Does ownership concentration improve M&A outcomes in emerging markets? Evidence from India

被引:71
作者
Bhaumik, Sumon Kumar [1 ,2 ,3 ]
Selarka, Ekta [4 ]
机构
[1] Aston Univ, Aston Business Sch, Econ & Strategy Grp, Birmingham B4 7ET, W Midlands, England
[2] IZA Inst Study Lab, Bonn, Germany
[3] Univ Michigan, William Davidson Inst, Ann Arbor, MI 48109 USA
[4] Madras Sch Econ, Madras 600025, Tamil Nadu, India
关键词
Mergers and acquisitions; Corporate governance; Firm performance; Emerging markets; India; BUSINESS GROUPS; STOCKHOLDER RETURNS; AFFILIATED FIRMS; FAMILY OWNERSHIP; PERFORMANCE; ACQUISITIONS; MERGERS; MANAGEMENT; TAKEOVERS; IMPACT;
D O I
10.1016/j.jcorpfin.2012.04.001
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Using firm level data from India, we examine the impact of ownership concentration on post-M&A performance of firms. Our analysis has implications for both the M&A literature, which emphasises the role of agency conflict between managers and owners of widely held companies as a key reason for M&A failures, and the corporate governance literature, especially in the context of emerging market economies. A cautious interpretation of our results suggests that while ownership concentration may reduce the manager-owner agency conflict, it may nevertheless precipitate other forms of agency conflict such that ownership concentration may not necessarily improve post-M&A performance. In particular, our results have implications for the literature on the agency conflict between large (or majority) shareholders and small (or minority) shareholders of a company, especially in contexts such as emerging market economies where corporate governance quality is weak. (C) 2012 Elsevier B.V. All rights reserved.
引用
收藏
页码:717 / 726
页数:10
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