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The effect of information asymmetry on mergers and acquisitions when the corporate culture is distant / submitted by Thomas Scherrer
VerfasserScherrer, Thomas
Betreuer / BetreuerinnenLawrenz, Jochen
ErschienenInnsbruck, June 2018
UmfangVI, G, 97 Blätter : 1 CD-ROM ; Illustrationen
HochschulschriftUniversität Innsbruck, Masterarbeit, 2018
Datum der AbgabeJuni 2018
Schlagwörter (DE)Corporate Culture / Information Asymmetry / Mergers and Acquisitions
Schlagwörter (GND)Mergers and Acquisitions / Asymmetrische Information / Unternehmenskultur
URNurn:nbn:at:at-ubi:1-22826 Persistent Identifier (URN)
 Das Werk ist frei verfügbar
The effect of information asymmetry on mergers and acquisitions when the corporate culture is distant [5.12 mb]
Zusammenfassung (Englisch)

Empirical results of the corporate culture research are inconsistent and highly mdiverse. One reason for this diversity is the difficulty to measure corporate culture, but the research also focuses on one dimension only too often. This research introduces a new factor into this field of research by assessing the simultaneous effect of an information asymmetry on the success and on the performance of mergers and acquisitions when the corporate culture between the acquirer and the target is distant. The research was done by combining the regression analysis framework with the event study methodology. Corporate social responsibility on an industry level was used as a proxy for the corporate culture. Simultaneously was for the influence of the national culture distance between the acquirer and the target controlled. The most important result of the conducted analysis is the partially support for the culture clash theory, which states that cultural differences are a burden in a transaction. The other results of this analysis are not consistent. Most of the stated hypothesis could not be confirmed due to missing significance or due to contradictory results of the various interaction terms, which link the corporate culture dimension with the information dimension. In the robustness check was the national culture used as a proxy for the corporate culture distant. The results of the robustness check helped to much clearer reject most of the stated hypothesis by removing inconsistency among the interaction terms. The lack of significance in the results is possibly due to the small data set used or due to the vagueness of the corporate culture proxies. This study should act as a groundwork for further research, which links the corporate culture to other dimensions that possibly influence the success of a merger or acquisition simultaneously.

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