Mergers and acquisitions behavior, ceo power and performance expectation gap after m&a——an empirical study of manufacturing enterprises listed on china growth enterprise market
Mergers and acquisitions behavior, ceo power and performance expectation gap after m&a——an empirical study of manufacturing enterprises listed on china growth enterprise market
คำสำคัญ:
Merge behavior, M&A with related party, M&A with non-related party, CEO power performance expectation gap after M&Aบทคัดย่อ
Based on the sample of manufacturing enterprises listed on the growth enterprise market from 2013 to 2017, this paper studies the relationship between merge behavior and performance expectation gap after M&A, and further explores the regulatory role of CEO power on the relationship between M&A behavior and performance expectation gap after M&A. At the same time, according to the previous research results, M&A behavior is divided into M&A with related party and M&A with non-related party to further investigate. The results show that M&A behavior is positively related to the performance expectation gap after M&A; M&A with related party is positively related to the performance expectation gap after M&A; non related M&A is positively related to the gap of performance expectation after M&A;CEO power can regulate the relationship betweenM&A behavior and performance expectation gap after M&A; CEO power can regulate the relationship between related M&A and performance expectation gap after M&A; CEO power can adjust the relationship between unrelated M&A and post-merger performance expectation gap.The results not only support the previous theory that the top executives, the largest shareholders and controlling shareholders use M&A behavior to "tunneling" the enterprise, but also enrich the relevant research on the performance expectation gap after M&A, and provide a certain reference for corporate governance.
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