- Volume 4 Issue 4
A Study on the Performance Analysis between Conglomerate and Non-conglomerate M&A
다각화 합병과 비다각화 합병간의 성과분석
- 김동환 (호서대학교 경상학부) ;
- 김안생 (호서대) ;
- 김종천 (환경부)
- Published : 2003.12.01
The purpose of this study analyzes the effects of M＆A between conglomerate and non-conglomerate corporational with 57 samples of firms during the period from 1990 to 1997 right before IMF. financial crisis. These models employed to measure effects of M＆A in this paper are both market model and market adjusted return model using test of t-statistics. Results of this article show that negative excess returns are observed for non-conglomerate mergers and positive excess gains are exhibited for conglomerate mergers. This implies that conglomerate mergers are more effective than firm specialization in terms of merger effects.
market model;market adjusted model;t-value;CAR;conglomerate and non-conglomerate M＆A.