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What Drive the Damage to Post-Merger Operating Performance?
Gadjah Mada International Journal of Business
View Archive Info| Field | Value | |
| Title |
What Drive the Damage to Post-Merger Operating Performance?
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| Creator |
Soegiharto, Soegiharto
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| Description |
This study examines whether bidders’ post-merger operat-ing performance are affected by their CEO behavior, premiumspaid to the target firms, the period of mergers, the method ofpayment, the industry of merged firms, capital liquidity, andtheir pre-merger operating performance. Testing the U.S. suc-cessful merger and acquisition data for the period of 1990s, thisstudy finds that in-wave mergers, intra-industry mergers, thepayment of lower premiums, and better pre-merger operatingperformance drive the bidders to produce better post-mergeroperating performance. Three measures of CEO behavior—themain predictor scrutinezed in this study—are proposed andexamined, and the results demonstrate that the effects of thesemeasures on post-merger operating performance are mixed,suggesting that each of the behavioral measures designed in thisstudy may capture CEO behavior in different ways.Keywords: capital liquidity; CEO overconfidence; merger waves, method of pay-ment operating performance
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| Publisher |
Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada
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| Date |
2010-05-12
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://journal.ugm.ac.id/gamaijb/article/view/5512
10.22146/gamaijb.5512 |
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| Source |
Gadjah Mada International Journal of Business; Vol 12, No 2 (2010): May - August; 257 -287
2338-7238 1411-1128 |
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| Language |
eng
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| Relation |
http://journal.ugm.ac.id/gamaijb/article/view/5512/4484
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