Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies
This study investigates the effect of high-technology (high-tech) company acquisitions and GLIC ownership on shareholders’ value creation. Study samples for empirical analyses were carried out using the market-model event-study and multivariate analysis on studies published between 2011 and 2018. Th...
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my.ums.eprints.384362024-03-05T02:33:33Z https://eprints.ums.edu.my/id/eprint/38436/ Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies Norhamiza Ishak Hanita Kadir Shahar Kamarun Nisham Taufil Mohd HB1-3840 Economic theory. Demography HG4530 Investment companies. Investment trusts. Mutual funds This study investigates the effect of high-technology (high-tech) company acquisitions and GLIC ownership on shareholders’ value creation. Study samples for empirical analyses were carried out using the market-model event-study and multivariate analysis on studies published between 2011 and 2018. The findings indicate that; (i) The CAR for high-tech acquiring firms for the three-day event window (–1,1), five-day event window (–2, +2) and 11-day event window led to significant positive returns, with at least at 10% level, signifying that investors have a favorable reaction towards short-term high tech acquisitions; (ii) The relationship between the GLICs’ Institutional Block holders (BPSVGLIC) and executive director (FRACEXEC) was found to affect the abnormal returns significantly negatively at a minimum 5% significance level. These results provide two practical implications; firstly, investors gain abnormal returns from their investment in high-tech acquiring companies, and secondly, firms with greater ownership stakes in GLICs could experience value destruction. Penerbit USM 2023 Article NonPeerReviewed text en https://eprints.ums.edu.my/id/eprint/38436/1/ABSTRACT.pdf text en https://eprints.ums.edu.my/id/eprint/38436/2/FULL%20TEXT.pdf Norhamiza Ishak and Hanita Kadir Shahar and Kamarun Nisham Taufil Mohd (2023) Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies. Asian Academy of Management Journal of Accounting and Finance, 19 (2). pp. 293-315. ISSN 1985-8299 https://doi.org/10.21315/aamjaf2023.19.2.10 |
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HB1-3840 Economic theory. Demography HG4530 Investment companies. Investment trusts. Mutual funds Norhamiza Ishak Hanita Kadir Shahar Kamarun Nisham Taufil Mohd Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies |
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This study investigates the effect of high-technology (high-tech) company acquisitions and GLIC ownership on shareholders’ value creation. Study samples for empirical analyses were carried out using the market-model event-study and multivariate analysis on studies published between 2011 and 2018. The findings indicate that; (i) The CAR for high-tech acquiring firms for the three-day event window (–1,1), five-day event window (–2, +2) and 11-day event window led to significant positive returns, with at least at 10% level, signifying that investors have a favorable reaction towards short-term high tech acquisitions; (ii) The relationship between the GLICs’ Institutional Block holders (BPSVGLIC) and executive director (FRACEXEC) was found to affect the abnormal returns significantly negatively at a minimum 5% significance level. These results provide two practical implications; firstly, investors gain abnormal returns from their investment in high-tech acquiring companies, and secondly, firms with greater ownership stakes in GLICs could experience value destruction. |
format |
Article |
author |
Norhamiza Ishak Hanita Kadir Shahar Kamarun Nisham Taufil Mohd |
author_facet |
Norhamiza Ishak Hanita Kadir Shahar Kamarun Nisham Taufil Mohd |
author_sort |
Norhamiza Ishak |
title |
Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies |
title_short |
Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies |
title_full |
Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies |
title_fullStr |
Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies |
title_full_unstemmed |
Government Ownership and Managers’ Role: Effect to Acquisition Return Among High-Technology Companies |
title_sort |
government ownership and managers’ role: effect to acquisition return among high-technology companies |
publisher |
Penerbit USM |
publishDate |
2023 |
url |
https://eprints.ums.edu.my/id/eprint/38436/1/ABSTRACT.pdf https://eprints.ums.edu.my/id/eprint/38436/2/FULL%20TEXT.pdf https://eprints.ums.edu.my/id/eprint/38436/ https://doi.org/10.21315/aamjaf2023.19.2.10 |
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1793154683957673984 |
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13.154949 |