TITLE:
Performance of Mergers and Acquisitions under Corporate Governance Perspective
AUTHORS:
Yong Liu, Yongqing Wang
KEYWORDS:
Corporate Governance; M&A; Long-Term Performance; Real Estate
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.1 No.7,
December
12,
2013
ABSTRACT: This paper investigates the impact of
mergers and acquisitions (M&A) on corporate performance.
This article selects 36 M&A cases of China’s listed real estate companies
in Shanghai and Shenzhen Stock Exchanges from 2008 to 2009. Regarding the
corporate value in 2011 as the measure of the long-term performance, we will
explore the relationship among check-and-balance Ownership Structure, board size,
and institutional investors impact the performance. This paper concludes a
positive impact ownership structure on the M&A
performance. In addition, the empirical analysis reveals that that the board
size has a significant negative effect on the performance. Additionally, the
results of the paper indicate that the CEO-Chairman duality has a significant
impact on the long-term performance. Besides, institutional investors have
positive effect on M&A performance.