This study aims to join the topics of Corporate Governance and Mergers & Acquisitions (M&A). Given the growing importance of good practices in Corporate Governance and as a result of the fact that most M&A deals are influenced by Boards and Shareholders characteristics, this study tries to gain more understanding of this issue. In order to do so, we test how Size and Ownership Structure of target and acquirer company can influence the number of Directors of the newly created Board after an M&A deal. Data for this study has been retrieved from Bloomberg database and contains 460 worldwide domestic and cross-border M&A deal observation over the period 2014-2015. Based on several regression models, evidence has been found for a positive impact of Ownership Concentration, but not for Size. As a result of this study, new knowledge has been added to the research field of Corporate Governance, as well as M&A, and in practice this study adds value as investigates the determinants of Boards, helping investors to anticipate real life companies’ activities.
Lo studio condotto vuole unire il tema della Corporate Governance con quello delle Fusioni e Acquisizioni (M&A). Data la crescente rilevanza per l’impresa dell’impiego di buone norme di Corporate Governance e poiché i processi di M&A sono sempre più influenzati dalle caratteristiche della Board degli Shareholders, questa tesi cerca di approfondire i temi congiuntamente. Per riuscire nell’intento, abbiamo testato l’impatto della dimensione d’impresa e della concentrazione della struttura proprietaria (sia acquirente che target) sul numero di direttori entranti a far parte del nuovo Consiglio di Amministrazione. I dati utilizzati sono stati estrapolati da Bloomberg; il campione è formato da 460 Fusioni e Acquisizioni, includendo sia domestiche che cross-border, nel periodo 2014-2015. Basandoci su differenti regressioni, abbiamo trovato conferma di una relazione positiva tra la composizione del CdA e la concentrazione della struttura proprietaria, mentre la dimensione d’impresa non sembra avere effetti significativi. Il risultato del nostro studio aggiunge nuova conoscenza ai temi di Corporate Governance e M&A e in pratica, aggiunge valore in quanto studia le determinanti del CdA, permettendo agli investitori di anticipare le mosse pratiche dell’impresa.
Corporate governance during M&A : the impact of size and ownership concentration on board composition
FRONTANI, ANNA;BORGONOVO, RICCARDO
2015/2016
Abstract
This study aims to join the topics of Corporate Governance and Mergers & Acquisitions (M&A). Given the growing importance of good practices in Corporate Governance and as a result of the fact that most M&A deals are influenced by Boards and Shareholders characteristics, this study tries to gain more understanding of this issue. In order to do so, we test how Size and Ownership Structure of target and acquirer company can influence the number of Directors of the newly created Board after an M&A deal. Data for this study has been retrieved from Bloomberg database and contains 460 worldwide domestic and cross-border M&A deal observation over the period 2014-2015. Based on several regression models, evidence has been found for a positive impact of Ownership Concentration, but not for Size. As a result of this study, new knowledge has been added to the research field of Corporate Governance, as well as M&A, and in practice this study adds value as investigates the determinants of Boards, helping investors to anticipate real life companies’ activities.File | Dimensione | Formato | |
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2016_12_Borgonovo_Frontani.pdf
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Descrizione: Testo della tesi
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https://hdl.handle.net/10589/131086