The impact of corporate governance on the decision and result of mergers and acquisitions － comparing the ordinary times and financial crisis

• Main Author: 蔡瑋瀚
• Other Authors: 林淑惠
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/22261140561804556641

碩士 === 國立彰化師範大學 === 商業教育學系 === 100 === This study explores what factors affect the decision of a company’s mergers and acquisitions and its impact on value from the view of corporate governance. We also investigate the impact of financial crisis on the issues. In this study, we first employ a logistic regression model to examine what kind of company characteristics will affect M&;A decisions, and then use a multiple regression model to investigate the factors which affect the value of a company who engaged in M&;A. The empirical results show that the lower the director stockholding ratio, the easier it is for M&;A events to occur whether the M&;A happened during ordinary times or during times of financial crisis. We also find that during ordinary days, the stockholding ratio of managers has a negative effect on the value of a firm who engaged in M&;A activity. However, during period of financial crisis, the stockholding ratio of directors has a positive effect on the value of a firm who engaged in M&;A activity. When the examination focusing on electronics industry, we find stockholding ratio of the major shareholder has a positive effect on the value of an M&;A firm during ordinary days. However, during periods of financial crisis, there is no significant difference in factor which affects the value of the companies involved in the M&;A between firms in electronics industry and other industries.