• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>European Journal of Management and Business Economics >The impact of divestitures on shareholder wealth – The DACH case
【24h】

The impact of divestitures on shareholder wealth – The DACH case

机译：剥夺对股东财富的影响 - 达克案

获取原文
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Purpose The purpose of this research is to study the impact of divestitures on shareholder wealth. This study covers selloffs of publicly traded companies in Germany, Austria and Switzerland (DACH region) during the period 2002–2018. It aims to understand the overall effect of selloffs on shareholder wealth as well as the impact of important influencing factors. Design/methodology/approach This study is part of capital market studies which investigate shareholder wealth effects (abnormal returns) using event study methodology. To determine the significance of abnormal returns, a standardized cross-sectional test as suggested by Boehmer et al. (1991) was applied. The sample consists of 393 selloffs of publicly traded companies with a deal value of at least EUR 10m. Findings The findings confirm the overall positive impact of selloffs on shareholder wealth. The average abnormal return on the announcement day of the sample companies amounts to 1.33%. The type of buyer, the relative size of the transaction as well as the financial situation of the seller in particular seem to influence abnormal returns positively. Originality/value This study investigates shareholder wealth creation through selloffs in the DACH region, a largely neglected region in divestiture research, but now very relevant due to increasing pressure of active foreign investors. Sophisticated statistical methods were used to generate robust findings, which are in line with the results of similar studies for the US and the UK.
机译：目的本研究的目的是研究剥夺股东财富的影响。本研究在2002 - 2018年期间涵盖了德国，奥地利和瑞士（达克地区）的公开交易公司的畅销。它旨在了解卖方对股东财富的总体影响以及重要影响因素的影响。该研究的设计/方法/方法是使用事件研究方法调查股东财富影响（异常返回）的资本市场研究的一部分。为了确定异常返回的重要性，Boehmer等人建议的标准化横截面测试。 （1991年）被应用。该样本由393个公开交易公司的销售额组成，交易价值至少为10亿欧元。调查结果调查结果证实了卖方对股东财富的总体积极影响。示例公司公告日的平均异常回报率为1.33％。买方的类型，交易的相对规模以及卖方的财务状况尤其似乎会影响异常。原创性/价值本研究通过达克地区的卖，这是一个很大程度上被忽视的地区的卖方调查股东财富创造，但现在由于积极外国投资者的压力增加而非常相关。复杂的统计学方法用于产生鲁棒发现，这符合美国和英国类似研究的结果。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号