Consequences of mergers and acquisitions on firm performance: a sector-level study of public listed companies in China / Char-Lee Lok ...[et al.]
As the motives of mergers and acquisitions (M&As) are different across industries, this study examined the synergy effects of technological gains and capital intensity on the operating performance of the acquiring firms after M&As. The sample comprised 434 completed M&As initiated by Chi...
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Universiti Teknologi MARA,
2021-04.
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LEADER | 00000 am a22000003u 4500 | ||
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001 | repouitm_47757 | ||
042 | |a dc | ||
100 | 1 | 0 | |a Lok, Char-Lee |e author |
700 | 1 | 0 | |a Chen, Yadong |e author |
700 | 1 | 0 | |a Phua, Lian Kee |e author |
700 | 1 | 0 | |a Chan, Min Fong |e author |
245 | 0 | 0 | |a Consequences of mergers and acquisitions on firm performance: a sector-level study of public listed companies in China / Char-Lee Lok ...[et al.] |
260 | |b Universiti Teknologi MARA, |c 2021-04. | ||
500 | |a https://ir.uitm.edu.my/id/eprint/47757/1/47757.pdf | ||
520 | |a As the motives of mergers and acquisitions (M&As) are different across industries, this study examined the synergy effects of technological gains and capital intensity on the operating performance of the acquiring firms after M&As. The sample comprised 434 completed M&As initiated by Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges with 2,170 observations over the years 2012 to 2016. On average, the firms performed better after M&As. The results show that the operating performance of public health, information technology, telecommunication and financial service firms within the high-technology sector increased after M&As. This suggests that high-technology firms can benefit from M&As through a more extensive knowledge base and financial synergy. We also found that good governance characterized by board independence affects firm performance positively. Therefore, the acquisition of technology through M&As could be an essential corporate growth strategy in the Chinese capital market, which is transforming from a state-controlled economy to a more market driven one. The findings provide useful insights to both corporate players and policy-makers on the types of M&As that stand higher chances to generate positive outcomes and those that need extra measures and further scrutiny to prevent inefficient allocation of resources. | ||
546 | |a en | ||
690 | |a Financial management. Business finance. Corporation finance | ||
690 | |a Balance sheets. Financial statements. Including corporation reports. Financial reporting. Financial disclosure | ||
655 | 7 | |a Article |2 local | |
655 | 7 | |a PeerReviewed |2 local | |
787 | 0 | |n https://ir.uitm.edu.my/id/eprint/47757/ | |
787 | 0 | |n https://mar.uitm.edu.my/ | |
856 | 4 | 1 | |u https://ir.uitm.edu.my/id/eprint/47757/ |z Link Metadata |