Original paper
The interdependency of cash flow rights and voting rights on post-acquisition value
Abstract
Although acquisitions rarely deliver the anticipated value acquiring firms estimate, it remains a popular strategy for growth. We draw upon agency theory to investigate two types of stakes acquiring firms can obtain during an acquisition to ensure greater post-acquisition value – voting rights and cash flow rights. Using domestic acquisition data in Japan over 12 years to test our hypotheses, we find that greater voting rights directly improve...
Paper Details
Title
The interdependency of cash flow rights and voting rights on post-acquisition value
Published Date
Sep 1, 2020
Volume
25
Issue
3
Pages
177 - 187
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Notes
History