The wealth effects of mergers and acquisitions by dividend payers

Glambosky, Mina; Jory, Surendranath Rakesh; Ngo, Thanh

doi:10.1016/j.qref.2020.01.013

Cited by 7 publications

(18 citation statements)

References 36 publications

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“…Cui and Leung (2020) using managerial ability data find that of all US firms that engaged in M&A activity between 2000 and 2012, those acquiring firms that had higher managerial ability achieved better long-term performance. Similarly, Glambosky et al (2020) find that dividend-paying acquirers result in more successful M&A as compared to non-dividend paying acquirers. This is due to the disciplining role played by the existing dividend policy which directs managers towards acquiring targets that can produce free cash flows and away from empire-building acquisitions.…”

mentioning

confidence: 76%

Stemming the tide: Does climate risk affect M&A performance?

2023

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We examine the effect of climate change risks (CCR) on firms' decision of engaging in mergers and acquisitions (M&A) and M&A performance. In this study we use the responses by firms on ‘climate change‐related risks and opportunities’ of the Carbon Disclosure Project (CDP) survey and 1372 deals of US listed firms during 2010–2020. Consistent with risk vulnerability theory, our evidence indicates that firms with higher CCR have a lower probability of engaging in M&As. After controlling for possible endogeneity, our results also indicate that if acquirers with higher climate change risks choose to engage in M&A, it significantly reduces the announcement returns. These findings suggest that extant measures of climate change risks should be rethought when evaluating M&A efficiency. More broadly, our paper provides causal evidence that managers need to integrate CCR into their formal risk management systems to avoid unsuccessful M&As.

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confidence: 76%

Stemming the tide: Does climate risk affect M&A performance?

2023

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“…Perusahaan dengan pembayaran dividen rendah cenderung mengalami peningkatan merger dan akuisisi (Awan et al, 2020). Glambosky et al (2020) mengungkapkan aktivitas pengambilalihan dengan pembayaran dividen mengarah pada peningkatan kinerja merger dan akuisisi. Penelitian ini sejalan dengan Glambosky et al (2020).…”

Section: Pendahuluanunclassified

“…Glambosky et al (2020) mengungkapkan aktivitas pengambilalihan dengan pembayaran dividen mengarah pada peningkatan kinerja merger dan akuisisi. Penelitian ini sejalan dengan Glambosky et al (2020). Sedangkan, hasil ini bertolak belakang dengan penelitian Awan et al (2020) yang tidak memiliki pengaruh signifikan.…”

Section: Pendahuluanunclassified

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Tata Kelola Perusahaan, Keuangan, Merger dan Akuisisi, dan Efisiensi Modal Manusia Sebagai Variabel Moderasi

Chandra

Seli

2022

E-Jurnal Akuntansi

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This study aims to determine the effect of corporate governance and finance on mergers and acquisitions and to use human capital efficiency as a moderating variable. This research theoretically uses the theory of corporate control. The research sample is companies that carry out merger and acquisition activities and have been listed on the IDX in 2017-2021. The analytical method used was logistic regression and moderated regression analysis (MRA). The results showed that the size of the board of directors, institutional shareholders, and foreign ownership had a significant positive effect on mergers and acquisitions. Human capital efficiency is able to moderate the relationship between institutional shareholders and cash dividends on mergers and acquisitions. Keywords: Merger and Acquisition; Corporate Governance; Human Capital Efficiency

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“…Penelitian yang dilaksanakan Gugler & Szücs (2016) juga meneliti return on assets dalam kaitannya dengan merger pada pasar ologopoli. Glambosky et al (2020) meneliti return on assets dalam kaitannya dengan kesejahteraan pada merger dan akuisisi oleh perusahaan pembayar dividen. Return On Asset (ROA) menunjukan kinerja yang berhasil dihasilkan perusahaan dari sisi profitabilitas (Gestanti & Setiawan, 2019).…”

Section: Kajian Teori Dan Hipotesisunclassified

Pengaruh Usia Perusahaan terhadap Kinerja Keuangan (Studi pada Bank Victoria Syariah)

Putra¹

2021

E-BISMA

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Company age and experience are concepts that remain the same. Younger and older companies differ in experience and other aspects. The company's innovation activities change over time and the age of the company reflects the process of growth and accumulation of experience. Age is considered an important determinant of corporate innovation because of its learning effect, which enables mature companies to innovate more effectively as they build on previous routines and capabilities. Over time, companies can not only innovate based on past experience and capabilities, but can also accumulate resources, managerial knowledge, and the ability to handle uncertainty. The purpose of this study was to determine the effect of company age on financial performance, as measured by return on assets (ROA) and return on equity (ROE). The results of the regression analysis show that the age of the company has no effect on ROA and ROE. Based on the results of this study, the management of Bank Victoria Syariah should try to increase market share to increase financial performance, for example by intensifying promotions and corporate cooperation.

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The wealth effects of mergers and acquisitions by dividend payers

Cited by 7 publications

References 36 publications

Stemming the tide: Does climate risk affect M&A performance?

Stemming the tide: Does climate risk affect M&A performance?

Tata Kelola Perusahaan, Keuangan, Merger dan Akuisisi, dan Efisiensi Modal Manusia Sebagai Variabel Moderasi

Pengaruh Usia Perusahaan terhadap Kinerja Keuangan (Studi pada Bank Victoria Syariah)

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