Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-11-30 DOI:10.21315/aamjaf2023.19.2.10

Norhamiza Ishak, H. Shahar, Kamarun Nisham Taufil Mohd

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引用次数: 0

Abstract

This study investigates the effect of high-technology (high-tech) company acquisitions and GLIC ownership on shareholders’ value creation. Study samples for empirical analyses were carried out using the market-model event-study and multivariate analysis on studies published between 2011 and 2018. The findings indicate that; (i) The CAR for high-tech acquiring firms for the three-day event window (–1,1), five-day event window (–2, +2) and 11-day event window led to significant positive returns, with at least at 10% level, signifying that investors have a favourable reaction towards short-term high-tech acquisitions; (ii) The relationship between the GLICs’ Institutional Blockholders (BPSVGLIC) and executive director (FRACEXEC) was found to affect the abnormal returns significantly negatively at a minimum 5% significance level. These results provide two practical implications; firstly, investors gain abnormal returns from their investment in high-tech acquiring companies, and secondly, firms with greater ownership stakes in GLICs could experience value destruction.

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政府所有权和管理者的作用：对高科技公司收购回报的影响

本研究探讨了高科技（高新技术）公司并购和美国格理集团（GLIC）持股对股东价值创造的影响。实证分析的研究样本采用市场模型事件研究法，并对 2011 年至 2018 年间发表的研究报告进行了多元分析。研究结果表明：(i) 3 天事件窗口（-1,1）、5 天事件窗口（-2,+2）和 11 天事件窗口的高科技收购公司的 CAR 导致了显著的正收益，且至少在 10%的水平上，这表明投资者对短期高科技收购有有利的反应；(ii) 发现 GLICs 的机构大股东（BPSVGLIC）和执行董事（FRACEXEC）之间的关系在最低 5%的显著性水平上对异常收益有显著的负面影响。这些结果提供了两个实际意义：第一，投资者从对高科技收购公司的投资中获得了异常回报；第二，在 GLIC 中拥有较多股权的公司可能会经历价值毁灭。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets