دانلود رایگان مقاله انگلیسی سبک رهبری کشور و تصمیم گیری های شرکت کنندگان در انتخابات - الزویر 2018

Abstract

This study provides evidence on how takeover decisions are influenced by the target country's leadership style. Using a sample of failed and completed deals across 45 countries from 1992 to 2015, we show that takeover likelihood and acquisition premiums are significantly related to the target country's leadership style. Specifically, firms located in countries embedded with higher charismatic, participative or human-oriented leadership style are more likely to receive higher premiums and thus be potential targets. These effects are more pronounced in countries embedded with higher charismatic leadership style. This study points out the role of the target country's leadership style, as a valuable asset, on the bidders' decisions that could have a direct effect on the post-M&A outcomes. Our findings are robust to controls for alternative techniques and for selection bias.

Discussion and future researches

Using a sample of 12,327 international deals, we examine in this study the extent to which the leadership style dimensions affected the takeover likelihood and the value-based premium. In this work, we provide evidence on the role of leadership style in explaining the cross-country differences in takeover probability and premium. Firms located in countries embedded with higher charismatic leadership style are more likely to become targets than firms in participative or human oriented leadership style. We also suggest that higher premiums are paid for targets within countries with higher charismatic leadership style. Our results related to the premium analysis stay robust to alternative techniques employed to controlling for deal, firm and country characteristics and to control for potential endogeneity bias. Results also hold when we exclude US and financial firms from the takeover sample to estimate takeover likelihood. Future researches could examine the role of target's country leadership style on post-M&A outcomes (like synergies realized by the acquirer or the combined firm) and could assess the success of the integration process. Future researches could likewise assess whether taking into account the target's country leadership could decreases information asymmetry problems when selecting the target.