haku: @author Bühner, R. / yhteensä: 28
viite: 14 / 28
| Tekijä: | Bühner, R. |
| Otsikko: | Der Jahresabschlusserfolg von Unternehmenszusammenschlüssen |
| Lehti: | Zeitschrift für Betriebswirtschaft
1990 : DEC, VOL. 60:12, p. 1275-1294 |
| Asiasana: | MERGERS INDUSTRIAL CONCENTRATION COMPANY REPORTS FEDERAL REPUBLIC OF GERMANY |
| Kieli: | ger |
| Tiivistelmä: | The study analyzes the effects of 110 German mergers on the returns of acquiring firms. The results show, in general, that mergers lead to decreasing returns on assets and decreasing returns of equity. The effects become significant in the second year after the first consolidation of the target firm. Return deteriorations are caused by capital requirements growing faster than profits. The results indicate that return lowering acquisitions may be due to management motives, such as prestige or hubris, and, moreover, to an overestimation of the acquiring firm's distinctive competence to manage target firms successfully. |
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