دانلود مقاله ISI انگلیسی شماره 1542
ترجمه فارسی عنوان مقاله

چرخه عمر شرکت و فعالیت M&A

عنوان انگلیسی
Corporate life cycle and M&A activity
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
1542 2010 14 صفحه PDF
منبع

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

Journal : Journal of Banking & Finance, Volume 34, Issue 2, February 2010, Pages 427–440

ترجمه کلمات کلیدی
- چرخه عمر - تصاحب - انباشته درآمد - اثر ثروت - روش پرداخت
کلمات کلیدی انگلیسی
پیش نمایش مقاله
پیش نمایش مقاله  چرخه عمر شرکت و فعالیت M&A

چکیده انگلیسی

We investigate the impact of corporate life cycle on takeover activity from the perspective of acquiring firms. Using the earned/contributed capital mix as the proxy for firm life cycle, we find a highly significant and positive relation between firm life cycle and the likelihood of becoming a bidder. This finding is, however, driven by the mature rather than the old acquirers in the sample. Further we find that, whilst firm life cycle has a positive effect on the probability that a deal will be negotiated, it is negatively related to tender offers. In addition, the likelihood of making both cash and mixed deals are positively related to the corporate life cycle. Finally, we find that life cycle has a negative impact on the abnormal returns generated on the announcement of a deal although it is unable to distinguish between the returns received by firms at different stages in their life cycle.