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• W2282912773 abstract "This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock exacerbates agency problems and leads to value-decreasing acquisition. Interlocks may also serve as a conduit of information and personal experience, and reduce the cost of information gathering for both firms. I find supporting evidence for these two non-mutually exclusive hypotheses. Consistent with the agency hypothesis, interlocked acquirers on average underperform non-interlocked acquirers by 2% during announcement period. However, strongly governed acquirers receive higher announcement returns and have better post-acquisition performance in interlocked deals. In addition, the proportional synergy accrued to an acquirer is positively correlated with the interlocking agent’s ownership in the acquirer relative to her ownership in the target. Consistent with the information hypothesis, when the value of the target is opaque, interlocks improve acquirers’ announcement returns and long-term performance. Interlocked acquirers are also more likely to use equity as payment, especially when the acquirer’s stock value is opaque. Target CARs are not influenced by the existence of interlock. Finally, I find acquisitions are more likely to occur between two interlocked firms and such deals have a higher completion rate." @default.
• W2282912773 created "2016-06-24" @default.
• W2282912773 creator A5022348146 @default.
• W2282912773 date "2011-01-01" @default.
• W2282912773 modified "2023-09-26" @default.
• W2282912773 title "Information Conduit or Agency Cost: Top Management and Director Interlock between Target and Acquirer" @default.
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• W2282912773 doi "https://doi.org/10.2139/ssrn.1927529" @default.
• W2282912773 hasPublicationYear "2011" @default.
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