| Summary: | 碩士 === 東海大學 === 財務金融學系碩士在職專班 === 107 === Abstract
This study examines corporate life cycle on the influence of firm performance in M&As. Following Anthony and Ramesh’s (1992) study, the current study classifies corporate life cycle into growth, mature and stagnant stages. Using the sample of 475 transactions during the period of 2001-2011, the results find that bidding firms obtain positive announcement returns. In addition, mature firms generate higher announcement returns when payment is cash. When payment is not cash, growth firm obtain higher announcement returns. However, the results are reverse when analyzing long run firm performance. In addition, when bidding firms are manufacturing firms, these firms obtain higher announcement returns. Growth electronic bidding firms generate higher announcement returns. Overall, the evidence shows that corporate life cycle plays a role to influence firm performance for bidding firms in M&As.
Keywords: Mergers and Acquisitions、Corporate Life Cycle、Event Study、Abnormal Returns
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