Study on the Characteristics of Independent Directors and the Announcement Effect of Merger and Acquisition -An Empirical Research of Acquiring Firms
碩士 === 東吳大學 === 企業管理學系 === 106 === This paper mainly studies whether the characteristics of the independent directors of the company and the company strengthen the short-term announcement effect of mergers and acquisitions. Based on the theory of resource dependence, this study collects the M&A...
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2018
|
| Online Access: | http://ndltd.ncl.edu.tw/handle/6667u9 |
| Summary: | 碩士 === 東吳大學 === 企業管理學系 === 106 === This paper mainly studies whether the characteristics of the independent directors of the company and the company strengthen the short-term announcement effect of mergers and acquisitions. Based on the theory of resource dependence, this study collects the M&A data of Taiwan listed cabinet owners and companies from 2008 to 2017, and applies the Taiwan Economics News Database (TEJ) event research method tool to understand the main company's M&A announcement. Whether there is abnormal payment.
According to empirical research, the main company announced that there is abnormal remuneration in mergers and acquisitions, in which mergers and acquisitions and domestic mergers and acquisitions will have an average cumulative abnormal return and have a significant positive impact. Using multiple regression analysis to verify that the independent directors will strengthen the effectiveness of cash mergers and acquisitions and cross-border mergers and acquisitions.
|
|---|