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系統識別號 U0026-1307201321233200
論文名稱(中文) 宗教信仰對併購宣告股價報酬的影響
論文名稱(英文) The Impact of Religion on Bidder Returns
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 101
學期 2
出版年 102
研究生(中文) 張容華
研究生(英文) Jung-Hua Chang
學號 R66004083
學位類別 碩士
語文別 英文
論文頁數 48頁
口試委員 指導教授-張紹基
口試委員-賴蓉禾
口試委員-陳麗宇
口試委員-翁鷹娟
中文關鍵字 併購宣告  代理成本  宗教信仰  社會規範 
英文關鍵字 M&A announcement  agency cost  religious social norms 
學科別分類
中文摘要 本文主要研究宗教信仰對收購公司在併購宣告期間之股價報酬的影響。藉由美國上市公司從1980年一月到2010年十二月的併購宣告為樣本,本研究發現總部設立在宗教信仰虔誠地區的公司,較容易在併購宣告期間獲得較好的股價報酬。尤其針對資金充裕的公司,總部設立在宗教信仰虔誠地區的公司,較可能在併購宣告期間獲得較好的股價報酬。此外,若目標公司的總部設立於宗教信仰虔誠的地區,收購公司則較容易在併購宣告期間獲得較好的股價報酬。本研究亦指出宗教信仰所延伸出的社會規範,對企業併購決策和企業財務報表的品質上,具有監督的作用。因此,宗教信仰可降低收購公司經理人的代理成本以及超額償付的風險。
英文摘要 The primary objective in this study is to examine the impact of religion on bidder returns. By using a sample of M&A announcements of public companies in America from January 1980 to December 2010, I find a consistent result that firms headquartered in areas with greater religious adherence are more likely to gain better returns upon M&A announcements. In addition, for cash rich firms, firms headquartered in area with greater religious adherence are more likely to gain better returns upon M&A announcement. Furthermore, if the target firms headquartered in areas with greater religious adherence, the acquiring firms are more likely to gain better returns upon M&A announcement. More importantly, this study also indicates that religious social norms act as an alternative monitoring mechanism over corporate M&A decision making and firms’ financial reporting quality. Thus, the problems of agency cost and the risk of overpayment for shareholders and managers of acquiring firms could be reduced.
論文目次 CHAPTER 1 INTRRODUCTION....................................1
CHAPTER 2 LITERATURE REVIEW AND HYPOTHESES.................5
2.1 Agency Cost of Free Cash Flow.........................5
2.2 Financial Reporting Irregularities (Qualities)........7
2.3 Religiosity and Business Behavior.....................9
2.4 Hypotheses Development...............................12
CHPATER 3 METHODOLOGY.....................................15
3.1 Sample...............................................15
3.2 The Definition and Measurement of Variables..........16
3.3 Methodology..........................................22
CHAPTER 4 EMPIRICAL RESULTS...............................25
4.1 Sample Description...................................25
4.2 Empirical Results of Abnormal Return.................32
CHAPTER 5 CONCLUSION......................................40
5.1 Discussion and Conclusion............................40
5.2 Limitation and Suggestion............................41
REFERENCES................................................43
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