Corruption transfer and acquisition performance

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Title:	Corruption transfer and acquisition performance
Authors:	Tsai, Yun-ching
Keywords:	Corruption;Mergers and acquisitions;Corporate performance;Synergistic gains;Stakeholder support
Date:	2021-11-23
Issue Date:	2024-08-08 12:05:25 (UTC+8)
Abstract:	The relationship between corruption and acquisition performance is examined in this study, with a fo- cus on stakeholder support. The findings indicate that total acquisition-related gains are reduced when firms with lower corruption pressures acquire targets with higher corruption pressures. Moreover, a neg- ative relationship is highlighted between the corruption differential and the level of support provided by stakeholders. In addition, merger and acquisition deals with higher corruption differences receive lower average support from suppliers, customers, and employees. The evidence suggests that stakeholder com- mitment is a possible channel through which corruption affects corporate performance. Implementing anticorruption effort s and operating as a multinational corporation are two important factors that may reduce the impact of corruption on acquisition performance.
Relation:	Journal of Banking & Finance 135,　106369
DOI:	10.1016/j.jbankfin.2021.106369
Appears in Collections:	[Department of Management Sciences] Journal Article

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