The Effect of leadership stability, agency problems, and animal spirits on M&A outcomes in Australia | Macquarie University ResearchOnline

Home

Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/174327

25 Visitors

33 Hits

0 Downloads

Title: The Effect of leadership stability, agency problems, and animal spirits on M&A outcomes in Australia
Related: Australia and New Zealand Academy of Management Conference (24th : 2010) (8 - 10 December 2010 : Adelaide)
Related: Gurd, Bruce. Proceedings of the 24th ANZAM Conference : managing for unknowable futures, p.1-16
Publisher: ANZAM
Date: 2010
FoR/RFCD Code(s): 150300 Business and Management
Author/Creator: Garrow, Nigel S
Description: Mergers and acquisitions continue to be value destroying for many acquiring firm shareholders. Lack of continuity of tenure, agency problems and animal spirits in the acquiring and acquired firms may contribute to this loss of value. This study examines acquisitions in Australia between 1990 and 2006, when the roles of chairman and chief executive were performed by different people in the acquiring firm. The study finds that the period of joint tenure, when the Chairman and CEO have been in their respective roles together, is a statistically significant contributor to acquiring firm shareholder value during the three year period following completion of the acquisition. Agency problems and animal spirits are also found to be important influences on M&A outcomes.
Description: 16 page(s)
Subject Keyword: 150300 Business and Management
Resource Type: conference paper
Organisation: Macquarie University. Macquarie Graduate School of Management

Macquarie University ResearchOnline