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Quantitative Findings on the Impacts of State Ownership on M&A Performance

In: State on Board!

Author

Listed:
  • Nga Pham

    (Monash University)

  • Kok-Boon Oh

    (eGalaxy Solutions)

Abstract

This chapter evaluates the quantitative study’s findings on the impact of state ownership in the acquiring firm and M&A performance. We examined state ownership in various aspects, including the level of state ownership, whether the state was the largest shareholder and the type of agent managing the state capital. M&A performance was assessed based on the cumulative abnormal returns earned by shareholders around the announcement—the wealth impact; post-M&A change in earnings growth—the growth impact; and post-M&A change in return on assets—the efficiency impact. Overall, we find that state ownership was negatively related to firms’ M&A performance. M&As of firms with substantial state ownership or those having the state as the largest shareholder did not create shareholder wealth.

Suggested Citation

  • Nga Pham & Kok-Boon Oh, 2021. "Quantitative Findings on the Impacts of State Ownership on M&A Performance," Springer Books, in: State on Board!, chapter 0, pages 161-188, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-3525-0_7
    DOI: 10.1007/978-981-16-3525-0_7
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