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The impact of industrial diversification on corporate transactionsNöllgen, Bruno 27 May 2014 (has links) (PDF)
This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.
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The impact of industrial diversification on corporate transactionsNöllgen, Bruno 20 January 2014 (has links)
This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.:List of Tables … vi
List of Figures … viii
List of Abbreviations … ix
List of Symbols … x
Introduction … xiii
I. Literature review … 1
1. Literature review about diversification and corporate transactions … 2
1.1. Introduction … 5
1.2. Impact of diversification … 7
1.2.1. Diversification and firm value … 8
1.2.2. Diversification and investment … 15
1.2.3. Diversification and further firm characteristics … 20
1.3. Corporate transactions … 29
1.3.1. Drivers of acquisitions … 29
1.3.2. Characteristics of acquisitions … 40
1.3.3. Impact of corporate transactions … 47
1.4. Intersection between diversification and transactions … 54
1.5. Conclusion … 56
II. Diversification and acquisitions … 74
2. Diversification and the likelihood of acquisitions … 75
2.1. Introduction … 78
2.2. Theoretical background … 81
2.2.1. Diversification and the likelihood of acquisitions … 81
2.2.2. Diversification and deal characteristics … 84
2.2.3. Diversification and deal performance … 86
2.3. Data and methodology … 87
2.4. Descriptive statistics … 91
2.5. Diversification and corporate transactions … 92
2.5.1. Diversification and transaction probability … 92
2.5.2. Diversification and deal characteristics … 95
2.5.3. Diversification and post-acquisition performance … 98
2.6. Conclusion … 100
III. Diversification and takeover likelihood … 109
3. Do acquirers of conglomerates benefit from the diversification discount? … 110
3.1. Introduction … 113
3.2. Theoretical background … 115
3.2.1. Corporate performance, diversification and takeover probability … 115
3.2.2. Entrenchment, diversification and takeover probability … 117
3.2.3. Synergies, integration costs and takeover probability … 119
3.2.4. Bid premiums and post-acquisition returns … 120
3.3. Data and methodology ... 123
3.4. Descriptive statistics … 127
3.4.1. Successful bids and diversification … 127
3.4.2. Bids and conglomerates: univariate analysis … 129
3.5. Diversification and the likelihood of being acquired … 130
3.6. Diversification and the bid premiums paid … 134
3.7. Diversification and the CAR of the acquirer … 138
3.8. Conclusion … 140
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Essays on success factors in imperfect markets for corporate controlGindele, Marvin 03 January 2025 (has links)
Markets for corporate control can foster innovation and growth due to the reallocation of resources and are thus vital for the efficiency of global economies. But, to efficiently reallocate resources, markets for corporate control have to be efficient themselves. The aim of this dissertation is to shed light on both, inefficiencies such as persistent principle-agent conflicts and the effect of the regulatory environment on corporate transactions in Germany.
The first section serves as an introduction to reflect on research regarding corporate transactions, the principle- agent theory and market regulations as well as to summarize the three research papers and their current publication status. The first paper focusses on the effect of personal preferences of target CEOs on corporate transactions and is presented in the second section. Based on these insights, the second paper is dedicated to Fairness Opinions and their effect on corporate transactions and is presented in the third section. To further analyze the regulatory environment, the third paper focusses on legal thresholds that bidders have to surpass to gain full control over targets in the German market for corporate control and is presented in the fourth section.
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Essays on success factors of German takeover offersRath, Franziska 27 August 2024 (has links)
Exploring takeover dynamics, this dissertation uncovers CEO influence in deal negotiations, revealing a quad-ratic relationship between target CEO age and offer success. It examines Fairness Opinions' role in corporate control, emphasizing their impact on management recommendations and takeover success, particularly with independent assessors. The study outlines how signaling in corporate transactions can be both beneficial and potentially manipulative, depending on the alignment of incentives and the availability of information.
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