Value creation in M&As: does acquirer’s reputation matter?

Ludivine Chalençon 1 Ana Colovic 2 Olivier Lamotte 3 Ulrike Mayrhofer 1
1 Centre de Recherche Magellan
2 NEOMA - Neoma Business School
3 ESG Research Lab
Abstract : This article investigates the effects of reputation on the value created by mergers and acquisitions (M&As). Building on the resource-based view, we study the impact of the acquirer’s reputation on financial market reactions to M&A announcements. The empirical study is based on a sample of 187 M&As involving French multinationals of the CAC 40 index. The statistical analysis shows that reputation has a significant, positive influence on M&A value-creation. Our study contributes to the academic literature analyzing the role of intangible assets in firm performance. It also contributes to the M&A literature by highlighting the positive impact of reputation on the financial evaluation of M&A operations.
Keywords : Reputation Resource-Based View Mergers and Acquisitions Multinational Firms Value-Creation.
Document type :
Conference papers
Complete list of metadatas
https://hal-univ-lyon3.archives-ouvertes.fr/hal-01242630
Contributor : Ulrike Mayrhofer <>
Submitted on : Sunday, December 13, 2015 - 3:17:20 PM
Last modification on : Monday, December 2, 2019 - 12:23:49 PM

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  • HAL Id : hal-01242630, version 1

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UNIV-LYON3 | MAGELLAN | COMUE-NORMANDIE | UDL

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Ludivine Chalençon, Ana Colovic, Olivier Lamotte, Ulrike Mayrhofer. Value creation in M&As: does acquirer’s reputation matter?. 41st Annual EIBA (European International Business Academy) Conference, Pontifical Catholic University of Rio de Janeiro, Dec 2015, Rio de Janeiro, Brazil. ⟨hal-01242630⟩

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