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Collections :	Ιδρυματικό Αποθετήριο ΟΠΑ / AUEB Institutional Repository Σχολή Διοίκησης Επιχειρήσεων / School of Business Τμήμα Οργάνωσης και Διοίκησης Επιχειρήσεων / Department of Business Administration Μεταπτυχιακές Εργασίες / Postgraduate dissertations

Title :	Differences in innovation efforts and the moderating effect of managerial composition impact on premium paid in M&A transactions

Creator :	Kyratzi, Aikaterini

Contributor :	Papadopoulos, Andrew (Επιβλέπων καθηγητής) Papadakis, Vassilis (Εξεταστής) Manolopoulos, Dimitrios (Εξεταστής) Athens University of Economics and Business, Department of Business Administration (Degree granting institution)

Type :	Text

Notes :	In collaboration with UNIVERSITÉ DU QUÉBEC À MONTRÉAL DÉPARTEMENT DE STRATÉGIE, RESPONSABILITÉ SOCIALE ET ENVIRONNEMENTALE as part of the Erasmus+International Mobility

Language :	en

Table of Contents :	Acquirers pursue M&A in order to gain access to resources and capabilities of other firms. Such a resource is innovation and acquisition of a highly innovative target would increase their competitive advantage. Thus, acquirers might be willing to offer a premium high above the prevailing market price for targets more innovative than them. This dissertation examines the impact of acquirers’ and targets’ innovation efforts differences on the premium paid, measured by R&D intensity. Furthermore, it takes into consideration the role of targets managerial composition. It examines target CEOs age and target CEOs tenure moderating effect on the relationship between premium and innovation differences. Also, the model controls for acquirer CEOs and both firms-specific characteristics. The empirical analysis results, based on a six-year sample of S&P500 firms engaged in M&A activity, show that differences in firm characteristics impact premiums more than CEO characteristics.

Table of Contents :

Acquirers pursue M&A in order to gain access to resources and capabilities of other firms. Such a resource is innovation and acquisition of a highly innovative target would increase their competitive advantage. Thus, acquirers might be willing to offer a premium high above the prevailing market price for targets more innovative than them. This dissertation examines the impact of acquirers’ and targets’ innovation efforts differences on the premium paid, measured by R&D intensity. Furthermore, it takes into consideration the role of targets managerial composition. It examines target CEOs age and target CEOs tenure moderating effect on the relationship between premium and innovation differences. Also, the model controls for acquirer CEOs and both firms-specific characteristics. The empirical analysis results, based on a six-year sample of S&P500 firms engaged in M&A activity, show that differences in firm characteristics impact premiums more than CEO characteristics.

Subject :	Mergers and acquisitions Innovation Management CEO Premium paid Συγχωνεύσεις Εξαγορές Τιμή εξαγοράς Τιμή συγχώνευσης Καινοτομία Διευθύνων σύμβουλος

Date :	15-10-2018

Date Submitted :	31-03-2019

Licence :

File: Kyratzi_2018.pdf

Type: application/pdf

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