Does State Ownership Drive M&A Performance? Evidence from China

Jie Michael Guo · Angelos J. Doukas

107 citations0/0 files storedEuropean Financial Management

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Corporate Finance and Governance International Business and FDI State Capitalism and Financial Governance

Abstract

Abstract This paper examines the role of state ownership in mergers and acquisitions by analysing the short‐ and long‐term performance of Chinese state‐owned enterprise (SOE) acquirers relative to privately owned enterprise (POE) peers from 1994 to 2008. The empirical results show that SOE acquirers outperform POE acquirers in terms of long‐run stock performance and operating performance. In addition, consistent with previous literature, our results suggest that the gains from government intervention outweigh the inefficiency of state ownership in Chinese mergers and acquisitions.

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References

1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1980On the Impossibility of Informationally Efficient Markets 2005Law, finance, and economic growth in China 2006Politically Connected Firms 1986The Hubris Hypothesis of Corporate Takeovers 2001From State to Market: A Survey of Empirical Studies on Privatization 1994Politicians and Firms 2000The information content of stock markets: why do emerging markets have synchronous stock price movements?

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