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Jurnal

Journal of Financial Economics

Keyword

Corporate governance; Board of directors; Mergers and acquisitions

Pengarang

  1. Laura Casares Field
  2. Anahit Mkrtchyan

    Subject

    1. ECONOMIC
    2. FINANCIAL

      [Abstrak]

      Prior
      research finds that firms hire directors for their acquisition
      experience, regardless of acquisition quality (whether their prior
      acquisitions earned positive or negative announcement returns). Using
      several short- and long-run measures, we examine the effects of
      directors’ acquisition experience on the acquisition performance of
      firms hiring them. We find that board acquisition experience is
      positively related to subsequent acquisition performance, demonstrating
      that firms appropriately value experience. Beyond experience itself,
      however, the quality of directors’ prior acquisitions is also important.
      Our results suggest that firms may be better served to select directors
      based upon both past acquisition experience and acquisition
      performance.


      Periode

      Vol 123, Nomor 3, Tahun 2017

      [Berkas]

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