国际收购法和公司现金持有

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2023-04-12 DOI:10.1111/jifm.12175
Donghe Yang, Zihao Su, Xindong Kevin Zhu
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引用次数: 0

摘要

我们研究了促进企业收购的国际并购法对企业现金持有量的影响。我们使用M&;1992年至2005年的一项法律和34个司法管辖区的样本发现,并购法案通过后,企业现金持有水平有所上升;A定律。我们还发现,在并购率较高的司法管辖区,经营业绩较好、收益波动较大、市盈率较高的公司;并购法案颁布后,一种强烈的现金囤积;A定律。这些公司在并购后减少了股息和资本支出,增加了基于现金的收购;法律时期。进一步的分析表明,这种影响表现在制度环境较好的司法管辖区的公司子样本中。最后,我们发现并购法颁布后,投资者对现金持有的估值有所下降;A定律。总的来说,我们的研究结果表明,经理人囤积现金为并购融资;A并购后的活动;受帝国建立动机驱动的A定律,以及投资者认为现金囤积行为是价值递减的。
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International takeover laws and corporate cash holdings

We examine the impact on corporate cash holdings of international merger and acquisition (M&A) laws, which facilitate corporate takeovers. We use the staggered enactment of M&A laws from 1992 to 2005 and a sample spanning 34 jurisdictions, and find that levels of corporate cash holdings increase after passage of M&A laws. We also find that firms with better operating performance, higher earnings volatility, higher P/E ratio, and in jurisdictions with high M&A intensity hoard more cash after the enactment of M&A laws. These firms decrease dividends and capital expenditure and increase cash-based acquisitions in the post-M&A law period. Additional analysis shows that the effect is manifested in the subsample of firms in jurisdictions with better institutional environments. Lastly, we find that investor valuations of cash holdings decrease after the enactment of M&A laws. Collectively, our results suggest that managers hoard cash to finance M&A activities after the enactment of M&A laws, driven by the motive of empire-building, and that cash hoarding behaviors are viewed by investors as value-decreasing.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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