She is mine: Determinants and value effects of early announcements in takeovers

Aktas, Nihat; Xu, Guosong; Yurtoğlu, B. Burçin

doi:10.1016/j.jcorpfin.2018.03.007

Cited by 13 publications

(3 citation statements)

References 46 publications

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“…We controlled further for variables that were related with the transaction itself. On one hand, we included the toehold into our analysis as percentage of target shares in acquirer's ownership prior to the focal transaction (Aktas et al , 2018). On the other hand, we included the stake acquired as percentage of target shares acquired in the focal transaction (Reuer et al , 2012).…”

Section: Methodsmentioning

confidence: 99%

Influence of target industry growth on premiums in cross-border acquisitions

Bebenroth

Ahmed

2023

MBR

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Purpose In this paper, the knowledge-based view of the firm is applied to theoretically elucidate and empirically examine the influence of target industry growth on premium payments in cross-border acquisitions. This study aims to extend internally driven Mergers and Acquisitions research efforts of acquirers to industry contingencies of targets by analyzing cross-border acquirers located within the group of seven (G7) countries. Design/methodology/approach This study’s investigation covers 209 cross-border acquisitions from 2012 to 2019 undertaken by firms located within the G7 countries. This paper used generalized estimation equations method to test the hypotheses applying Gaussian distribution for the dependent variable, an identity link function, exchangeable correlation structure and robust standard errors. Findings This study’s results reveal that target industry growth determines premiums. Furthermore, this study shows that acquirer industry growth, as well as acquirer slack, moderates this relationship. This study is built on the notion that industry contingencies influence premiums even when target firms are based in foreign countries. Originality/value To the best of the authors’ knowledge, unlike other studies, this is the first to explicitly focus on premiums for multiple cross-border acquisitions by hand selecting nine years of industry sale figures for 53 industries separately in each of the G7 nation countries (leading to 371 separate downloads of data samples). This study contends that industry growth of cross-border targets matters for premium payments.

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Section: Methodsmentioning

confidence: 99%

Influence of target industry growth on premiums in cross-border acquisitions

Bebenroth

Ahmed

2023

MBR

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“…Denis and Macias (2013) show that completion likelihood is positively associated with the number of material adverse event occurrence. Further, Aktas et al. (2018) argue that early announcements by the acquirer signal high synergy to target shareholders are associated with higher completion rates.…”

Section: Theoretical Foundationsmentioning

confidence: 99%

“…We specifically focus on the antecedents, consequences and moderators of deal closure and synthesize various theoretical underpinnings. These include institutional theory (Dikova et al ., 2010), organizational legitimacy theory (Li et al ., 2017, 2019), organizational learning theory (Muehlfeld et al ., 2012), signalling theory (Aktas et al. , 2018; Malmendier et al ., 2016) and behavioural theory (Lim and Lee, 2016), which help explain the deal completion phenomenon.…”

Section: Introductionmentioning

confidence: 99%

Deal completion in mergers and acquisitions: past accomplishment and future direction

Fuad,

Venugopal

2023

CCSM

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PurposeMergers and acquisitions (M&As) are important strategic actions undertaken by firms to access resources and markets. However, firms face substantial challenges in M&As during deal completion. While prior literature reviews synthesize the studies on the post-merger consequences of M&As, the literature on deal completion is largely fragmented. In this paper, the authors synthesize prior literature on deal completion into the antecedents and consequences framework and map various studies across the international business and management, finance and accounting literature at the macro-, meso- and micro-levels.Design/methodology/approachThe authors adopt a content analysis-based methodology to conduct the review. First, the authors identify existing literature on deal completion based on keyword searches. Next, the authors propose a framework that integrates the extant literature from a multi-theoretic perspective across four broad themes: concepts, antecedents, implications and moderators. In this study, the authors consider not only empirical but also conceptual papers to strengthen the theoretical foundations of M&A literature. Finally, after synthesizing various studies, the authors highlight a future research agenda on deal completion.Findings Based on the review, this study provides important avenues for future research on M&A deal completion.Originality/value This study theoretically integrates multi-disciplinary and multi-country research on acquisition completion.

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Voluntary disclosure volume: Evidence from acquiring firm's press releases during M&A

Wang

2021

J Corp Accounting Finance

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This study examines the determinants and effects of firms’ merger and acquisition voluntary disclosure. It focuses on the press releases disclosed by acquiring firms during the transaction period. The findings suggest that management provides more news updates for stock financed transactions compared to those without stock finance. Larger deals with more economic significance tend to disclose more news during the transaction period. The news update volume during the transaction period is positively related to the stock performance at resolution. The news update does not hype the stock price and is not associated with the acquiring firm's long‐term market performance.

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She is mine: Determinants and value effects of early announcements in takeovers

Cited by 13 publications

References 46 publications

Influence of target industry growth on premiums in cross-border acquisitions

Influence of target industry growth on premiums in cross-border acquisitions

Deal completion in mergers and acquisitions: past accomplishment and future direction

Voluntary disclosure volume: Evidence from acquiring firm's press releases during M&A

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