인수합병 후 실패 위험요인 분석에 관한 연구: 국제 사례 중심으로Post-Merger and Acquisition Performance and Risk Factors: An International Study
- Other Titles
- Post-Merger and Acquisition Performance and Risk Factors: An International Study
- Authors
- Ephraim Kwashie Thompson; 김창기
- Issue Date
- 2020
- Publisher
- 한국리스크관리학회
- Keywords
- 인수합병 후 성과; 부도 예상율; 성과로 인한 상장폐지; Post-M& A Performance; Probability of Default; Performance-induced Delisting
- Citation
- 리스크관리연구, v.31, no.3, pp.29 - 66
- Indexed
- KCI
- Journal Title
- 리스크관리연구
- Volume
- 31
- Number
- 3
- Start Page
- 29
- End Page
- 66
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/60189
- DOI
- 10.21480/tjrm.31.3.202009.002
- ISSN
- 1229-103X
- Abstract
- After the completion of a merger and acquisition (M&A), a number of factors may affect the performance, probability of default and actual delisting of the acquirer. In this paper, we present a simple methodology for identifying risk factors and then proceed to identify and investigate deal-related factors which may pose a risk to the survival of the acquirer after a deal is closed. We find that the method of financing and the differences in industry are the main deal-level risk factors to an M&A deal after it closes as they are associated with low performance, high probability of default and high likelihood of performance-induced delisting of acquirers post-merger. We find no support for the ownership level of the acquirer and the time until deal completion as a potential risk factor.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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