负商誉与并购后经营业绩:来自日本的证据

IF 2.3 Q2 BUSINESS, FINANCE
Yoshiaki Amano
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引用次数: 0

摘要

目的本研究考察了负商誉(NGW)与并购后经营绩效之间的关系。设计/方法学/方法这是对228笔交易的并购后经营业绩的比较分析,这些交易涉及产生负商誉或正商誉的日本上市公司。发现首先,当交易产生NGW时,并购后的运营绩效较低。其次,当管理者对盈余管理有激励时,以及当目标公司在并购前表现不佳时,NGW与并购后绩效之间的负相关更强。第三,NGW会计处理的变化改变了盈余管理激励和目标公司糟糕的并购前业绩的相对重要性。原创性/价值先前的研究将NGW与并购后绩效之间的负相关仅归因于收购公司经理的盈余管理激励。目前的研究发现,目标公司并购前业绩不佳也与NGW与并购后业绩之间的关系有关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Negative goodwill and postmerger operating performance: evidence from Japan
PurposeThis study examines the relation between negative goodwill (NGW) and operating performance after mergers and acquisitions (M&A).Design/methodology/approachThis is a comparative analysis of post-M&A operating performance for 228 transactions involving listed Japanese firms that generated negative or positive goodwill.FindingsFirst, post-M&A operating performance is lower when the transaction generates NGW. Second, the negative relation between NGW and post-M&A performance is stronger when managers have incentives for earnings management and when target firms perform poorly before M&A. Third, changes in the accounting treatment of NGW alter the relative importance of earnings management incentives and target firms' poor pre-M&A performance.Originality/valuePrior studies attribute the negative relation between NGW and post-M&A performance solely to acquiring firms' managers' earnings management incentives. The current study finds that the target firm's poor pre-M&A performance is also associated with the relation between NGW and post-M&A performance.
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来源期刊
Asian Review of Accounting
Asian Review of Accounting BUSINESS, FINANCE-
CiteScore
3.20
自引率
25.00%
发文量
32
期刊介绍: Covering various fields of accounting, Asian Review of Accounting publishes research papers, commentary notes, review papers and practitioner oriented articles that address significant international issues as well as those that focus on Asia Pacific in particular.Coverage includes but is not limited to: -Financial accounting -Managerial accounting -Auditing -Taxation -Accounting information systems -Social and environmental accounting -Accounting education Perspectives or viewpoints arising from regional, national or international focus, a private or public sector information need, or a market-perspective or social and environmental perspective are greatly welcomed. Manuscripts that present viewpoints should address issues of wide interest among accounting scholars internationally and those in Asia Pacific in particular.
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