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Reputation, E-Reputation, and Value-Creation of Mergers and Acquisitions

Author

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  • Ludivine Chalençon
  • Ana Colovic
  • Olivier Lamotte
  • Ulrike Mayrhofer

Abstract

This article investigates the effects of reputation and e-reputation on the value created by mergers and acquisitions (M&As). Building on the resource-based view, we study the impact of the acquirer’s reputation on financial market reactions to M&A announcements. The empirical study is based on a sample of 187 M&As involving French multinationals of the CAC 40 index and an online survey of their reputation. The statistical analysis shows that reputation has a significant, positive influence on M&A value-creation. The findings also highlight the fact that reputation matters regardless of the geographic location of the target companies. Our study makes theory of the role of intangible assets in firm performance more specific by highlighting the positive impact of reputation on the financial evaluation of M&A operations.

Suggested Citation

  • Ludivine Chalençon & Ana Colovic & Olivier Lamotte & Ulrike Mayrhofer, 2017. "Reputation, E-Reputation, and Value-Creation of Mergers and Acquisitions," International Studies of Management & Organization, Taylor & Francis Journals, vol. 47(1), pages 4-22, January.
    • Handle: RePEc:taf:mimoxx:v:47:y:2017:i:1:p:4-22
    DOI: 10.1080/00208825.2017.1241086
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    Cited by:

    1. Lamotte, Olivier & Chalençon, Ludivine & Mayrhofer, Ulrike & Colovic, Ana, 2021. "Intangible resources and cross-border acquisition decisions: The impact of reputation and the moderating effect of experiential knowledge," Journal of Business Research, Elsevier, vol. 131(C), pages 297-310.
    2. Chao Fu & Xiuyuan Deng & Hongfei Tang, 2023. "Who cares about corporate fraud? Evidence from cross-border mergers and acquisitions of Chinese companies," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 747-789, February.

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