모멘텀 관점에서 본 글로벌 인수합병의 템포와 성과 간 관계

• 영문명: The Relationship between the Tempo and Performance of Global M&As in Perspective of Momentum
• 발행기관: 한국무역연구원
• 저자명: 박은경(Eun-Kyoung Park) 한병섭(Byoung-Sop Han)
• 간행물 정보: 『무역연구』제13권 제4호, 313~335쪽, 전체 23쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2017.08.30

영문 초록

This paper analyzes the relationship between the tempo and performance of global mergers and acquisitions (M&A). We examine 765 Korean global M&A deals excluding rumored, pending, and withdrawn deals over a period of 17 years between 2000 and 2017 using the Zephyr Database from the Bureau Van Dijk. Results indicate that firms that pursuing global M&A with irregular tempo show better financial performance in terms of profitability. Furthermore, the irregularity of domestic M&A positively affects the irregular tempo of global M&A. Similarity in industries between acquirer and target firms has no significant influence on the tempo of global M&As. The effect of firm size is significantly positive to the irregular tempo and performance of global M&As. Meanwhile, global M&A experience, deal size and cash payment as control variables prove to influence positively the irregular tempo as opposed to the number of participants. Finally, concentrated investment in a period of time does much to improve M&A performance.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경과 가설 설정

Ⅲ. 연구방법론

Ⅳ. 실증분석

Ⅴ. 결론

키워드

Global M&A Momentum Performance Tempo