TY - JOUR
T1 - How do partial acquisitions affect the wealth of acquiring firms? The case of Japanese firms
AU - Otsubo, Minoru
N1 - Funding Information:
This work was supported by the Murata Science Foundation (2019) and the Japan Society for the Promotion of Science , through the Kakenhi Grant-in-Aid for Scientific Research (C). Grant number is JP19K01915 .
Funding Information:
This work was supported by the Murata Science Foundation (2019) and the Japan Society for the Promotion of Science, through the Kakenhi Grant-in-Aid for Scientific Research (C). Grant number is JP19K01915.
Publisher Copyright:
© 2021 Elsevier B.V.
PY - 2021/12
Y1 - 2021/12
N2 - This study examines how and why partial acquisitions affect the wealth of acquiring firms in Japan. Few studies have focused on acquiring firms in partial acquisitions, whereas many studies have investigated target firms. The empirical results show that the shareholder wealth of acquiring firms, which can increase through partial acquisitions, is much lower than that of target firms. In addition, acquiring firms and their targets differ in how they enhance their wealth from partial acquisitions—acquiring firms can enhance their wealth by exploiting the wealth of target firms, while target firms can enhance their wealth by obtaining support from acquiring firms.
AB - This study examines how and why partial acquisitions affect the wealth of acquiring firms in Japan. Few studies have focused on acquiring firms in partial acquisitions, whereas many studies have investigated target firms. The empirical results show that the shareholder wealth of acquiring firms, which can increase through partial acquisitions, is much lower than that of target firms. In addition, acquiring firms and their targets differ in how they enhance their wealth from partial acquisitions—acquiring firms can enhance their wealth by exploiting the wealth of target firms, while target firms can enhance their wealth by obtaining support from acquiring firms.
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U2 - 10.1016/j.ribaf.2021.101496
DO - 10.1016/j.ribaf.2021.101496
M3 - Article
AN - SCOPUS:85110434412
SN - 0275-5319
VL - 58
JO - Research in International Business and Finance
JF - Research in International Business and Finance
M1 - 101496
ER -