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- Title
La réputation de l'acquéreur et la réaction des marchés financiers à l'annonce de fusions-acquisitions internationales.
- Authors
Chalençon, Ludivine; Colovic, Ana; Lamotte, Olivier; Mayrhofer, Ulrike
- Abstract
We examine the influence of the acquirer's reputation on investors' reaction following the announcement of cross-border mergers and acquisitions. Drawing on signaling theory, we argue that the reputation sends a positive signal to investors when such deals are announced. Our empirical study is based on 134 crossborder M&As conducted by French multinationals. Our results confirm that reputation is positively related to M&A short-term value creation. However, the positive reaction of investors to the announcement of mergers and acquisitions is weaker for the most reputable companies. In addition, we show that the relationship between reputation and value creation is negatively moderated by the acquirer's diversification strategy.
- Subjects
VALUE creation; EMPIRICAL research; REPUTATION; CUSTOMER cocreation; ANNOUNCEMENTS; EARNINGS announcements
- Publication
Management international / International Management / Gestiòn Internacional, 2021, Vol 25, Issue 2, p131
- ISSN
1206-1697
- Publication type
Article
- DOI
10.7202/1076021ar