Operating Performance Following Acquisitions: Evidence from Taiwan's <scp>IT</scp> Industry

Huang, Hsu-Huei; Chan, Min-Lee; Huang, I-Hsiang; Wu, Kuo-Hsing

doi:10.1111/ajfs.12066

Cited by 4 publications

(5 citation statements)

References 61 publications

(92 reference statements)

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“…In considering context and process , research can disentangle different dimensions of family involvement, such as family ownership, management or governance (e.g., Huang et al, 2014), and unpack how they affect business restructuring decisions and implementation. Specifically, privately‐held, family firms may not be able to benefit much from business restructuring research that is focused on public firms, as the associated implications may not be comparable to their circumstances (e.g., Beehr, et al, 1997; Chrisman et al, 2004; Zahra et al, 2004).…”

Section: Discussionmentioning

confidence: 99%

Family Business Restructuring: A Review and Research Agenda

King

Meglio

Gómez‐Mejía

et al. 2021

J Management Studies

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Although business restructuring occurs frequently and it is important for the prosperity of family firms across generations, research on family firms has largely evolved separately from research on business restructuring. This is a missed opportunity, since the two domains are complementary, and understanding the context, process, content, and outcome dimensions is relevant to both research streams. We address this by examining the intersection between research on business restructuring and family firms to improve our knowledge of each area and inform future research. To achieve this goal, we review and organize research across different dimensions to create an integrative framework. Building on current research, we focus on 88 studies at the intersection of family firm and business restructuring research to develop a model that identifies research needs and suggests directions for future research.

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Section: Discussionmentioning

confidence: 99%

Family Business Restructuring: A Review and Research Agenda

King

Meglio

Gómez‐Mejía

et al. 2021

J Management Studies

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“…In contrast, others find that family businesses destroy value when acquiring another firm (Bauguess and Stegemoller, 2008; Gleason et al , 2014; Leepsa and Mishra, 2013), benefit less from acquisitions (Shim and Okamuro, 2011), and that family control has a negative effect on the market value, in comparison with the case of non-family firms (Wong et al , 2010). Huang et al (2014) find that, especially in firms with low growth prospects, family ownership weakens the post-deal operating performance. Two studies, however, find that family ownership has no effect on M&A performance (Miller et al , 2010; Caprio et al , 2011).…”

Section: Thematic Categoriesmentioning

confidence: 82%

“…Distinguishing among the sample countries is important in M&A research, because the legal environments and corporate governance vary greatly from area to area. It is rather surprising that only nine studies (Achleitner et al , 2010; André et al , 2014; Bae et al , 2002; Ben-Amar and André, 2006; Craninckx and Huyghebaert, 2015; Feito-Ruiz and Menéndez-Requejo, 2010; Franks et al , 2012; Huang et al , 2014; Song and Rath, 2010) consider the influence of the legal environment and the national corporate governance system, despite it having an influence on performance. The characterization of weaker and stronger shareholder protection systems is traditionally based on the divergence between common law and civil law systems.…”

Section: Descriptive Findingsmentioning

confidence: 99%

“…When considering emerging economies, such as Taiwan and other Asian economies, the companies’ overall weak post-merger operating performance compared to US companies is found to be strengthened by the corporate governance weaknesses, such as the board structure and concentrated shareholdings (Bae et al , 2002; Huang et al , 2014). The corporate governance problem is the expropriation of minority shareholders.…”

Section: Descriptive Findingsmentioning

confidence: 99%

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Mergers and acquisitions in family businesses: current literature and future insights

Worek

2017

JFBM

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Purpose The purpose of this paper is to examine the current state of literature concerning mergers and acquisitions (M&A) in family businesses and to highlight areas for future research. Design/methodology/approach This literature review systematically analyses the findings of 41 journal articles on M&A in family businesses, identifying key thematic categories according to the main topics of the studies. Findings This study finds that it is important to distinguish and examine the type of governance, such as family and non-family, when studying M&A issues, because their distinctive features influence their strategic choices, business goals, and, thus, M&A behavior. Three topic areas are identified in existing research: M&A propensity, process, and performance. Furthermore, methodological and definitional issues regarding the findings are discussed. Research limitations/implications The findings imply that owing to their idiosyncratic nature, the use of alternative theoretical frameworks in addition to agency theory is encouraged in future studies in order to better capture the nature of family businesses. In general, further research on M&A issues in family business settings is needed, especially in the pre-merger phase, which is crucial to M&A performance. Social implications Overlooking particular issues that may arise in the context of transactions involving family businesses may lead to problems in M&A processes. Recognizing the importance of these issues in such transactions has important value for practitioners supporting family businesses in M&A processes. Originality/value This study takes the first step in analyzing the literature on M&A in family businesses, establishing linkages between family business, corporate governance, and financial management literature, and structuring the existing research to highlight opportunities with relevance for both theory and practice.

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“…There is a variation between developed and developing countries in terms of the implementation of corporate governance (Huang et al, 2014;Thanathawee, 2015). This is a result of a weakness of corporate governance practices in developing and emerging countries (Ertugrul, 2015;Anas, 2015).…”

Section: Factors Affecting Corporate Governance Developmentmentioning

confidence: 99%

The Role of the Audit Committee as a Corporate Governance Mechanism: The Case of the Banking Sector in Libya

Masli

2018

SSRN Journal

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Financial scandals in developed countries such as the USA and the UK have highlighted the need for greater transparency and credibility in order to protect shareholders and stakeholders alike. It has been argued that the audit committee (AC) is a key mechanism for achieving this transparency and protecting shareholders' interests. While there have been numerous attempts to investigate AC practice and effectiveness in developed countries, little is known about how these committees operate in developing countries such as Libya. Therefore, this research aims to: (1) explore the current role of ACs in the Libyan banking sector, (2) investigate the factors that affect their performance and (3) identify actions to enhance their effectiveness.To achieve these aims, the study employed a combination of quantitative (questionnaire survey) and qualitative (semi-structured interviews) methods to understand how five groups of actors within Libya's banking sector (i.e. board and AC members, executive managers, and internal and external auditors) perceive the role and practice of ACs. The questionnaire survey was designed to collect initial data, while follow-up interviews sought to gain an in-depth understanding of all relevant aspects of the subject. In total, 218 survey responses were analysed, and 20 semi-structured interviews were conducted with senior directors and managers.

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Operating Performance Following Acquisitions: Evidence from Taiwan's IT Industry

Cited by 4 publications

References 61 publications

Family Business Restructuring: A Review and Research Agenda

Family Business Restructuring: A Review and Research Agenda

Mergers and acquisitions in family businesses: current literature and future insights

The Role of the Audit Committee as a Corporate Governance Mechanism: The Case of the Banking Sector in Libya

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