کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1014728 939682 2016 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do marketing activities enhance firm value? Evidence from M&A transactions
ترجمه فارسی عنوان
آیا فعالیت های بازاریابی باعث بالا رفتن ارزش شرکت می شود؟ شواهدی از معاملات M & A
کلمات کلیدی
استراتژی بازاریابی؛ M & A ؛ بازده اطلاعیه ها؛ مالکیت سازمانی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

In this paper, we use an event study approach and find that aggressive marketing activities of target firms prior to the mergers and acquisitions (M&A) deal are not always compensated with greater premiums and favorable market reactions, which would represent the presence of a potential “window-dressing.” Further analysis shows that the positive association between marketing activities and deal performance is conditional on the change in institutional ownership prior to the deal, suggesting that institutional investors cherry-pick good targets with value-enhancing marketing activities. The results hold for both OLS and 2SLS after accounting for potential endogeneity. This paper contributes to the marketing–finance interface literature by providing more precise and direct evidence on how marketing strategies affect firm value.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Management Journal - Volume 34, Issue 3, June 2016, Pages 243–257
نویسندگان
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