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Does target geographical complexity impact acquisition performance
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DOI：10.1016/j.frl.2019.05.014.png)
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摘要
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Using a sample of 738 U.S. M&A deals, we examine whether a target's geographical complexity affects acquisition performance. Our results show that target geographical complexity is associated with (i) lower acquirer abnormal returns, and (ii) higher acquisition premiums. These results imply that acquiring firms overestimate their synergistic gains associated with more geographically diversified targets and acquirer shareholders are less enthusiastic about such deals. Further, we find that despite unfavorable market reactions, acquiring firm managers are not likely to abandon geographically complex target deals. Our main results remain qualitatively similar after addressing plausible endogeneity bias.
Keyword:
Mergers and acquisitions
Target geographical complexity
Performance
Event study
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The art of continuous change: Linking complexity theory and time-paced evolution in relentlessly shifting organizations持续变革的艺术: 在不断变化的组织中将复杂性理论与时间节奏的进化联系起来
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