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 |
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