모멘텀 관점에서 본 글로벌 인수합병의 템포와 성과 간 관계

The Relationship between the Tempo and Performance of Global M&As in Perspective of Momentum

This paper analyzes the relationship between the tempo and performance of global mergers and acquisitions (M&A). We examine 765 Korean global M&A deals excluding rumored, pending, and withdrawn deals over a period of 17 years between 2000 and 2017 using the Zephyr Database from the Bureau Van Dijk. Results indicate that firms that pursuing global M&A with irregular tempo show better financial performance in terms of profitability. Furthermore, the irregularity of domestic M&A positively affects the irregular tempo of global M&A. Similarity in industries between acquirer and target firms has no significant influence on the tempo of global M&As. The effect of firm size is significantly positive to the irregular tempo and performance of global M&As. Meanwhile, global M&A experience, deal size and cash payment as control variables prove to influence positively the irregular tempo as opposed to the number of participants. Finally, concentrated investment in a period of time does much to improve M&A performance.