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• W39436612 abstract "Considerable academic research documents wealth destruction following mergers and acquisitions. The last decade has seen an unprecedented level of merger activity, in particular involving new economy firms. Prior studies (Kohers and Kohers 2000; 2001) suggest that high-tech M&A are associated with the payment of large premiums and involve target firms with high growth potential but with high risk. We investigate the shareholder wealth implications of high-tech M&A undertaken by Canadian firms over the period 1997-2006. We examine the relationship between ownership structure, agency problems, corporate governance, deal characteristics and acquiring firm performance. Canada offers an interesting setting given ownership is highly concentrated like in many countries with dominant family shareholdings. Some argue (e.g., Morck and Yeung 2004, 2005) that family firms are less likely to undertake optimal investment decisions or creative destructionism so as to maintain the benefits of concentrated ownership. Using the Villonga and Amit (2006) framework, we examine not only the impact of family ownership but contrast two potential agency conflicts, the conflict between shareholders and professional managers (Agency problem 1) and the conflict between large and small investors via control enhancing mechanisms such as multiple class voting shares and pyramids (Agency problem 2). First, we document positive announcement period abnormal returns for new economy deals. Second, we find a positive relationship between both family and institutional ownership and acquiring firm performance. Third, we show that the conflict between shareholders and professional managers (Agency problem 1) has a detrimental impact on announcement period abnormal returns whereas the conflict between large and small investors via control enhancing mechanisms (Agency problem 2) does not. However, the presence of both agency problems has a negative impact on shareholder wealth. Fourth, abnormal returns are higher during the boom years of 1997-2000 but lower for deals involving acquiring firms with large boards, deals involving publicly listed targets and deals involving acquirers with higher market to book ratios." @default.
• W39436612 created "2016-06-24" @default.
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• W39436612 date "2008-07-25" @default.
• W39436612 modified "2023-09-23" @default.
• W39436612 title "Family Ownership, Agency Problems, Corporate Governance and Acquiring Firm Shareholder Wealth: Evidence from Acquisitions of New Economy Firms" @default.
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