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Board participation...
Board participation, toeholds and the cross-border effect
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Hamberg, Mattias (författare)
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- Overland, Conny, 1975 (författare)
- Gothenburg University,Göteborgs universitet,Centrum för finans,Företagsekonomiska institutionen, Industriell och Finansiell ekonomi & logistik,Centre for Finance,Department of Business Administration, Industrial and Financial Management & Logistics,University of Gothenburg
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- Lantz, Björn, 1967 (författare)
- Högskolan i Borås,Institutionen Ingenjörshögskolan
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(creator_code:org_t)
- Elsevier BV, 2013
- 2013
- Engelska.
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Ingår i: International Business Review. - : Elsevier BV. - 0969-5931 .- 1873-6149. ; 22:5, s. 868-882
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Abstract
Ämnesord
Stäng
- Research shows that the bid announcement return (BAR) of the acquiring firm is lower for cross-border than domestic acquisition announcements. The current lack of economically based explanations for this effect, labeled the cross-border effect by Moeller and Schlingemann (2005), motivates our study. We use unique hand-collected corporate governance data to study how the relationships between acquiring and target firms prior to a bid announcement affect the cross-border effect. Our tests show that non-operating associations between the acquiring and target firms, in the form of board participation and toeholds, have a positive effect on the BAR. The cross-border effect disappears when we control for board participation and toeholds. Thus, we suggest that the cross-border effect is at least partly a consequence of information asymmetries and the adverse selection problem that they generate.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Business Administration (hsv//eng)
Nyckelord
- Board participation
- Cross-border acquisitions
- Cross-border effect
- Toeholds
- Sweden
- Sweden
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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