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Personalintensitetens påverkan på företagsprestation efter förvärv

Hansson, Joel LU ; Kratz, Sofia LU and Krämbring, Sebastian LU (2014) FEKH89 20141
Department of Business Administration
Abstract
Purpose: Study if and how personnel-intensity affects companies' post acquisition stock performance
Methodology: Quantitative study of 90 american companies that in 2007 made acquisition deals worth over $100 MUSD. An event window of five days was used, and comparisons between industries were done to find correlation between personnel-intensity and performance.
Theoretical Perspectives: Based on previous research and theories, from different perspectives like organization, strategy, and economics and finance. Summary of studies and definitions and concepts.
Empirical Foundation: Quantitative data of 90 public, american companies, collected using Thomson Reuters Eikon for statistical analysis in SPSS.
Conclusions: Acquisitions of... (More)
Purpose: Study if and how personnel-intensity affects companies' post acquisition stock performance
Methodology: Quantitative study of 90 american companies that in 2007 made acquisition deals worth over $100 MUSD. An event window of five days was used, and comparisons between industries were done to find correlation between personnel-intensity and performance.
Theoretical Perspectives: Based on previous research and theories, from different perspectives like organization, strategy, and economics and finance. Summary of studies and definitions and concepts.
Empirical Foundation: Quantitative data of 90 public, american companies, collected using Thomson Reuters Eikon for statistical analysis in SPSS.
Conclusions: Acquisitions of manufacturing companies had a larger probability of a positive CAR, while acquisitions of service companies had a larger probability of a negative CAR. 60,6 % of all acquisitions between manufacturing companies, and all acquisitions where service companies acquired manufacturing companies, lead to a positive cumulative abnormal return. Acquisitions of service companies, on the other hand, tend to have a negative effect on the stock prices, as it fell in 68,1 % of cases of acquisitions between service companies, and 42,9 % of acquisitions where manufacturing companies acquired service companies.
Target companies' industry proved to have an effect on CAR, as 35,2 % of acquisitions of service companies resulted in positive CAR. For acquisition of manufacturing companies, this number was 63,9 %. These results are all statistically significant on the level 5 %. Nothing statistically significant could be determined in regard to the acquiring companies' industry.
Last, a multiple linear regression was conducted, but without any significant results. (Less)
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author
Hansson, Joel LU ; Kratz, Sofia LU and Krämbring, Sebastian LU
supervisor
organization
course
FEKH89 20141
year
type
M2 - Bachelor Degree
subject
keywords
Event study, personnel-intensity, acquisitions, abnormal return, integration
language
Swedish
id
4689616
date added to LUP
2014-10-14 10:18:03
date last changed
2014-10-14 10:18:03
@misc{4689616,
  abstract     = {Purpose: Study if and how personnel-intensity affects companies' post acquisition stock performance
Methodology: Quantitative study of 90 american companies that in 2007 made acquisition deals worth over $100 MUSD. An event window of five days was used, and comparisons between industries were done to find correlation between personnel-intensity and performance.
Theoretical Perspectives: Based on previous research and theories, from different perspectives like organization, strategy, and economics and finance. Summary of studies and definitions and concepts.
Empirical Foundation: Quantitative data of 90 public, american companies, collected using Thomson Reuters Eikon for statistical analysis in SPSS.
Conclusions: Acquisitions of manufacturing companies had a larger probability of a positive CAR, while acquisitions of service companies had a larger probability of a negative CAR. 60,6 % of all acquisitions between manufacturing companies, and all acquisitions where service companies acquired manufacturing companies, lead to a positive cumulative abnormal return. Acquisitions of service companies, on the other hand, tend to have a negative effect on the stock prices, as it fell in 68,1 % of cases of acquisitions between service companies, and 42,9 % of acquisitions where manufacturing companies acquired service companies.
Target companies' industry proved to have an effect on CAR, as 35,2 % of acquisitions of service companies resulted in positive CAR. For acquisition of manufacturing companies, this number was 63,9 %. These results are all statistically significant on the level 5 %. Nothing statistically significant could be determined in regard to the acquiring companies' industry.
Last, a multiple linear regression was conducted, but without any significant results.},
  author       = {Hansson, Joel and Kratz, Sofia and Krämbring, Sebastian},
  keyword      = {Event study,personnel-intensity,acquisitions,abnormal return,integration},
  language     = {swe},
  note         = {Student Paper},
  title        = {Personalintensitetens påverkan på företagsprestation efter förvärv},
  year         = {2014},
}