부산대학교 도서관

This study investigates the effect of corporate governance characteristics on the financial performance of 124 listed Indian companies that have undergone mergers and acquisitions between 2014 and 2020. It employs several performance measures, such as short-term capital market performance, long-term capital market performance, accounting- and market-based measures, and firm-level control factors. The study finds board size to be a positive and significant factor affecting short-term market performance. Furthermore, it also documents weak linkages with other corporate governance variables, such as board independence and CEO duality. Regarding control variables, leverage, company age, price-to-book ratio, and research and development expenses significantly impact acquiring companies’ financial returns. The findings add to our understanding of corporate governance’s impact on performance in cases such as mergers and acquisitions.
Author(s): Debi Prasad Satapathy [1]; Tarun Kumar Soni (corresponding author) [2,*]; Pramod Kumar Patjoshi [3] 1. Introduction Corporate merger and acquisition (thereafter M and As) decisions are critical to business [...]