|Author:||Ip, Sui King Heidi|
|Title:||Does the ownership structure of state-owned enterprises help or hurt acquisition performance?|
|Subject:||Consolidation and merger of corporations.|
Hong Kong Polytechnic University -- Dissertations
|Department:||Faculty of Business|
|Pages:||viii, 120 leaves ; 30 cm|
|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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