Value creation in M&As: does acquirer’s reputation matter?

Ludivine Chalençon (ludivine.chalencon@univ-lyon3.fr), Ana Colovic, Olivier Lamotte and Ulrike Mayrhofer (ulrike.mayrhofer@univ-cotedazur.fr)
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Ludivine Chalençon: MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon
Ana Colovic: NEOMA - Neoma Business School
Ulrike Mayrhofer: MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon

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Abstract: This article investigates the effects of reputation on the value created by mergers and acquisitions (M&As). Building on the resource-based view, we study the impact of the acquirer's reputation on financial market reactions to M&A announcements. The empirical study is based on a sample of 187 M&As involving French multinationals of the CAC 40 index. The statistical analysis shows that reputation has a significant, positive influence on M&A value-creation. Our study contributes to the academic literature analyzing the role of intangible assets in firm performance. It also contributes to the M&A literature by highlighting the positive impact of reputation on the financial evaluation of M&A operations.

Keywords: Reputation; Resource-Based View; Mergers and Acquisitions; Multinational Firms; Value-Creation. (search for similar items in EconPapers)
Date: 2015-12-01
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Published in 41st Annual EIBA (European International Business Academy) Conference, Pontifical Catholic University of Rio de Janeiro, Dec 2015, Rio de Janeiro, Brazil

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01242630

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