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    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/110772

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/110772

    Title: Product market competition, type of mergers, and post-merger performance in Taiwan
    Authors: 劉永欽;Liu, Yong-Chin;陳香如;Chen, Hsiang-Ju;蘇銘璋;Su, Ming-Chang
    Contributors: 財務金融學系
    Date: 2017-12
    Issue Date: 2018-04-03 09:28:59 (UTC+8)
    Abstract: This paper investigates the effect of product market competition, along with the interaction effect of market competition and the type of mergers and acquisitions (focused or diversified M&As) on an acquirer's post-merger long-term performance. Literature suggests that market competition has the function of disciplining managers and forcing them to operate efficiently. Our main hypotheses are that market competition has a positive effect on post-merger performance only for focused mergers due to the diversification-discount phenomenon, and that diversified mergers may erode the benefits of competition in post-merger performance. Using merger events for Taiwan's listed firms as a sample, the evidence supports our hypotheses, even when considering the endogeneity of market competition and considering only non-electronics events. The discipline derived from market competition tends to be weak across the whole sample. The robustness check confirms the limited positive effect of competition caused by finding a negative relation between acquisition premium and competition only for the focused M&As.
    Relation: Pacific-Basin Finance Journal
    Appears in Collections:[財務金融學系] 期刊論文

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