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.
Type de document :
Communication dans un congrès
41st Annual EIBA (European International Business Academy) Conference, Dec 2015, Rio de Janeiro, Brazil. Proceedings of 41st Annual EIBA (European International Business Academy) Conference. 〈http://eiba2015.iag.puc-rio.br/〉
Liste complète des métadonnées
https://hal-univ-lyon3.archives-ouvertes.fr/hal-01242630
Contributeur : Ulrike Mayrhofer <>
Soumis le : dimanche 13 décembre 2015 - 15:17:20
Dernière modification le : mercredi 11 juillet 2018 - 15:20:10

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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, Dec 2015, Rio de Janeiro, Brazil. Proceedings of 41st Annual EIBA (European International Business Academy) Conference. 〈http://eiba2015.iag.puc-rio.br/〉. 〈hal-01242630〉

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