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| Title: | 組織資本是否會影響併購決策？
Does organization capital affect acquisitions? |
| Authors: | 楊曉琳
Yang, Hsiao-Lin |
| Contributors: | 湛可南
Chan, Konan
楊曉琳
Yang, Hsiao-Lin |
| Keywords: | 組織資本
兼併和收購
收購
Organization Capital
Mergers and Acquisitions
Takeover |
| Date: | 2019 |
| Issue Date: | 2019-07-01 10:43:57 (UTC+8) |
| Abstract: | 無
I use comprehensive U.S. mergers and acquisitions transaction data to examine the relationship between takeover probability and organization capital. Organization capital is embodied in key employees and in the agglomeration of a firm’s business processes and technologies, which can improve the production efficiency and performance of the firm. I find that firms with more organization capital are more likely to become a target for a takeover. To mitigate endogeneity concerns, the results are supported by several tests for simultaneity and omitted variable issues, including propensity score matching, two-stage regression, subsample tests, and controlling for corporate governance. Furthermore, the impact of organization capital on takeover probability is more pronounced when the target firm has stable employee volatility or operates in a competitive product market. I then use a quasi-natural experiment approach to examine whether organization capital is transferable via mergers. I find that acquiring firms increase their organization capital after acquiring a target with more organization capital. Last, acquiring firms experience higher announcement abnormal returns if the target accumulates more organization capital. |
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| Description: | 博士
國立政治大學
財務管理學系
101357501 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0101357501 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900004 |
| Appears in Collections: | [財務管理學系] 學位論文
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