NAGIOS: RODERIC FUNCIONANDO

Corporate entrepreneurship and governance: Mergers and acquisitions in Europe

Repositori DSpace/Manakin

IMPORTANT: Aquest repositori està en una versió antiga des del 3/12/2023. La nova instal.lació está en https://roderic.uv.es/

Corporate entrepreneurship and governance: Mergers and acquisitions in Europe

dc.contributor.author	García Martín, Constantino José
dc.contributor.author	Herrero Piqueras, María Begoña
dc.date.accessioned	2023-03-09T08:14:13Z
dc.date.available	2023-03-10T05:45:06Z
dc.date.issued	2022	es_ES
dc.identifier.citation	García, C. José, Herrero, Begoña. Corporate entrepreneurship and governance: Mergers and acquisitions in Europe. Technol. Forecast. Soc. Change 182, (2022)	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/85731
dc.description.abstract	Mergers and acquisitions (M&A) are a form of corporate entrepreneurship involving strategic decisions that require discussion and approval by the board of directors of the acquiring firm. We focus on board attributes to analyze the entrepreneurial function of the board of directors and its involvement in corporate entrepreneurship. Building on different theories (agency theory, resource dependence theory, stewardship theory, and stakeholder theory), we examine whether board composition affects the number of acquisitions, the risk involved in bids, and the creation of value for the acquirer's shareholders. For a sample of European firms over the period 2002 to 2020, we find that board size and the percentage of external directors are related to the number of acquisitions. However, neither the percentage of women on the board nor CEO duality affects the number of acquisitions by a given firm. We also show that more risky acquisitions are associated with larger firms with a lower proportion of women directors, whereas less risky transactions are related to smaller firms where the CEO is also the chair of the board. Finally, our results indicate that firm acquisitions create value for the acquiring firm and that the market reaction is positively related to board size and CEO duality.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Elsevier	es_ES
dc.subject	mergers and acquisitions	es_ES
dc.subject	corporate board	es_ES
dc.subject	board of directors	es_ES
dc.subject	abnormal return	es_ES
dc.subject	M&A performance	es_ES
dc.title	Corporate entrepreneurship and governance: Mergers and acquisitions in Europe	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1016/j.techfore.2022.121845	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES