Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2018.1429296
Influence of shareholders’ support over mergers and acquisitions in US banks
Marcos Vizcaíno-González
; Faculty of Economics and Business, Department of Business, Universidade da Coruña, A Coruña, Spain
Julio Navío-Marco
; Facultad de Ciencias Económicas y Empresariales, Department of Business Administration, UNED – University of Distance Learning, Madrid, Spain
Sažetak
Using data about the US banking industry, the study investigates how
the support disclosed by funds in corporate meetings influences the
success of the completion of mergers and acquisitions (M&A). The
methodological approach relies on the use of instrumental variables
with the generalised method of moments (GMM). The results indicate
that the voting support exercises a negative influence over the success
of M&A, validating the probable presence of agency-driven behaviour
in explaining M&A completion, and indicating that low governance
and activism inspires independent behaviour of managers, proceeding
against the wishes, position or interests of shareholders. Considering
that voting performance has been reported as a proxy for reputational
harm, the results provide some understanding about how the success
in M&A in the US banking industry may be related to reputational
consequences infiltrated through voting decisions.
Ključne riječi
Banking industry; voting support; mergers and acquisitions (M&A); financial institutions; financial risk
Hrčak ID:
200664
URI
Datum izdavanja:
3.12.2018.
Posjeta: 736 *