Corporate governance and merger performance: learning from the Australian experience
Studies on the relationship between ownership structure and firm performance suggest that ownership structure has a significant impact on firm performance . The methodological choice and various merger-related factors have been identified as affecting the magnitude of post-merger returns.This stud...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
School of Social, Development and Environmental Studies, Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia
2016
|
| Online Access: | http://journalarticle.ukm.my/9816/1/9x.geografia-si-feb16-mohdhasimi-edam_%281%29.pdf |
| _version_ | 1796931067560591360 |
|---|---|
| author | Mohd Hasimi Yaacob, Norazlan Alias, |
| author_facet | Mohd Hasimi Yaacob, Norazlan Alias, |
| author_sort | Mohd Hasimi Yaacob, |
| collection | UKM |
| description | Studies on the relationship between ownership structure and firm performance suggest that ownership structure has a
significant impact on firm performance . The methodological choice and various merger-related factors have been
identified as affecting the magnitude of post-merger returns.This study investigates the influence of corporate
governance characteristics on long-term post-merger stock returns performance of acquirers in Australia. The
findings reveal that there is evidence of long-term underperformance by Australian acquirers. However, there is
limited evidence of inter-group difference in performance. Further analysis finds evidence that the market reacts
positively to merger news for acquirers with high concentration of external substantial shareholders, especially in the
case of focused mergers. Malaysia may learn from such experience of an Asia Pacific neighbour as it expands and
deepens its corporate spheres. |
| first_indexed | 2024-03-06T04:12:40Z |
| format | Article |
| id | ukm.eprints-9816 |
| institution | Universiti Kebangsaan Malaysia |
| language | English |
| last_indexed | 2024-03-06T04:12:40Z |
| publishDate | 2016 |
| publisher | School of Social, Development and Environmental Studies, Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia |
| record_format | dspace |
| spelling | ukm.eprints-98162016-12-14T06:50:55Z http://journalarticle.ukm.my/9816/ Corporate governance and merger performance: learning from the Australian experience Mohd Hasimi Yaacob, Norazlan Alias, Studies on the relationship between ownership structure and firm performance suggest that ownership structure has a significant impact on firm performance . The methodological choice and various merger-related factors have been identified as affecting the magnitude of post-merger returns.This study investigates the influence of corporate governance characteristics on long-term post-merger stock returns performance of acquirers in Australia. The findings reveal that there is evidence of long-term underperformance by Australian acquirers. However, there is limited evidence of inter-group difference in performance. Further analysis finds evidence that the market reacts positively to merger news for acquirers with high concentration of external substantial shareholders, especially in the case of focused mergers. Malaysia may learn from such experience of an Asia Pacific neighbour as it expands and deepens its corporate spheres. School of Social, Development and Environmental Studies, Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia 2016-02 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/9816/1/9x.geografia-si-feb16-mohdhasimi-edam_%281%29.pdf Mohd Hasimi Yaacob, and Norazlan Alias, (2016) Corporate governance and merger performance: learning from the Australian experience. Geografia : Malaysian Journal of Society and Space, 12 (2). pp. 95-105. ISSN 2180-2491 http://www.ukm.my/geografia/v2/index.php?cont=a&item=2&thn=2016&vol=12&issue=2&ver=loc |
| spellingShingle | Mohd Hasimi Yaacob, Norazlan Alias, Corporate governance and merger performance: learning from the Australian experience |
| title | Corporate governance and merger performance: learning from the
Australian experience |
| title_full | Corporate governance and merger performance: learning from the
Australian experience |
| title_fullStr | Corporate governance and merger performance: learning from the
Australian experience |
| title_full_unstemmed | Corporate governance and merger performance: learning from the
Australian experience |
| title_short | Corporate governance and merger performance: learning from the
Australian experience |
| title_sort | corporate governance and merger performance learning from the australian experience |
| url | http://journalarticle.ukm.my/9816/1/9x.geografia-si-feb16-mohdhasimi-edam_%281%29.pdf |
| work_keys_str_mv | AT mohdhasimiyaacob corporategovernanceandmergerperformancelearningfromtheaustralianexperience AT norazlanalias corporategovernanceandmergerperformancelearningfromtheaustralianexperience |