Does the ownership structure of state-owned enterprises help or hurt acquisition performance?

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Does the ownership structure of state-owned enterprises help or hurt acquisition performance?

 

Author: Ip, Sui King Heidi
Title: Does the ownership structure of state-owned enterprises help or hurt acquisition performance?
Degree: D.B.A.
Year: 2013
Subject: Consolidation and merger of corporations.
Stock ownership.
Hong Kong Polytechnic University -- Dissertations
Department: Faculty of Business
Pages: viii, 120 leaves ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2825641
URI: http://theses.lib.polyu.edu.hk/handle/200/7974
Abstract: Does the ownership structure of state-owned enterprises (SOEs) help or hurt acquisition performance? This thesis examines the effect of ownership structure, such as SOEs and non-SOEs, on acquisition performance in a transition economy. In addition, this study re-examines the three essential factors, namely, acquisition experience, firm size and acquirer-to-target similarity, that are considered to influence acquisition performance in developed economies and investigates their possible interactions with the ownership setting. Drawing on data on acquisition transactions in the past decade collected from the Shanghai and Shenzhen stock exchanges, this study reveals that SOEs deliver better acquisition performance than non-SOEs. Furthermore, more acquisition experience and synergistic effects generating from acquirer-to-target dissimilarity are found to induce better acquisition performance. However, non-SOEs are more eager to learn from their past acquisitions experience than SOEs.

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