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      The Effect of Targets’ Organizational Capital on Acquirers’ Abnormal Returns

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      HAO-THESIS-2016.pdf (1.118Mb)
      Date
      2016-09-27
      Author
      Hao, Yimeng 1992-
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      Literature has shown that organizational capital is an important production factor and is positively related with firm value, Tobin’s Q, stock returns and executive compensation. We examine whether this organizational capital functions well in another firm in a merger. Results show that acquirers experience higher announcement abnormal returns when the targets have higher organizational capital and this effect strengthens in non-diversifying acquisitions and when acquirers have better corporate governance.
      Degree
      Master of Science (M.Sc.)
      Department
      Edwards School of Business
      Program
      Finance
      Supervisor
      Yu, Miaomiao
      Committee
      Wilson, Craig; Cao, James; Mamun, Abdullah; Xie, Jia
      Copyright Date
      September 2016
      URI
      http://hdl.handle.net/10388/7492
      Subject
      acquisitions
      organizational capital
      SG&A
      diversifying acquisition
      corporate governance
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