Ownership Structure, Types of M&A and Long-Term Performance

Mohd Hasimi Yaacob, Norazlan Alias

Abstract


ABSTRACT

This study investigates the influence of ownership structure on long-term post-merger operating performance of acquirers. The findings reveal evidence of merger and acquisitions mitigating the long-term negative performance of acquirers. Board ownership variables have a positive and significant influence on the operating performance measures. Moreover, evidence supports the negative relationship at high substantial shareholder ownership levels. However, no evidence is found on the interaction effects between ownership structure variables and long-term post-merger performance of acquirer firms.

Keywords: Merger and acquisitions; long-term performance; event studies

ABSTRAK

Kajian ini menyiasat pengaruh struktur pemilikan saham terhadap prestasi jangka panjang firma pasca penggabungan. Penemuan menunjukkan bukti bahawa terdapat aktiviti pengggabungan telah memperbaiki prestasi firman dengan cara mengurangkan pencapaian negatif jangka panjang firma pengambilalih tersebut. Pemboleh ubah pemilikan saham oleh pihak pengurusan firma mempunyai pengaruh positif dan signifikan terhadap prestasi operasi penggabungan. Juga bukti menunjukkan terdapat hubungan negatif di peringkat pemilikan pemegang saham besar yang lebih tinggi. Walau bagaimanapun, kajian ini tidak menemui apa-apa bukti kesan interaksi antara pembolehubah struktur pemilikan dan prestasi jangka panjang pasca penggabungan firma pengambilalih.

Kata kunci: Penggabungan dan pengambilalihan; prestasi jangka panjang; kajian peristiwa


Keywords


Merger and acquisitions, long-term performance

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