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A comparative study of the mergers strategies by different types of ownership within Taiwan’s firms
family firm,government firm,merger,merger strategy,ownership,
|Publication Year :||2019|
In recent years, Taiwan M&A market has continued to heat up, and the number and size of completed M&A cases have grown steadily. However, in addition to case studies, there are many issues in the empirical study of Taiwan M&A events that can be numerically presented. In the past, the research of scholars mainly analyzed the performance of enterprises after mergers and acquisitions. They did not conduct in-depth exploration of business strategies. Therefore, according to the classification of enterprises in the Taiwan Economic Journal (TEJ). M&A events from 1995 to 2018 in Taiwan were recorded by the database. There are four types of M&A strategies, such as family enterprises, public-dominated enterprises, professional managers enterprises, and mixed-ownership type enterprises.
The empirical results show that there is no significant difference in decision-making between Taiwanese family business and non-family business of M&A strategy. Public-dominated enterprises are less likely to merge than nonpublic-dominated enterprises are. Professional managers enterprises are likely to merge than professional managers enterprises are. And mixed-ownership type enterprises are less likely to merge than nonmixed-ownership type enterprises are. In addition, we also consider the ownership of the operators before the M&A strategy. There is a positive correlation between the ownership of family-led, public-dominated and mixed-ownership type enterprises and the possibility of execution of M&A strategies. Therefore, the ownership structure will be important for these companies to consider M&A strategies. The possibility of professional manager firm to execute merger strategy is not significantly different from the percentage of professional manager’s shares holding.
Finally, we also found that when the M&A events are split into merging events and merged events, family, professional managers, and mixed-ownership type companies will be more active in adopting merging strategies. And all types of companies have no decision-making differences in merged strategies.
|Appears in Collections:||財務金融學系|
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