کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7357072 1478425 2018 26 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Antitrust merger review costs and acquirer lobbying
ترجمه فارسی عنوان
هزینه های بررسی ادغام ضد ترویج و لابی اجرایی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
Documenting the US antitrust review process for M&As in rich detail, we unveil that regulatory costs and risks are significant and that mitigating these risks via lobbying by acquirers may benefit shareholders. Our results show that an adverse antitrust review outcome leads to a decline of 2.8% in acquirer firm value. Further, we show that lobbying before deal announcements is associated with more favorable review outcomes. Finally, higher pre-announcement lobbying is valued by shareholders, especially in horizontal deals and deals with a larger expected change in market concentration, which have higher antitrust concerns. However, this positive value effect of lobbying applies only in firms with strong corporate governance. Our results highlight the role of political connections and lobbying for corporate investments when facing regulatory costs and risks.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 51, August 2018, Pages 72-97
نویسندگان
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