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Value creation in M&As: does acquirer’s reputation matter?

Author

Listed:
  • Ludivine Chalençon

    (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon)

  • Ana Colovic

    (NEOMA - Neoma Business School)

  • Olivier Lamotte

    (ESG Research Lab - ESG Management School)

  • Ulrike Mayrhofer

    (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon)

Abstract

This article investigates the effects of reputation on the value created by mergers and acquisitions (M&As). Building on the resource-based view, we study the impact of the acquirer's reputation on financial market reactions to M&A announcements. The empirical study is based on a sample of 187 M&As involving French multinationals of the CAC 40 index. The statistical analysis shows that reputation has a significant, positive influence on M&A value-creation. Our study contributes to the academic literature analyzing the role of intangible assets in firm performance. It also contributes to the M&A literature by highlighting the positive impact of reputation on the financial evaluation of M&A operations.

Suggested Citation

  • Ludivine Chalençon & Ana Colovic & Olivier Lamotte & Ulrike Mayrhofer, 2015. "Value creation in M&As: does acquirer’s reputation matter?," Post-Print hal-01242630, HAL.
    • Handle: RePEc:hal:journl:hal-01242630
    as

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