.

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