Tobin's Q and performance

David R. King

Chapter 158 in Elgar Encyclopedia of Mergers and Acquisitions, 2026, pp 426-426 from Edward Elgar Publishing

Abstract: This chapter highlights Tobin's Q as a hybrid performance metric combining market and book value to assess M&A outcomes. It discusses its use in evaluating acquirer and target performance, emphasizing synergy creation and market valuation. Limitations, such as reliance on historical book values and diverse calculation methods, are addressed. The chapter underscores the importance of controlling for firm-specific variables when using Tobin's Q in M&A research.

Keywords: Acquisition performance; Tobin's Q (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800880856
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