Titre :

Investors' time preferences and takeover performance

Auteur(s) :

Breuer, Wolfgang [Auteur]
Ghufran, Bushra [Auteur]
Salzmann, Astrid Juliane [Auteur]
Lille économie management - UMR 9221 [LEM]

Titre de la revue :

International Review of Financial Analysis

Pagination :

101435

Éditeur :

Elsevier

Date de publication :

2020-01

ISSN :

1057-5219

Mot(s)-clé(s) en anglais :

Future orientation
Investors' time preferences
Mergers and acquisitions
Takeover performance
Investor protection

Discipline(s) HAL :

Sciences de l'Homme et Société/Gestion et management

Résumé en anglais : [en]

We investigate investors' time preferences and takeover outcomes in a cross-disciplinary international study. We use a cultural measure on long-term orientation (LTO) to capture investors' time preferences. Additionally, ...
Lire la suite >We investigate investors' time preferences and takeover outcomes in a cross-disciplinary international study. We use a cultural measure on long-term orientation (LTO) to capture investors' time preferences. Additionally, we study how investor protection and the nature of the deal (cross-border vs domestic) in connection with investors' time preferences come into play in explaining long-term takeover performance. Evaluating data on 38,153 M&A deals from 54 countries, over the period from 2000 to 2015, we offer empirical evidence that investors' future orientation significantly improves post-M&A performance, while short-term oriented behavior deteriorates takeover performance. Our findings further suggest that the positive impact of investors' future orientation on takeover performance is more pronounced in countries with strong investor protection. Moreover, the impact of investors' time preferences is stronger for domestic deals where the confounding impact of cultural differences is almost non-existent.Lire moins >

Langue :

Anglais

Vulgarisation :

Non

Collections :

• Lille Économie Management (LEM) - UMR 9221

Source :

Harvested from HAL