Differences in innovation efforts and the moderating effect of managerial composition impact on premium paid in M&A transactions

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dc.aueb.notesIn collaboration with UNIVERSITÉ DU QUÉBEC À MONTRÉAL DÉPARTEMENT DE STRATÉGIE, RESPONSABILITÉ SOCIALE ET ENVIRONNEMENTALE as part of the Erasmus+International Mobilityen
dc.contributor.degreegrantinginstitutionAthens University of Economics and Business, Department of Business Administrationen
dc.contributor.examinerPapadakis, Vassilisen
dc.contributor.examinerManolopoulos, Dimitriosen
dc.contributor.supervisorPapadopoulos, Andrewen
dc.creatorKyratzi, Aikaterinien
dc.date15-10-2018
dc.date.accessioned2024-08-07T14:32:00Z
dc.date.available2024-08-07T14:32:00Z
dc.date.submitted31-03-2019
dc.description.tableofcontentsAcquirers pursue M&A in order to gain access to resources and capabilities of other firms. Such a resource is innovation and acquisition of a highly innovative target would increase their competitive advantage. Thus, acquirers might be willing to offer a premium high above the prevailing market price for targets more innovative than them. This dissertation examines the impact of acquirers’ and targets’ innovation efforts differences on the premium paid, measured by R&D intensity. Furthermore, it takes into consideration the role of targets managerial composition. It examines target CEOs age and target CEOs tenure moderating effect on the relationship between premium and innovation differences. Also, the model controls for acquirer CEOs and both firms-specific characteristics. The empirical analysis results, based on a six-year sample of S&P500 firms engaged in M&A activity, show that differences in firm characteristics impact premiums more than CEO characteristics.en
dc.identifier.urihttps://beta-pyxida.aueb.gr/handle/123456789/6959
dc.languageen
dc.rights.licensehttps://creativecommons.org/licenses/by/4.0/
dc.subjectMergers and acquisitionsel
dc.subjectInnovationel
dc.subjectManagementen
dc.subjectCEOen
dc.subjectPremium paiden
dc.subjectΣυγχωνεύσειςel
dc.subjectΕξαγορέςel
dc.subjectΤιμή εξαγοράςel
dc.subjectΤιμή συγχώνευσηςel
dc.subjectΚαινοτομίαel
dc.subjectΔιευθύνων σύμβουλοςel
dc.titleDifferences in innovation efforts and the moderating effect of managerial composition impact on premium paid in M&A transactionsen
dc.typeText

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