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    M&A Non-Consummation - A Strategic Option?

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    Genre
    Thesis/Dissertation
    Date
    2009
    Author
    Pandey, Sheela
    Advisor
    Kotabe, Masaaki
    Committee member
    Chi, Tailan
    Hopkins, H. Donald
    Reeb, David
    Department
    Business Administration
    Subject
    Business Administration, Management
    Abnormal Returns
    Fit Considerations
    M&a
    Merger Acquisition
    Non-consummation
    Strategic Option
    Permanent link to this record
    http://hdl.handle.net/20.500.12613/2091
    
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    DOI
    http://dx.doi.org/10.34944/dspace/2073
    Abstract
    This study examines the viability of treating M&A non-consummation decisions (NCDs) as strategic options. A review of published research in strategic management journals reveals that this topic has yet to undergo rigorous academic examination. Putting the M&A non-consummation phenomenon under a strategic management lens, this study asks the following research questions about the acquiring firm: 1) How does an M&A NCD affect the market value of firms? 2) Under what conditions does an M&A non-consummation enhance firms' value? 3) How can an NCD be executed so that it favorably affects the value of the firm? Study data were collected from numerous secondary sources such as CRSP, Ward's Business Directory, Lexis-Nexis Academic Database etc. The study sample size was 158 and for each NCD event, several variables were computed. With cumulative abnormal returns for a (-30, -1) pre-event period -- as a measure of firm performance -- as the dependent variable, multiple regression estimation used the following independent variables: strategic fit, relatedness, cultural fit, timing of NCD and coverage of NCDs. In estimating the regression models, confounding events were identified and controlled for. Several of the study hypotheses are supported, notably the hypotheses pertaining to cultural fit and timing of the NCD. Findings and implications are discussed. Taken as a whole, the study highlights the value of treating M&A NCDs as part of the repertoire of strategic options of acquiring firms.
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