Synergy and Goodwill Controlling
Empirical Evidence on Determinants and Acquisition Performance
©2019
Thesis
XXX,
302 Pages
Series:
Münsteraner Schriften zur Internationalen Unternehmensrechnung, Volume 17
Summary
As most acquisitions destroy shareholder value, this study examines the effect of synergy and goodwill controlling on acquisition success. Based on a sample of German, Austrian, and Swiss acquirer companies, a descriptive analysis presents design options for the M&A organization and related controlling tasks. Empirical analyses identify various determinants of synergy and goodwill controlling and reveal that acquisitions positively impact financial success in the short term and accounting-based success in the medium term. The results also indicate that synergy and goodwill controlling influence internal and external measures of acquisition success in different ways. Thus, the findings do not only entail implications for acquirers but also for investors, standard setters, and academics.
Excerpt
Table Of Contents
- Cover
- Title
- Copyright
- About the author
- About the book
- This eBook can be cited
- Contents
- Contents overview
- List of abbreviations
- List of symbols
- List of figures
- List of tables
- 1 Introduction
- 1.1 Motivation and research objectives
- 1.2 Outline of the study
- 1.3 Scientific positioning
- 2 Conceptual basis
- 2.1 Value-based management of acquisitions
- 2.1.1 Acquisitions
- 2.1.1.1 Definition
- 2.1.1.2 Acquisition process
- 2.1.1.3 Acquisition motives
- 2.1.1.4 Acquisition success
- 2.1.2 Value-based management and acquisition controlling
- 2.2 Key factors of acquisition success
- 2.2.1 Synergies
- 2.2.1.1 Terms and definitions
- 2.2.1.2 Classification and measurement
- 2.2.1.3 Contribution to acquisition success
- 2.2.2 Goodwill
- 2.2.2.1 Top-down vs. bottom-up definition
- 2.2.2.2 Recognition and measurement
- 2.2.2.3 Contribution to acquisition success
- 2.3 Summary
- 3 State of research
- 3.1 Specification of the field of research
- 3.2 Research on M&A performance
- 3.3 Research on synergy consequences
- 3.4 Research on goodwill consequences
- 3.5 Summary and research gap
- 4 Conceptual framework and hypotheses development
- 4.1 Theoretical foundation
- 4.2 Specification of the conceptual framework
- 4.2.1 Synergy controlling
- 4.2.2 Goodwill controlling
- 4.2.3 Summary
- 4.3 Hypotheses development
- 5 Empirical analysis
- 5.1 Research design
- 5.1.1 Survey research
- 5.1.2 Questionnaire design and administration
- 5.1.2.1 Sample
- 5.1.2.2 Designing the questionnaire
- 5.1.2.3 Data collection procedure
- 5.1.2.4 Response rates
- 5.1.2.5 Data quality
- 5.1.3 Construct measurement and operationalization
- 5.1.4 Data analysis
- 5.1.4.1 Descriptive analyses
- 5.1.4.2 Explicative analyses
- 5.1.4.2.1 Regression analysis
- 5.1.4.2.2 Event study analysis
- 5.2 Results
- 5.2.1 Sample characteristics
- 5.2.2 Synergy and goodwill controlling design options
- 5.2.2.1 Descriptive statistics
- 5.2.2.1.1 M&A organization
- 5.2.2.1.2 Synergy controlling
- 5.2.2.1.3 Goodwill controlling
- 5.2.2.1.4 Determinants
- 5.2.2.2 Explicative analyses of determinants
- 5.2.2.2.1 Bivariate correlation analyses
- 5.2.2.2.2 Multivariate regression analyses
- 5.2.2.2.3 Robustness tests
- 5.2.2.2.4 Summary
- 5.2.3 Effect of design options on acquisition success
- 5.2.3.1 Descriptive statistics
- 5.2.3.2 Explicative analyses of acquisition success
- 5.2.3.2.1 Event study analyses
- 5.2.3.2.2 Bivariate correlation analyses
- 5.2.3.2.3 Multivariate regression analyses
- 5.2.3.2.4 Robustness tests
- 5.3 Discussion
- 5.3.1 Goodwill and synergy controlling design options
- 5.3.2 Effect of design options on acquisition success
- 5.3.3 Consequences for a value-based management of acquisitions
- 6 Conclusion
- 6.1 Main findings and implications
- 6.2 Limitations and future research
- Appendix
- References
- List of cited laws and standards
- Series index
& | And |
% | Percent |
* | Indicator of significance |
> | Greater than |
< | Less than |
α | Constant regression term |
ß | Regression coefficient |
B | Market beta |
D | Day(s) |
$ | U.S. dollar |
= | Equal sign |
ε | Error term |
E | Error term |
€ | Euro |
F | F-value of the F-test |
H | Hypothesis |
H | HML beta |
I | Item in the firm index |
K | Control variable index |
K | Item in the control variable index |
M | Month(s) |
§ | Paragraph |
N | Population size |
N | Number of observations |
P | Probability (significance level) |
R | Return |
R2 | Regression coefficient of determination |
Σ | Sum |
S | SMB beta |
T | Item in the year index |
Y | Year(s) |
← XXIII | XXIV → ← XXIV | XXV →
Details
- Pages
- XXX, 302
- Publication Year
- 2019
- ISBN (PDF)
- 9783631783450
- ISBN (ePUB)
- 9783631783467
- ISBN (MOBI)
- 9783631783474
- ISBN (Hardcover)
- 9783631782408
- DOI
- 10.3726/b15350
- Language
- English
- Publication date
- 2019 (February)
- Keywords
- Takeovers mergers and buy-outs Financial management Management accounting International accounting Organization of enterprises Multinationals General business studies Corporate finance
- Published
- Berlin, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2019. XXX, 302 S., 63 s/w Abb., 102 Tab.
- Product Safety
- Peter Lang Group AG