Do firms with specialized M&A staff make better acquisitions?

• 成果类型: Article
• 署名作者: Gokkaya, Sinan; Liu, Xi; Stulz, Rene M.
• 署名单位: University System of Ohio; Ohio University; University System of Ohio; Ohio State University; University System of Ohio; Miami University; National Bureau of Economic Research; European Corporate Governance Institute
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2022.09.002
• 发表日期: 2023
• 页码: 75-105
• 关键词: Mergers and acquisitions; acquisitions; Corporate takeover market; Corporate development; M& A staff

摘要

We open the black box of the M&A decision process by examining whether specialized M&A staff, who perform a wide range of acquisition-related functions, improve acquisi-tion performance. We find that the presence and the quality of specialized M&A staff is one of the most economically important determinants of acquisition performance. We ex-plore mechanisms through which specialized M&A staff improve acquisition performance and investigate why only less than half of US firms employ such staff. Agency costs are a first-order determinant for specialized M&A staff's value-creation role. Such staff do not improve acquisition performance in firms with heightened agency conflicts.(c) 2022 Published by Elsevier B.V.