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Investors' time preferences and takeover performance

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  • Breuer, Wolfgang
  • Ghufran, Bushra
  • Salzmann, Astrid Juliane

Abstract

We investigate investors' time preferences and takeover outcomes in a cross-disciplinary international study. We use a cultural measure on long-term orientation (LTO) to capture investors' time preferences. Additionally, we study how investor protection and the nature of the deal (cross-border vs domestic) in connection with investors' time preferences come into play in explaining long-term takeover performance. Evaluating data on 38,153 M&A deals from 54 countries, over the period from 2000 to 2015, we offer empirical evidence that investors' future orientation significantly improves post-M&A performance, while short-term oriented behavior deteriorates takeover performance. Our findings further suggest that the positive impact of investors' future orientation on takeover performance is more pronounced in countries with strong investor protection. Moreover, the impact of investors' time preferences is stronger for domestic deals where the confounding impact of cultural differences is almost non-existent.

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  • Breuer, Wolfgang & Ghufran, Bushra & Salzmann, Astrid Juliane, 2020. "Investors' time preferences and takeover performance," International Review of Financial Analysis, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:finana:v:67:y:2020:i:c:s105752191930540x
    DOI: 10.1016/j.irfa.2019.101435
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    More about this item

    Keywords

    Future orientation; Investors' time preferences; Mergers and acquisitions; Takeover performance; Investor protection;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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