ABSTRACT This paper examines the influence of financial slack on the method of payment and financial performance of acquirers targeting African firms. Using panel data estimation techniques and controlling for, inter alia, firm and deal specific factors, we find no evidence that financial slack has a statistically significant influence on the means of payment. However, firms with high leverage have a higher propensity to acquire a target by using cash. Furthermore, we document a weak association between financial slack and acquirer post-acquisition performance. When we classify firms in terms of the degree of financial slack and considering the method of payment, we find that firms with a low degree of financial slack generate negative long-run operating returns. These results are consistent across the method of payment used. Conversely, firms with a high degree of financial slack that use cash and a combination of financing sources yield positive and statistically significant long-run operating returns. We further show that undervalued firms are significantly more likely to use cash as a form of payment.

中文翻译：

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财务松懈，付款方式和收购方绩效：非洲跨境收购案

摘要本文研究了财务赤字对以非洲公司为目标的收购方的付款方式和财务绩效的影响。使用面板数据估计技术并控制（尤其是）企业和交易的具体因素，我们发现没有证据表明财务松弛对支付方式具有统计学上的显着影响。但是，高杠杆率的公司更倾向于使用现金来获取目标。此外，我们记录了财务松弛与收购方收购后绩效之间的弱关联。当我们根据财务闲置程度对公司进行分类并考虑付款方式时，我们发现财务闲置程度低的公司会产生负的长期经营回报。这些结果在所使用的付款方式上是一致的。反过来，财务闲置程度高的公司使用现金和多种融资来源，可产生正的，具有统计意义的长期经营收益。我们进一步表明，被低估的公司更有可能将现金用作支付方式。