Corporate life cycle and M&A activity
Corporate life cycle and M&A activity
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企业生命周期与M
DOI：
10.1016/j.jbankfin.2009.08.003
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发表时间：
2010
影响因子：
3.7
通讯作者：
A. Yawson
中科院分区：
文献类型：
--
作者：
Sian Owen;A. Yawson
本文从收购企业的角度考察了企业生命周期对收购行为的影响。使用赚取/贡献的资本组合作为企业生命周期的代理，我们发现一个非常显着和积极的关系，企业生命周期和成为投标人的可能性。然而，这一发现是由样本中的成熟收购者而不是老收购者推动的。此外，我们发现，虽然企业的生命周期有一个积极的影响，交易将谈判的概率，它是负相关的要约收购。此外，现金交易和混合交易的可能性与公司的生命周期呈正相关。最后，我们发现，生命周期有负面影响的异常回报所产生的交易公告，虽然它是无法区分的回报，公司在其生命周期的不同阶段。
We investigate the impact of corporate life cycle on takeover activity from the perspective of acquiring firms. Using the earned/contributed capital mix as the proxy for firm life cycle, we find a highly significant and positive relation between firm life cycle and the likelihood of becoming a bidder. This finding is, however, driven by the mature rather than the old acquirers in the sample. Further we find that, whilst firm life cycle has a positive effect on the probability that a deal will be negotiated, it is negatively related to tender offers. In addition, the likelihood of making both cash and mixed deals are positively related to the corporate life cycle. Finally, we find that life cycle has a negative impact on the abnormal returns generated on the announcement of a deal although it is unable to distinguish between the returns received by firms at different stages in their life cycle.