WHAT DRIVES DAMAGE ON POST-MERGER OPERATING PERFORMANCE?
| Main Author: | Perpustakaan UGM, i-lib |
|---|---|
| Format: | Article NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2010
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/28392/ http://i-lib.ugm.ac.id/jurnal/download.php?dataId=11455 |
Daftar Isi:
- This study examines whether bidders� post-merger operating performance are affected by their CEO behavior, premiums paid to the target firms, the period of mergers, the method of payment, the industry of merged firms, capital liquidity, and their pre-merger operating performance. Testing the U.S. successful merger and acquisition data for the period of 1990s, this study finds that in-wave mergers, intra-industry mergers, the payment of lower premiums, and better pre-merger operating performance drive the bidders to produce better post-merger operating performance. Three measures of CEO behavior�the main predictor scrutinezed in this study�are proposed and examined, and the results demonstrate that the effects of these measures on post-merger operating performance are mixed, suggesting that each of the behavioral measures designed in this study may capture CEO behavior in different ways.