The Acquirer and the Performance of Targets in Partial Acquisitions : Japanese Acquisitions in the US 1980-2000

Language: English

Published by LAP LAMBERT Academic Publishing, 2013

365930316X / 9783659303166

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nach der Bestellung gedruckt Neuware - Printed after ordering - Determinants of the value of acquired firms were further examined by analyzing the effect of corporate governance and other characteristics of Japanese and US acquirers on the long-term performance of their US targets during period when both US and Japanese economies experienced superior and poor performances. Bidder-target relationship in general and the role of unique Japanese characteristics (keiretsu, cross-holding, ties to a main bank, negligible shareholding, latitude and long-term focus of managers) were studied. The debate whether unique characteristics of the Japanese governance system make it more efficient than market based one in the US, or lead to greater agency problem, developed in the early 1990s following the slowdown in the US and boom in the Japanese economy. In this study better managed bidders, regardless of country of origin, with more resources were found to positively affect the performance of smaller targets in related industries. The mixed results for the Japanese governance variables, predicted positive for the main bank and unexpected negative for the keiretsu and cross-holding, do not allow a clear-cut answer as to which governance system is dominant.

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Title
The Acquirer and the Performance of Targets in Partial Acquisitions : Japanese Acquisitions in the US 1980-2000
Author
Stanko Racic
Publisher
LAP LAMBERT Academic Publishing
Publication year
2013
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
365930316X
ISBN 13
9783659303166
Item weight
221 grams
Dimensions
220x150x9 mm

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