The Effect of Business Groups on M&A Performance

• Main Authors: Yen-ChihChen, 陳彥志
• Other Authors: Shao-Chi Chang
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/37984915974664235890

碩士 === 國立成功大學 === 經營管理碩士學位學程(AMBA) === 102 === In this study, we investigate if business groups have any impact on Mergers and acquisitions performance among Taiwan corporations. Using data of industry-adjusted ROA, our finding is as follows. (1)After the merger and acquisition activity, the performance recession simultaneously emerges no matter it is in the acquirer or the target firm. Meanwhile, the BG acquirers have better performance than that of non-BG firms. (2)The BG acquirers proceed to merge and acquire the firms in the relevant industries is negatively associated with the performance after the merger and acquisition. (3)The tobin’s Q of the BG acquirers before the merger and acquisition activity is positively associated with the performance, ROA after the merger and acquisition activity.