DC Field | Value | Language |
---|---|---|
dc.contributor.author | Coyne, Joshua | ko |
dc.contributor.author | Kim, Kevin H. | ko |
dc.contributor.author | Talakai, Jayson | ko |
dc.date.accessioned | 2021-12-15T06:40:43Z | - |
dc.date.available | 2021-12-15T06:40:43Z | - |
dc.date.created | 2021-04-05 | - |
dc.date.created | 2021-04-05 | - |
dc.date.issued | 2021-12 | - |
dc.identifier.citation | ACCOUNTING AND FINANCE, v.61, no.4, pp.5783 - 5808 | - |
dc.identifier.issn | 0810-5391 | - |
dc.identifier.uri | http://hdl.handle.net/10203/290669 | - |
dc.description.abstract | Managers of at-risk firms have incentives to prolong the life of the company or to extract personal wealth prior to firm liquidation, and they can pursue a number of activities in order to achieve these goals. Prior studies have investigated the consequences of managers becoming targets for acquisition. In this study, we examine the consequences of at-risk firms doing the opposite: buying other firms (i.e., becoming at-risk acquirers). We find two positive consequences of becoming at-risk acquirers. At-risk acquirers (1) avoid delisting due to poor performance and (2) leave at-risk status in the year following the acquisition. We also find that these benefits are only temporary and come at a cost. Specifically, at-risk acquirers are less likely to become subsequent targets, and they quickly return to at-risk status. These results indicate that the decision of the manager of an at-risk firm to become an at-risk acquirer buys the manager more time but does not help the firm. | - |
dc.language | English | - |
dc.publisher | WILEY | - |
dc.title | At-risk acquirers: survival strategy or last-ditch effort? | - |
dc.type | Article | - |
dc.identifier.wosid | 000628867200001 | - |
dc.identifier.scopusid | 2-s2.0-85102456911 | - |
dc.type.rims | ART | - |
dc.citation.volume | 61 | - |
dc.citation.issue | 4 | - |
dc.citation.beginningpage | 5783 | - |
dc.citation.endingpage | 5808 | - |
dc.citation.publicationname | ACCOUNTING AND FINANCE | - |
dc.identifier.doi | 10.1111/acfi.12776 | - |
dc.contributor.localauthor | Kim, Kevin H. | - |
dc.contributor.nonIdAuthor | Coyne, Joshua | - |
dc.contributor.nonIdAuthor | Talakai, Jayson | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Mergers and acquisitions | - |
dc.subject.keywordAuthor | Cash flow patterns | - |
dc.subject.keywordAuthor | Lifecycle | - |
dc.subject.keywordAuthor | Free cash flows | - |
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