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The impact of firm ownership, board monitoring on operating performance of Chinese mergers and acquisitions

Author

Listed:
  • Agyenim Boateng

    (Glasgow Caledonian University)

  • XiaoGang Bi

    (University of Nottingham)

  • Sanjukta Brahma

    (Glasgow Caledonian University)

Abstract

In this paper, we employ board monitoring mechanisms and within-firm governance variables to investigate the operating performance of 340 mergers and acquisitions in China over the 2004–2011 period. Our results document a significant deterioration in post-acquisition operating performance of acquiring firms over 12–36 months. We find independent directors, managerial shareholding, ownership concentration have a positive and significant impact on operating performance of acquiring firms. However, the related party transactions exert a negative and significant effect on matched control adjusted ROA. Further analysis of our sub-sample indicates that privately owned enterprises are better monitors compared to the state owned enterprises.

Suggested Citation

  • Agyenim Boateng & XiaoGang Bi & Sanjukta Brahma, 2017. "The impact of firm ownership, board monitoring on operating performance of Chinese mergers and acquisitions," Review of Quantitative Finance and Accounting, Springer, vol. 49(4), pages 925-948, November.
    • Handle: RePEc:kap:rqfnac:v:49:y:2017:i:4:d:10.1007_s11156-016-0612-y
    DOI: 10.1007/s11156-016-0612-y
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    10. Vinogradova, V., 2024. "The upside-down world of value capture. Do companies in technology sector follow the principles of profitable growth?," Journal of the New Economic Association, New Economic Association, vol. 62(1), pages 171-195.
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    Keywords

    Firm ownership; Monitoring; Mergers and acquisitions; Performance;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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