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Board networks and M&A performance--an empirical study of U.S. Fortune 500 companies

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.

Identiferoai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0912112-024804
Date12 September 2012
CreatorsPan, Hung-chih
ContributorsJen-Jsung Huang, Victor W. Liu, Anlin Chen
PublisherNSYSU
Source SetsNSYSU Electronic Thesis and Dissertation Archive
LanguageCholon
Detected LanguageEnglish
Typetext
Formatapplication/pdf
Sourcehttp://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0912112-024804
Rightsuser_define, Copyright information available at source archive

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