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.