This study investigates the effect of board networks on M&A transactions. I select 331 samples of M&A transactions among U.S. Fortunate 500 companies which are also U.S. public companies from 2002 to 2011. In addition, I use definition of board networks by Cai & Sevilir (2012) to identify whether there exist board networks in each sample. About research design, first I use event study methodology to estimates cumulative abnormal returns (CAR), and then examine the relationship between the board networks and M&A performance through regression analysis. Empirical analysis results are as follows:¡G
1. M&A announcement brings significantly negative abnormal returns to the U.S. Fortunate 500 companies.
2. The board networks will decrease the M&A performance for the U.S. Fortunate 500 companies.
3. The board networks are not efficient information channels for the U.S. Fortunate 500 companies.
Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0912112-024804 |
Date | 12 September 2012 |
Creators | Pan, Hung-chih |
Contributors | Jen-Jsung Huang, Victor W. Liu, Anlin Chen |
Publisher | NSYSU |
Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
Language | Cholon |
Detected Language | English |
Type | text |
Format | application/pdf |
Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0912112-024804 |
Rights | user_define, Copyright information available at source archive |
Page generated in 0.5683 seconds