The Impact of Acquisitions on Operating Performance: Some Australian Evidence
研究1986至1991年间36起澳大利亚收购案，发现收购后经营绩效无显著改善，结果支持代理、傲慢和财务动机假说。
This study investigates the impact of acquisitions on the operating performance of Australian firms. For a sample of 36 Australian acquisitions occurring between 1986 to 1991 inclusive, and using matched firms to control for industry and economy‐wide factors, the results based on four accrual and four cash flow performance measures show that corporate acquisitions do not lead to significant improvements in post‐acquisition operating performance. The consistency of the results with the agency, the hubris and the financial motivation hypotheses suggests that corporate acquisitions in Australia may be undertaken for other than synergistic reasons. The results assist in explaining inconsistent findings reported in the literature.