定量和定性信息对境外跨国收购结果的不同影响:来自新兴经济体的证据

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Sugandh Ahuja, Shveta Singh, Surendra Singh Yadav
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引用次数: 0

摘要

本研究旨在探讨并购(M&A)新闻稿中定性和定量信息信号对交易完成和持续时间的不同影响。新兴市场收购方的交易在完成前被放弃的比例很大,而完成的交易持续时间更长。有关新兴市场收购方运营情况的信息有限,这在参与交易解决的利益相关者之间造成了猜疑,阻碍了交易的完成。因此,作者采用信号-反馈范式,研究并购新闻稿中的信息信号如何影响交易的解决。 设计/方法/途径 本研究对巴西、俄罗斯、印度、中国和南非五个新兴经济体的企业发布的并购新闻稿进行了内容分析。该技术基于 March(1991 年)提出的探索-开发框架,对公布的交易动机(定性信息)进行分类。接下来,作者确定了新闻稿中披露的相关定量信息的百分比,然后使用逻辑回归和普通最小二乘法回归得出结果。原创性/价值这是首次有研究证明,相对于利益相关者熟悉的探索性交易,熟悉性偏差会影响交易的持续时间;探索性交易的完成时间更长。此外,我们的分析表明,更大比例的定量披露并不总能降低信息风险,反而会被负面解读为收购方对交易潜力的过度自信。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The differential impact of quantitative and qualitative information on outbound cross-border acquisition outcomes: evidence from emerging economies
PurposeThe purpose of this study is to examine the differential impact of qualitative and quantitative informational signals within the merger and acquisition (M&A) press releases on deal completion and duration. A significant percentage of deals by emerging market acquirers get abandoned before completion, and those that are completed have a longer duration. The limited information about the operations of acquirers from emerging markets creates suspicion among the stakeholders involved in deal resolution, hindering the completion of deals. Thus, using the signal-feedback paradigm, authors investigate how informational signals in the M&A press release impact the deal resolution.Design/methodology/approachThe study employs content analysis on M&A press releases announced by firms from five emerging economies: Brazil, Russia, India, China and South Africa. The technique is applied based on the exploration-exploitation framework developed by March (1991) to categorize the announced deal motives (qualitative information). Next, the authors identify the percentage of relevant quantitative information disclosed in the press release, following which results are obtained using logistic and ordinary least square regressions.FindingsThe study reports that deals with declared exploratory motives take longer to complete. Additionally, deals disclosing higher percentage of quantitative disclosure exhibit lower completion rate and increased deal duration.Originality/valueThis is the first study to provide evidence that familiarity bias impacts deal duration as relative to exploitation deals that are familiar to the stakeholders; exploratory deals take longer to conclude. Further, our analysis indicates that a greater percentage of quantitative disclosure may not always reduce information risk but rather be interpreted negatively in the form of the acquirer’s overconfidence in the deal’s potential.
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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