The Effect of Family Firm and CEO Overconfidence on Mergers and Acquisitions Performance: Evidence from Taiwanese Listed Company
碩士 === 國立高雄科技大學 === 財務管理系 === 107 === Mergers and acquisitions are strategy for companies to enhance their competitiveness. The difference between family and non-family businesses is the degree of ownership concentration. Therefore, this study explores whether there is a difference in the M&A pe...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/s4dds2 |
| Summary: | 碩士 === 國立高雄科技大學 === 財務管理系 === 107 === Mergers and acquisitions are strategy for companies to enhance their competitiveness. The difference between family and non-family businesses is the degree of ownership concentration. Therefore, this study explores whether there is a difference in the M&A performance between them. Past research has found family firms are more conservative; Over-confident managers are over-invested by overestimating the synergies of M&A. Therefore, this study explores whether family businesses have a significant impact on the behavior of overconfident managers.
During the research period from 2007 to 2017. The empirical results show: (1) Family businesses have positive short-term M&A performance but have negative long-term M&A performance. (2) The short-term M&A performance of non-overconfident managers in family businesses is better than that of over-confident managers in family businesses. (3) Regardless of the long-term or short-term, the book to market is positive for the M&A performance of the company. (4) Regardless of long-term or short-term, the degree of overconfidence is inversely proportional to the performance of M&A.
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