We study the effect of shared political identity between acquirers and targets on merger outcomes. In a sample of public US mergers, we find that targets are more likely to merge with firms of similar political orientation. We document that acquirers in politically matched mergers experience significantly worse cumulative abnormal returns around the merger announcement, compared to their non-politically matched counterparts. Acquirers in those mergers pay lower takeover premiums, experience worse post-merger operating performance, retain more from the target management, and receive larger bonuses. Our results indicate that politically matched mergers create less value to shareholders.

中文翻译：

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并购中的政治意识形态

我们研究了收购方和目标公司之间共享的政治身份对合并结果的影响。在美国公开合并的样本中，我们发现目标公司更有可能与具有相似政治倾向的公司合并。我们记录了与非政治匹配的同行相比，政治匹配的并购中的收购方在合并公告前后的累积异常回报明显更差。这些合并中的收购者支付较低的收购溢价，合并后的经营业绩较差，从目标管理层保留更多，并获得更多的奖金。我们的结果表明，政治匹配的合并为股东创造的价值较少。