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德勤-复旦会计论坛系列讲座之一百十六

2017年03月20日15:23     智库商学院     阅读量:1462

日期: 2017年03月22日 (星期三) 13:30

地址:史带楼303室

状态:已结束

  时间:2017年3月22日(周三)下午13:30

  地点:史带楼303室

  主持人: 倪晨凯 副教授

  演讲嘉宾:Suresh Radhakrishnan (University of Texas at Dallas)

  Title:Trust, Family Firms, and Mergers and Acquisition Quality

  Abstract:We examine the role of trust on M&A quality across family and non-family firms in 15 EU countries. We use Guiso et al.’s (2009) trust measure, ownership for family firms and M&A announcement returns and goodwill impairment for M&A quality. We find that trust and family firms are positively associated with M&A quality, when they are considered separately. When we consider family firm, trust and their interaction it is only the interaction that is positively associated with M&A quality with M&A quality. This suggests that family firms’ M&As with targets in high-trust countries are of better quality, potentially because family firms commit to their long-term investment outlook more effectively in high-trust countries and thus, mitigate the uncertainty in the integration process. We perform additional tests to rule out alternative explanations and provide direct cross-sectional evidence on the long-term investment outlook and environments where the role of trust is important.

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