Abstract
![CDATA[Mergers and acquisitions continue to be value destroying for many acquiring firm shareholders. Lack of continuity of tenure, agency problems and animal spirits in the acquiring and acquired firms may contribute to this loss of value. This study examines acquisitions in Australia between 1990 and 2006, when the roles of chairman and chief executive were performed by different people in the acquiring firm. The study finds that the period of joint tenure, when the Chairman and CEO have been in their respective roles together, is a statistically significant contributor to acquiring firm shareholder value during the three year period following completion of the acquisition. Agency problems and animal spirits are also found to be important influences on M&A outcomes.]]
| Original language | English |
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| Title of host publication | Managing for Unknown Futures: Proceedings of the 24th Annual Australian and New Zealand Academy of Management Conference, 8-10 December 2010, Adelaide Convention Centre, Australia |
| Publisher | ANZAM |
| Number of pages | 16 |
| ISBN (Print) | 1877040819 |
| Publication status | Published - 2010 |
| Event | Australian and New Zealand Academy of Management. International conference - Duration: 7 Dec 2011 → … |
Conference
| Conference | Australian and New Zealand Academy of Management. International conference |
|---|---|
| Period | 7/12/11 → … |
Keywords
- leadership
- consolidation and merger of corporations
- chief executive officers
- animal spirits
- Australia