Long-term performance following mergers of Japanese companies: The effect of diversification and affiliation

Timothy A. Kruse*, Hun Y. Park, Kwangwoo Park, Kazunori Suzuki

*この研究の対応する著者

研究成果: Article査読

25 被引用数 (Scopus)

抄録

This paper examines the long-term operating performance following 69 mergers of manufacturing firms traded on the Tokyo Stock Exchange during 1969 to 1999. We find evidence of improvements in operating performance for the entire sample, and that the pre- and post-merger performance is highly correlated. Moreover, the long-term performance is significantly greater following mergers of firms operating in different industries. Increases in employment surrounding the mergers are positively related to post-merger performance among diversifying mergers and mergers completed before the peak of the equity bubble in 1989. The results suggest that the primary beneficiaries of consolidation are firms that expand the scope of business of the acquiring company. Finally, existing relationships among merging firms and mergers with distressed targets are not related to post-merger performance.

本文言語English
ページ(範囲)154-172
ページ数19
ジャーナルPacific Basin Finance Journal
15
2
DOI
出版ステータスPublished - 2007 4月
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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