Monitoring role of institutional investors and acquisition performance: Evidence from East Asian markets
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
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