Impact of corporate governance score on abnormal returns and financial performance of mergers and acquisitions

被引：0
|
作者：
Rani, Neelam [1 ]
Yadav, Surendra S. [1 ]
Jain, P. K. [1 ]
机构：
[1] Indian Inst Technol Delhi, Dept Management Studies, Vishwakarma Bhawan,Shaheed Jit Singh Marg,Hauz Kh, New Delhi 110016, India
来源：
DECISION | 2014年 / 41卷 / 04期
关键词：
Mergers and acquisitions; Financial performance; Return on equity; Return on capital employed (ROCE); Abnormal returns; Corporate governance; Clause-49;
D O I：
10.1007/s40622-014-0067-8
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
The present study attempts to investigate whether differences in the quality of firm level corporate governance standards influence performance of acquiring firms for a sample of companies by creating a corporate governance index. The study is based on a survey of sample of 155 companies having completed mergers and acquisitions deals announced during January 2003-December 2008. The paper analyzes the relationship between corporate governance practices of the acquiring firms and abnormal returns during event windows around the announcement of M&A and post-M&A financial performance of the acquirers. The results reveal a positive relationship between corporate governance standards and the performance of the acquiring firms in short-run as well as long-run.
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页码：371 / 398
页数：28
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