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    题名: Monitoring role of institutional investors and acquisition performance: Evidence from East Asian Markets
    作者: 徐政義
    Shiu, Cheng-Yi;Lou, Kuo-Ren;Lu, Yang-Kai
    贡献者: 國貿系
    关键词: Foreign institutional investors;Monitoring;Corporate governance;East Asia;Mergers and acquisitions
    日期: 2020-02
    上传时间: 2024-05-08 10:48:16 (UTC+8)
    摘要: This paper examines the monitoring role of institutional investors by investigating the market reactions and long-run stock performance of acquirers in East Asian markets. The market reacts positively to the announcement but underperforms in the long-run. Although institutional ownership does not associate with the announcement abnormal return, it correlates positively with long-run performance. This positive association is driven primarily by foreign institutional ownership. Further analysis shows that acquirers with higher independent, long-term, and passive foreign institutional ownership report better long-run performance. This result is consistent with the monitoring hypothesis that foreign institutional investors can improve the quality of managerial decisions. Finally, we investigate the impairment of goodwill postacquisition and find that acquirers with higher foreign institutional ownership suffer lower goodwill write-offs. Overall, our findings are consistent with the view that foreign institutional investors can provide effective monitoring of local firms in East Asian markets.
    關聯: Pacific-Basin Finance Journal, Vol.59, Article No: 101244
    数据类型: article
    DOI 連結: https://doi.org/10.1016/j.pacfin.2019.101244
    DOI: 10.1016/j.pacfin.2019.101244
    显示于类别:[國際經營與貿易學系 ] 期刊論文

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