Board attributes and shareholder wealth in mergers and acquisitions: a survey of the literature

Redor, Etienne

doi:10.1007/s10997-015-9328-y

Cited by 20 publications

(12 citation statements)

References 154 publications

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“…In conclusion, we emphasize the analysis performed by Redor (2015). By considering "four board attributes: (1) board independence, (2) board size and director-specific attributes,…”

Section: Theoretical Backgroundmentioning

confidence: 88%

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Internationalization of firms: revitalizing the board of directors after a cross-border acquisition

Pisano

Faraci

Cabiddu

et al. 2017

MRJIAM

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This paper aims to show the importance of introducing an integration manager (i.e. an executive position used to channel the acquiring firm’s course of action and strengthen the success of a post-acquisition integration process) within the acquiring firm’s board of directors. Design/methodology/approach: This is a theoretical paper that introduces the integration manager within the board of privately held firms going internationally via acquisitions and serving as an “out-insider” director able to balance the conflicting demands of the previously separated entities during their integration process. The authors present an explanatory case study that empirically contributes to the board of directors’ design for internationalization. Findings: The authors posit that the integration manager serves as an “out-insider” director of the board for privately held firms, possessed by large-block shareholders, going internationally via acquisitions, providing the necessary expertise and knowledge of the target firm’s products and industry. Originality/value: The provided study aims to show that international acquisitions, even though apparently less risky than greenfield investments, may require additional neutral information flow – both within the due-diligence process and the post-acquisition integration – that only outsiders possess. Such an outsider has been individuated in the integration manager whose crucial role focuses on smoothing the pre- and post-acquisition integration processes

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“…In conclusion, we emphasize the analysis performed by Redor (2015). By considering "four board attributes: (1) board independence, (2) board size and director-specific attributes,…”

Section: Theoretical Backgroundmentioning

confidence: 88%

“…(3) board ownership and compensation, and (4) multiple directorships" (Redor, 2015:1), the author concludes that "the impact of board attributes on shareholder wealth in mergers and acquisitions is specific to each firm" (Redor, 2015:1).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Internationalization of firms: revitalizing the board of directors after a cross-border acquisition

Pisano

Faraci

Cabiddu

et al. 2017

MRJIAM

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“…Also, the impact of governance mechanisms on corporate takeovers [22], the position of the firms within the network and network centrality in China [27], toehold bidding and premiums in the US [19], abnormal announcement returns in the US [40], and acquiring-firm shareholder loses around acquisition announcements in the US [40] have been investigated. Within this corporate governance literature, there is a stream of research oriented towards the study of how the characteristics of the board [45], such as board independence [41,46,47], board size [48], board meetings, or board ownership, affect the propensity to acquire other firms [49]. In this research, we focused on the importance of interlocks and former politicians on firm acquisitions.…”

Section: Discussionmentioning

confidence: 99%

“…Despite this uncertainty and a substantial decrease in takeover activity during the financial crisis, acquisitions have reached new heights all over the world [22]. This fact has caused a shift of focus in the literature [45], now oriented towards the study of how the characteristics of the board, such as board independence [41,46,47], board size [48], board meetings, or board ownership, affect the propensity to acquire other firms [49]. In contrast, we focused on the importance of interlocks and former politicians on firms' acquisitions.…”

Section: Theoretical Background and Hypothesesmentioning

confidence: 99%

Boards that Make a Difference in Firm’s Acquisitions: The Role of Interlocks and Former Politicians in Spain

Kopoboru¹,

Cuevas‐Rodríguez²,

Pérez‐Calero³

2020

Sustainability

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This study examines the influence of board interlocks and former politicians on decisions regarding acquisitions in Spain. Our research suggests that board interlocks to other firms can positively influence operations in terms of acquisition scale. Our findings also show that this relationship is positively moderated by the presence of former politicians. That is, the effects of interlocks on acquisitions are amplified further when there are former politicians on boards, which confirms their role as community influentials. In the case of Spain, and under-regulated industries, this complementary effect is maintained. However, the role played by interlocks seems to be more important than former politicians, which means that board interlocks can replace other formal methods of acquiring information (through former politicians) while attempting acquisitions.

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“…There are many studies that investigated shareholder's wealth in different area, i.e. Sukuk and conventional bonds (Sherif & Erkol, 2017), board attributes (Redor, 2016), dividend (Nguyen, 2014), CEO turnover (Ting, 2013), and corporate real estate (Liow & Ooi, 2006). However, there is a lack of studies that investigate the effect of Board of Commissioners involvement on shareholder's wealth.…”

Section: A Shareholders Wealthmentioning

confidence: 99%

Board of Commissioners Involvement and Shareholder’s Wealth

2019

IJRTE

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Using Continental European data on Indonesia, this research investigates the effect of Board of Commissioners involvement which is measured by responsibility, seniority, women participation and independency on shareholder’s wealth. This paper is the first research that examines the association between Board of Commissioners involvement and shareholder’s wealth based on 249 Indonesia listed companies. Panel data analysis was used to assess whether the Board of Commissioners responsibility and independency have positive effect on shareholder’s wealth. Based on the finding, seniority and women involvement have a negative relationship with shareholder’s wealth. These findings have practical implication, i.e. the shareholders should consider the Board of Commissioners involvement in appointing and dismissing them. Theoretically, these findings contributed to the agency theory in the way that the Board of Commissioners involvement could reduce the agency cost and increase the wealth of shareholders

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Board attributes and shareholder wealth in mergers and acquisitions: a survey of the literature

Cited by 20 publications

References 154 publications

Internationalization of firms: revitalizing the board of directors after a cross-border acquisition

Internationalization of firms: revitalizing the board of directors after a cross-border acquisition

Boards that Make a Difference in Firm’s Acquisitions: The Role of Interlocks and Former Politicians in Spain

Board of Commissioners Involvement and Shareholder’s Wealth

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