德勤－复旦会计论坛系列讲座之一百十六

　　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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