An empirical analysis of the motives for takeovers : Australian evidence

Oostenbroek, Anthony J. (1994). An empirical analysis of the motives for takeovers : Australian evidence Honours Thesis, School of Business, The University of Queensland.

       
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Author Oostenbroek, Anthony J.
Thesis Title An empirical analysis of the motives for takeovers : Australian evidence
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 1994
Thesis type Honours Thesis
Total pages 98
Language eng
Subjects 14 Economics
Formatted abstract This study examines the motives for takeovers in Australia. Existing empirical evidence is unable to distinguish clearly between the three major motives proposed in the literature for takeovers: synergy, agency and hubris. This may be due to the existence of all three motives in takeovers. This research adopts the approach of Berkovitch and Narayanan (1993) who argue that a way of distinguishing between these competing hypotheses is by looking at the correlation between target and total gains. The results reveal that synergy is the primary motive for takeovers although there is also strong evidence of hubris in the sample. It is also found that when the method of payment is controlled for, there appears to be a difference in the motivation between cash and non cash offers.

 
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