The effect of media messages and advertising on the performance of acquisition

• Main Authors: Wu,Ying-Fan, 吳穎帆
• Other Authors: Weng,Ying-Juan
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/7nkm7k

碩士 === 國立高雄應用科技大學 === 企業管理系 === 103 === By focusing on the period of 2000~2010 of the listed companies in the USA,this studyused the logistic regression to explore wehether companies will release good news before M&A, and adopted the multiple regression to analyze wehether the positive media messages released before M&A announcements affect M&A performances in terms of short-term abnormal returns and long-term operating performance. Finally, this study investigated how advertising intensity moderates the positive relationship between the media messages and M&A performance. This study found that the acquiring companies would release positive messages before thirty days when the M&A announcements were launched. Releasing good messages positively affect M&A performances. Advertising intensity positively moderates the relationship between the releases of media messages and M&A performances in terms of short-term abnormal returns and long-term operating performance.