The Acquirer Performance Following Sequential Mergers and Acquisitions
Date Issued
2013
Date
2013
Author(s)
Chen, Kuan-Yu
Abstract
From the perspective of real option and resource-based theories, this study examines acquiring firms’ abnormal operating performance following sequential mergers and acquisition, and explores whether resources affect firms’ performance after the acquisitions are completed. Recently, enterprises in Taiwan have taken sequential mergers and acquisitions more often as strategies to expand their business maps. Our results show that sequential acquisitions perform worse than one-time acquisition in terms of one-year abnormal operating performance. However, for three-year abnormal operating performance, there is no significant difference between one-time acquisitions and sequential acquisitions. In addition, we suggest that acquiring firms with abundant resources or low debt-to-equity ratio should avoid sequential acquisitions, while firms with less resources or limited debt could consider sequential acquisitions as strategies to enter into new markets or new business fields.
Subjects
階段性併購
異常營運績效
實質選擇權
資源寬裕
Type
thesis
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