|
|
|
| Governance Environment, Ultimate Control of Shareholders and the Performance of Acquirers |
| ZENG Chunhua,HU Guoliu |
|
|
|
|
Abstract On the basis of non-financial listed companies’ expansion of M&A events from 2007 to 2009, this paper investigates the relationship among governance environment, ultimate control of shareholders, and the performance of acquirers. The results show that both the separation of controlling rights from cash flow rights and the quality of governmental control over companies have negative influence on the performance of acquirers; improved corporate governance environment is conducive to curb the negative effect; but the role of corporate governance environment is weaker in government-owned companies.
|
|
Received: 18 March 2013
Published: 15 September 2013
|
|
Corresponding Authors:
ZENG Chunhua
E-mail: zch7548@163.com
|
|
|
|
|
|
|
2013, Vol. 
浙公网安备 33011802000512号