The impact of firm ownership,board monitoring on operating performance of Chinese mergers and acquisitions |
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| Authors: | Agyenim Boateng XiaoGang Bi Sanjukta Brahma |
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| Affiliation: | 1.Department of Economics, Finance and Risk, Glasgow School of Business and Society,Glasgow Caledonian University,Cowcaddens, Glasgow,Scotland, UK;2.Nottingham University Business School,University of Nottingham,Ningbo,People’s Republic of China |
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| Abstract: | In this paper, we employ board monitoring mechanisms and within-firm governance variables to investigate the operating performance of 340 mergers and acquisitions in China over the 2004–2011 period. Our results document a significant deterioration in post-acquisition operating performance of acquiring firms over 12–36 months. We find independent directors, managerial shareholding, ownership concentration have a positive and significant impact on operating performance of acquiring firms. However, the related party transactions exert a negative and significant effect on matched control adjusted ROA. Further analysis of our sub-sample indicates that privately owned enterprises are better monitors compared to the state owned enterprises. |
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