دانلود مقاله مدیریت سود شرکت های هدف و حق بیمه معاملات
چکیده
مقدمه
مروری بر مطالعات پیشین و توسعه فرضیه ها
داده ها و روش شناسی
نتایج
نتیجه گیری
منابع
Abstract
Introduction
Literature review and hypotheses development
Data and methodology
Results
Conclusions
References
چکیده
این مقاله با ارائه شواهدی برای نقش ارتباط با صنعت در ارتباط بین مدیریت سود شرکت‌های هدف (EM) قبل از معامله و حق بیمه ارائه شده توسط خریدار، به ادبیات ادغام و اکتساب (M&A) کمک می‌کند. ما استدلال می‌کنیم که آشنایی با سیاست‌ها و شیوه‌های صنعت عاملی حیاتی است که به خریدارها کمک می‌کند تا از طریق EM هدف ببینند. شواهد ما این پیش‌بینی را در رابطه با دستکاری حسابداری تأیید می‌کند، زیرا مشاهده می‌کنیم که دستکاری اقلام تعهدی افزایش درآمد در هدف منجر به حق بیمه‌های قابل‌توجهی بالاتری می‌شود که توسط خریدارها در معاملات بین‌صنعتی ارائه می‌شود، که وقتی هدف‌ها و خریداری‌کنندگان به یک صنعت تعلق دارند، صادق نیست.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
This paper contributes to the merger and acquisitions (M&A) literature by providing evidence for the role of industry relatedness in the association between target firms’ earnings management (EM) before the deal and the premium offered by the acquirer. We argue that familiarity with the industry’s policies and practices is a crucial factor that helps acquirers to see through targets’ EM. Our evidence supports this prediction in relation to accounting manipulation as we observe that the income increasing accrual manipulation of the target results in significantly higher premiums offered by acquirers in interindustry deals, which is not the case when targets and acquirers belong to the same industry.
Introduction
Global merger and acquisitions (M&A)1 came to 4.1 trillion USD in deal announcements in 2018, the third highest volume since 2002 (J.P. Morgan, 2019). Nevertheless, it is well-known that most deals fail to create value for acquirers (Very & Schweiger, 2001), which is commonly rooting in bidders paying excessive premiums due to targets’ overvaluation (PwC, 2016). A number of empirical papers in the M&A literature corroborates this scenario for stock returns, which are positive for targets, but at best insignificant for acquirers (Bouwman, Fuller, & Nain, 2009; Guest, Bild, & Runsten, 2010; Martynova & Renneboog, 2008; Malmendier & Tate, 2008; Tuch & O’Sullivan, 2007), and for acquirers’ postmerger operating performance, which is often negative (Fu, Lin, & Officer, 2013; Ghosh, 2001; Harford, Humphery-Jenner, & Powell, 2012).
Conclusions
This study examines the role of industry relatedness in the relation between the target’s EM practices and the deal premium offered by the acquirer. We especially argue that operating in the same industry helps the acquirer to identify the target’s income increasing manipulation practices and do not, consequently, offer a higher premium for artificially overvalued firms. In other words, the due diligence process is more effective for bidders in industry-related deals because they can better understand target firms’ public financial information, and isolate the expected synergies from managers’ discretion.
This evidence is based on a sample of European M&A announcements during the 1997–2017 period. On average, there is no direct association between the target’s EM and the bid premium. However, our findings indicate that such an association differs depending on whether deals are inter-industry or intra-industry. We find that in the presence of upwards EM by targets via DA, bidders in industryrelated deals offer premiums that are 761 basis points lower than those in industry unrelated deals. As the average value of the deal premium in the sample is 35.61%, the economic significance of this result is considerable. Lack of significance of our proxies for EM via real activities may be because this way of manipulating earnings is less prevalent than manipulation through accruals because it implies higher costs. The measures taken by the EU to foster regional economic integration by setting common rules for different aspects, including takeovers (ETD) and financial reporting (IFRS), did not affect our results.
H1: The association between the target’s income increasing EM practices and the bid premium offered by the acquirer is significantly lower in intra-industry than in inter-industry M&A