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JOURNAL OF ACCOUNTING AND FINANCE
Bidder Returns and Corporate Governance: Evidence from China’s domestic Acquisitions and Mergers
Author(s): Yao Cheng
Citation: Yao Cheng, (2017) "Bidder Returns and Corporate Governance: Evidence from China’s domestic Acquisitions and Mergers", Journal of Accounting and Finance, Vol. 17, Iss. 7, pp.104-139
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study examines how corporate governance influences short-term and long-term bidder returns from China’s domestic mergers and acquisitions during 2007-2016. Our initial results from events analyses show that market responses differ in ways which suggest a difference in how the market’s assessment of share price from the perspectives of short run and long run. Our long-term regression analyses show that the positive impact of executive ownership remains. Independent directors record a negative effect on abnormal returns. Nevertheless, board independence measured by the composite corporate governance index exerts a significant, positive effect on shareholder wealth.
