Trust and corporate governance in interfirm negotiations

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-04-16 DOI:10.1016/j.jbusres.2025.115399

Heather R. Parola , Kimberly M. Ellis , Lee C. Jarvis , Toufiq Nazrul

引用次数: 0

Abstract

We examine the role of trust in acquisition negotiations. Specifically, we investigate the impact of acquirer trust in their target firm on a major negotiation outcome, the acquisition premium, in the context of 113 acquisitions. Further, we consider the effects of the board of directors in both their monitoring and advising roles during negotiations. We find that acquiring firms pay higher premiums for trustworthy targets, but that the board of directors in its monitoring role negatively minimizes the trust and premium relationship while the board of directors in its advising role decreases the premium directly.

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企业间谈判中的信任与公司治理

我们考察了信任在收购谈判中的作用。具体而言，我们在113项收购的背景下，研究了收购方对目标公司的信任对主要谈判结果——收购溢价的影响。此外，我们还考虑了董事会在谈判期间的监督和咨询作用。我们发现，收购公司为值得信赖的目标支付更高的溢价，但董事会作为监督角色负向最小化信任和溢价关系，而董事会作为咨询角色直接降低溢价。

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

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.