The Impacts on Performances Brought By Varied Types of Mergers and Firm Sizes: An Example of Taiwan Market
Date Issued
2015
Date
2015
Author(s)
Wu, Pei-Hua
Abstract
A lot of foreign papers have been focusing on effects brought by different types of M&A on performance, including horizontal, vertical and conglomerated acquisitions. Papers published by Taiwanese scholars usually considered about foreign M&A cases and focused on a particular industry or M&A type. It is hard for most researches to focus on horizontal and vertical M&A at the same time. As to the firm scale, a common paper usually only analyzed distributions of M&A benefit for acquirers or target firm, or the key factor of successful M&A. Owing to the launch of TEJ M&A database in 2014, this paper increases the sample sizes and classifies these data into six groups, trying to find the relationship between all of them. This new database solves the small sample size problem. The results suggest that the lower industrial relationship can create better M&A performances than the higher industrial relationship. Also, the regression model shows a striking effect of the seven independent variables on performance in the stock annual rate of return and the revenue growth rate, especially in the long term period. Besides, the bigger the acquirer size, the worse the revenue growth rate and vice versa.
Subjects
Relative size
M&A
Type
thesis
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