期刊論文
| 學年 | 108 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2020-02-01 |
| 作品名稱 | Monitoring role of institutional investors and acquisition performance: Evidence from East Asian markets |
| 作品名稱（其他語言） | |
| 著者 | Kuo-Ren Lou; Yang-Kai Lu; Cheng-Yi Shiu |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | Pacific-Basin Finance Journal 59, 101244 |
| 摘要 | This paper examines the monitoring role of institutional investors by investigating the market reactions and long-run stock performance of acquirers in East Asian markets. The market reacts positively to the announcement but underperforms in the long-run. Although institutional ownership does not associate with the announcement abnormal return, it correlates positively with long-run performance. This positive association is driven primarily by foreign institutional ownership. Further analysis shows that acquirers with higher independent, long-term, and passive foreign institutional ownership report better long-run performance. This result is consistent with the monitoring hypothesis that foreign institutional investors can improve the quality of managerial decisions. Finally, we investigate the impairment of goodwill postacquisition and find that acquirers with higher foreign institutional ownership suffer lower goodwill write-offs. Overall, our findings are consistent with the view that foreign institutional investors can provide effective monitoring of local firms in East Asian markets. |
| 關鍵字 | Foreign institutional investors;Monitoring;Corporate governance;East Asia;Mergers and acquisitions |
| 語言 | en |
| ISSN | 0927-538X |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 否 |
| 國別 | NLD |
| 公開徵稿 | |
| 出版型式 | ,電子版,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/119021 ) |