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題名 組織資本是否會影響併購決策？
Does organization capital affect acquisitions?
作者 楊曉琳
Yang, Hsiao-Lin
貢獻者 湛可南
Chan, Konan
楊曉琳
Yang, Hsiao-Lin
關鍵詞 組織資本
兼併和收購
收購
Organization Capital
Mergers and Acquisitions
Takeover
日期 2019
上傳時間 1-Jul-2019 10:43:57 (UTC+8)
摘要 無
I use comprehensive U.S. mergers and acquisitions transaction data to examine the relationship between takeover probability and organization capital. Organization capital is embodied in key employees and in the agglomeration of a firm’s business processes and technologies, which can improve the production efficiency and performance of the firm. I find that firms with more organization capital are more likely to become a target for a takeover. To mitigate endogeneity concerns, the results are supported by several tests for simultaneity and omitted variable issues, including propensity score matching, two-stage regression, subsample tests, and controlling for corporate governance. Furthermore, the impact of organization capital on takeover probability is more pronounced when the target firm has stable employee volatility or operates in a competitive product market. I then use a quasi-natural experiment approach to examine whether organization capital is transferable via mergers. I find that acquiring firms increase their organization capital after acquiring a target with more organization capital. Last, acquiring firms experience higher announcement abnormal returns if the target accumulates more organization capital.
參考文獻 Almazan, A., De Motta, A., Titman, S., 2007. Firm location and the creation and utilization of human capital. Review of Economic Studies 74, 1305-1327.
Atkeson, A., Kehoe, P. J., 2005. Modeling and measuring organization capital. Journal of Political Economy 113, 1026-1053.
Atting, N., Cleary, S., 2014. Organizational capital and investment-cash flow sensitivity: The effect of management quality practices. Financial Management 43, 473-504.
Bebchuk, L., Cohen, A., Ferrell, A., 2009. What matters in corporate governance? Review of Financial Studies 22, 783-827.
Bena, J., Li, K., 2014. Corporate innovations and mergers and acquisitions. Journal of Finance 69, 1923-1960.
Bradley, M., Desai, A., Kim, E. H., 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics 21, 3-40.
Carlin, B. I., Chowdhry, B., Garmaise, M., 2012. Investment in organization capital. Journal of Financial Intermediation 21, 268-286.
Cassiman, B., Colombo, M. G., eds.: 2006. Mergers and Acquisitions: The innovation impact. Edward Elgar Publishing, Northampton, MA.
Cassiman, B., Colombo, M. G., Garrone, P., Veugelers, R., 2005. The impact of M&A on the R&D process: An empirical analysis of the role of technological- and market-relatedness. Research Policy 34, 195-220.
Cassiman, B., Veugelers, R., 2006. In search of complementarity in innovation strategy: Internal R&D and external knowledge acquisition. Management Science 52, 68-82.
Chan, L., Lakonishok, J., Sougiannis, S., 2001. The stock market valuation of research and development expenditures. Journal of Finance 56:2431−2456.
Chen, Y., Lai, T., Lee, W., Li, H., 2017. Trade barrier and misallocations: The case of the photovoltaic manufacturing industry in China. International Review of Economics and Finance 52, 352-367.
Chun, R., 2009. A corporate`s responsibility to employees during a merger: organizational virtue and employee loyalty. Corporate Governance: The International Journal of Business in Society 9, 473-483.
Corrado, C., Hulten, C., Sichel, D., 2009. Intangible capital and U.S. economic growth. The Review of Income and Wealth 55 (3), 661-685.
Cremers, K., Nair, V., John, K., 2009. Takeovers and the cross-section of returns. Review of Financial Studies 22, 1409-1445.
Cremers, M., and. Nair, V., 2005. Governance mechanisms and equity prices. Journal of Finance 60, 2859-2894.
Dong, M., Hirshleifer, D., Richardson, S., Teoh, S., 2006. Does investor misevaluation drive the takeover market? Journal of Finance 61, 725-762.
Eisfeldt, A., Papanikolaou, D., 2014. The value and ownership of intangible capital. American Economic Review 104, 189-194.
Eisfeldt, A., Papanikolaou, D., 2013. Organization capital and the cross-section of expected returns. Journal of Finance 68, 1365-1406.
Francis, B., Mani, S. B., Wu, Q., 2015. The impact of organization capital on firm innovation. Working paper, Rensselaer Polytechnic Institute.
Gompers, P., Ishii, J., Metrick, A., 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107-156.
Hoberg, G., Phillips, G., 2010. Product market synergies and competition in mergers and acquisitions: A text-based analysis. Review of Financial Studies 23, 3773-3811.
Hsieh, C., and Klenow, P. J.,2009. Misallocation and manufacturing TFP in China and India. Quarterly Journal of Economics 124, 1403-1448.
Jovanovic, B., Rousseau, P. L., 2008. Mergers as reallocation. The Review of Economics and Statistics 90 (4), 765-776.
Krishnan, H. A., Krishnan, R., Lefanowicz, C. E., 2009. Market perception of synergies in related acquisitions. Academy of Strategic Management Journal 8, 99-119.
Lee, W., Wang, S., 2017. Misallocations and policy constraints on mergers in the modern manufacturing sector. Journal of Macroeconomics 52, 268-286.
Lev, B., Radhakrishnan, S., 2005. The valuation of organization capital. Corrado, C., Haltiwanger, J., Sichel, D, (eds), Measuring capital in a new economy, NBER and University of Chicago Press.
Lev, B., Radhakrishnan, S., Zhang, W., 2009. Organization capital. Abacus 45, 275-298.
Li, K., Qiu, B., Shen, R., 2018. Organization capital and mergers and acquisitions. Journal of Financial and Quantitative Analysis, forthcoming.
Li, P., Li, F. W., Wang, B., Zhang, Z., 2018. Acquiring organizational capital. Finance Research Letters 25, 30-35.
Lin, J., Wang, Y., 2016. The R&D premium and takeover risk. Accounting Review 91, 955-971.
Melitz, M. J., 2003. The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica 71, 1695-1725.
Mukherjee, T., Kiymaz, H., Baker, K., 2004. Merger motives and target valuation: A survey of evidence from CFOs. Journal of Applied Finance 14, 2-34.
Phillips, G., Zhdanov, A., 2013. R&D and the incentives from merger and acquisition activity. Review of Financial Studies 26, 34-78.
Prescott, E., Visscher, M., 1980. Organization capital. Journal of Political Economy 88, 446-461.
Rhodes-Kropf, M., David, T. R., 2008. The market for mergers and the boundaries of the firm. Journal of Finance 63, 1170-1211.
Roberts, M., Whited, T., 2012. Endogeneity in empirical corporate finance. Simon School Working Paper No. FR 11-29. Available at SSRN: http://dx.doi.org/10.2139/ssrn.1748604
Schmidt, K. M., 1997. Managerial incentives and product market competition. The Review of Economic Studies 64 (2), 191-213.
Seru, A., 2014. Firm boundaries matter: Evidence from conglomerates and R&D activity. Journal of Financial Economics 111, 381-405.
Sevilir, M., Tian, X., 2012. Acquiring innovation. Working paper, Indiana University.
Slusky, A. R., Caves, R. E., 1991. Synergy, Agency, and the Determinants of Premia Paid in Mergers. Journal of Industrial Economics 39, 277-296.
描述 博士
國立政治大學
財務管理學系
101357501
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101357501
資料類型 thesis
dc.contributor.advisor 湛可南zh_TW
dc.contributor.advisor Chan, Konanen_US
dc.contributor.author (Authors) 楊曉琳zh_TW
dc.contributor.author (Authors) Yang, Hsiao-Linen_US
dc.creator (作者) 楊曉琳zh_TW
dc.creator (作者) Yang, Hsiao-Linen_US
dc.date (日期) 2019en_US
dc.date.accessioned 1-Jul-2019 10:43:57 (UTC+8)-
dc.date.available 1-Jul-2019 10:43:57 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2019 10:43:57 (UTC+8)-
dc.identifier (Other Identifiers) G0101357501en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124123-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 101357501zh_TW
dc.description.abstract (摘要) 無zh_TW
dc.description.abstract (摘要) I use comprehensive U.S. mergers and acquisitions transaction data to examine the relationship between takeover probability and organization capital. Organization capital is embodied in key employees and in the agglomeration of a firm’s business processes and technologies, which can improve the production efficiency and performance of the firm. I find that firms with more organization capital are more likely to become a target for a takeover. To mitigate endogeneity concerns, the results are supported by several tests for simultaneity and omitted variable issues, including propensity score matching, two-stage regression, subsample tests, and controlling for corporate governance. Furthermore, the impact of organization capital on takeover probability is more pronounced when the target firm has stable employee volatility or operates in a competitive product market. I then use a quasi-natural experiment approach to examine whether organization capital is transferable via mergers. I find that acquiring firms increase their organization capital after acquiring a target with more organization capital. Last, acquiring firms experience higher announcement abnormal returns if the target accumulates more organization capital.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review and Hypothesis Development 8
3. Data and Methodology 13
3.1 Data 13
3.2 Summary Statistics 14
4. Empirical Results 16
4.1 Logit Regression Analysis for Takeover Activity 16
4.2 Issues of Endogeneity 17
4.2.1 Propensity Score Matching Analysis for Logit Regression Analysis 17
4.2.2 Two-Stage Regression Analysis for Logit Model 18
4.2.3 Subsample Tests 20
4.2.4 Omitted Variable: Corporate Governance 22
4.3 Alternative Measure for Organization Capital 23
5. Further Discussions 25
5.1 Conditional Tests 25
5.2 Quasi-Natural Experiment for Post-M&A Organization Capital 26
5.3 Announcement Abnormal Returns 28
6. Conclusion 30
References 33
Appendix A: Variable Definitions 37
Appendix B: Alternative Measure for Organization Capital 38
Appendix C: Logit Regression for Complete Acquisition Activity 43
Appendix D: Logit regression for Takeover Activity- Deducting R&D from SG&A to Measure Organization Capital 44
Appendix E: Logit Regression for Takeover Activity by Partitioning The Advertising Expense 45		zh_TW
dc.format.extent 1687521 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101357501en_US
dc.subject (關鍵詞) 組織資本zh_TW
dc.subject (關鍵詞) 兼併和收購zh_TW
dc.subject (關鍵詞) 收購zh_TW
dc.subject (關鍵詞) Organization Capitalen_US
dc.subject (關鍵詞) Mergers and Acquisitionsen_US
dc.subject (關鍵詞) Takeoveren_US
dc.title (題名) 組織資本是否會影響併購決策？zh_TW
dc.title (題名) Does organization capital affect acquisitions?en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almazan, A., De Motta, A., Titman, S., 2007. Firm location and the creation and utilization of human capital. Review of Economic Studies 74, 1305-1327.
Atkeson, A., Kehoe, P. J., 2005. Modeling and measuring organization capital. Journal of Political Economy 113, 1026-1053.
Atting, N., Cleary, S., 2014. Organizational capital and investment-cash flow sensitivity: The effect of management quality practices. Financial Management 43, 473-504.
Bebchuk, L., Cohen, A., Ferrell, A., 2009. What matters in corporate governance? Review of Financial Studies 22, 783-827.
Bena, J., Li, K., 2014. Corporate innovations and mergers and acquisitions. Journal of Finance 69, 1923-1960.
Bradley, M., Desai, A., Kim, E. H., 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics 21, 3-40.
Carlin, B. I., Chowdhry, B., Garmaise, M., 2012. Investment in organization capital. Journal of Financial Intermediation 21, 268-286.
Cassiman, B., Colombo, M. G., eds.: 2006. Mergers and Acquisitions: The innovation impact. Edward Elgar Publishing, Northampton, MA.
Cassiman, B., Colombo, M. G., Garrone, P., Veugelers, R., 2005. The impact of M&A on the R&D process: An empirical analysis of the role of technological- and market-relatedness. Research Policy 34, 195-220.
Cassiman, B., Veugelers, R., 2006. In search of complementarity in innovation strategy: Internal R&D and external knowledge acquisition. Management Science 52, 68-82.
Chan, L., Lakonishok, J., Sougiannis, S., 2001. The stock market valuation of research and development expenditures. Journal of Finance 56:2431−2456.
Chen, Y., Lai, T., Lee, W., Li, H., 2017. Trade barrier and misallocations: The case of the photovoltaic manufacturing industry in China. International Review of Economics and Finance 52, 352-367.
Chun, R., 2009. A corporate`s responsibility to employees during a merger: organizational virtue and employee loyalty. Corporate Governance: The International Journal of Business in Society 9, 473-483.
Corrado, C., Hulten, C., Sichel, D., 2009. Intangible capital and U.S. economic growth. The Review of Income and Wealth 55 (3), 661-685.
Cremers, K., Nair, V., John, K., 2009. Takeovers and the cross-section of returns. Review of Financial Studies 22, 1409-1445.
Cremers, M., and. Nair, V., 2005. Governance mechanisms and equity prices. Journal of Finance 60, 2859-2894.
Dong, M., Hirshleifer, D., Richardson, S., Teoh, S., 2006. Does investor misevaluation drive the takeover market? Journal of Finance 61, 725-762.
Eisfeldt, A., Papanikolaou, D., 2014. The value and ownership of intangible capital. American Economic Review 104, 189-194.
Eisfeldt, A., Papanikolaou, D., 2013. Organization capital and the cross-section of expected returns. Journal of Finance 68, 1365-1406.
Francis, B., Mani, S. B., Wu, Q., 2015. The impact of organization capital on firm innovation. Working paper, Rensselaer Polytechnic Institute.
Gompers, P., Ishii, J., Metrick, A., 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107-156.
Hoberg, G., Phillips, G., 2010. Product market synergies and competition in mergers and acquisitions: A text-based analysis. Review of Financial Studies 23, 3773-3811.
Hsieh, C., and Klenow, P. J.,2009. Misallocation and manufacturing TFP in China and India. Quarterly Journal of Economics 124, 1403-1448.
Jovanovic, B., Rousseau, P. L., 2008. Mergers as reallocation. The Review of Economics and Statistics 90 (4), 765-776.
Krishnan, H. A., Krishnan, R., Lefanowicz, C. E., 2009. Market perception of synergies in related acquisitions. Academy of Strategic Management Journal 8, 99-119.
Lee, W., Wang, S., 2017. Misallocations and policy constraints on mergers in the modern manufacturing sector. Journal of Macroeconomics 52, 268-286.
Lev, B., Radhakrishnan, S., 2005. The valuation of organization capital. Corrado, C., Haltiwanger, J., Sichel, D, (eds), Measuring capital in a new economy, NBER and University of Chicago Press.
Lev, B., Radhakrishnan, S., Zhang, W., 2009. Organization capital. Abacus 45, 275-298.
Li, K., Qiu, B., Shen, R., 2018. Organization capital and mergers and acquisitions. Journal of Financial and Quantitative Analysis, forthcoming.
Li, P., Li, F. W., Wang, B., Zhang, Z., 2018. Acquiring organizational capital. Finance Research Letters 25, 30-35.
Lin, J., Wang, Y., 2016. The R&D premium and takeover risk. Accounting Review 91, 955-971.
Melitz, M. J., 2003. The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica 71, 1695-1725.
Mukherjee, T., Kiymaz, H., Baker, K., 2004. Merger motives and target valuation: A survey of evidence from CFOs. Journal of Applied Finance 14, 2-34.
Phillips, G., Zhdanov, A., 2013. R&D and the incentives from merger and acquisition activity. Review of Financial Studies 26, 34-78.
Prescott, E., Visscher, M., 1980. Organization capital. Journal of Political Economy 88, 446-461.
Rhodes-Kropf, M., David, T. R., 2008. The market for mergers and the boundaries of the firm. Journal of Finance 63, 1170-1211.
Roberts, M., Whited, T., 2012. Endogeneity in empirical corporate finance. Simon School Working Paper No. FR 11-29. Available at SSRN: http://dx.doi.org/10.2139/ssrn.1748604
Schmidt, K. M., 1997. Managerial incentives and product market competition. The Review of Economic Studies 64 (2), 191-213.
Seru, A., 2014. Firm boundaries matter: Evidence from conglomerates and R&D activity. Journal of Financial Economics 111, 381-405.
Sevilir, M., Tian, X., 2012. Acquiring innovation. Working paper, Indiana University.
Slusky, A. R., Caves, R. E., 1991. Synergy, Agency, and the Determinants of Premia Paid in Mergers. Journal of Industrial Economics 39, 277-296.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900004en_US