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The role of directors with related supply chain industry experience in corporate acquisition decisions
Journal of Corporate Finance ( IF 5.107 ) Pub Date : 2021-02-22 , DOI: 10.1016/j.jcorpfin.2021.101911
Natasha Burns , Kristina Minnick , Aimee Hoffmann Smith

We examine the extent to which directors with supply chain experience (DSCs) on corporate boards create informational advantages that improve strategies and outcomes related to mergers and acquisitions (M&A). Our results suggest that DSCs play a dual role by motivating value-enhancing acquisitions while simultaneously deterring value-destroying ones. The nature and extent of these effects depend on such factors as the size of the acquiring firm and the level of uncertainty in its operating environment. Furthermore, we find that DSCs are positively associated with abnormal announcement returns. Acquirers with at least one DSC outperform their counterparts without DSCs by 3.1% during a three-day window around the announcement. Our results hold after we address endogeneity concerns using multiple methods. Finally, we show that acquirer board representation by DSCs is positively related to post-merger operating performance and negatively related to the premium paid for the target.



中文翻译:

具有相关供应链行业经验的董事在公司收购决策中的作用

我们研究了在公司董事会具有供应链经验(DSC)的董事创造信息优势的程度,这些优势可以改善与并购(M&A)相关的策略和成果。我们的结果表明,DSC通过激励增值收购并同时阻止破坏价值的收购而发挥双重作用。这些影响的性质和程度取决于收购公司的规模和经营环境的不确定性等因素。此外,我们发现DSC与异常的公告收益正相关。在公告前后的三天时间内,至少拥有一个DSC的收购方比没有DSC的收购方要高3.1%。在使用多种方法解决内生性问题之后,我们的结果仍然成立。最后,

更新日期:2021-03-01
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