Reputation, e-reputation and value creation of mergers-acquisitions

Ludivine Chalencon (), Ana Colovic, Olivier Lamotte and Ulrike Mayrhofer ()
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Ludivine Chalencon: 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 and e-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 and an online survey of their reputation. The statistical analysis shows that reputation has a significant, positive influence on M&A value-creation. The findings also highlight the fact that reputation matters regardless of the geographic location of the target companies. Our study makes theory of the role of intangible assets in firm performance more specific by highlighting the positive impact of reputation on the financial evaluation of M&A operations.

Keywords: Reputation; e-reputation; value creation; mergers-acquisitions. (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

Published in International Studies of Management and Organization, 2017, 47 (1), pp.4-22

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01515649

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