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Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia

Link to publisher's homepage at http://ijbt.unimap.edu.my

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Main Authors: Haithm Mohammed Hamood Al-Sabri, Norhafiza, Nordin, Hanita, Kadir Shahar
Other Authors: haithm_mohammed@oyagsb.uum.edu.my
Format: Article
Language:English
Published: School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP) 2019
Subjects:
Source of financing
Payment method
Mergers and acquisitions
Announcement returns
Event study
Online Access:http://dspace.unimap.edu.my:80/xmlui/handle/123456789/61022
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spelling my.unimap-610222019-07-11T09:07:04Z Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia Haithm Mohammed Hamood Al-Sabri Norhafiza, Nordin Hanita, Kadir Shahar haithm_mohammed@oyagsb.uum.edu.my hmhalsabri2@outlook.com Source of financing Payment method Mergers and acquisitions Announcement returns Event study Link to publisher's homepage at http://ijbt.unimap.edu.my This paper empirically examines the effect of financing sources on announcement returns in mergers and acquisitions (M&As). Prior studies have focused on examining the impact of payment methods on announcement returns of M&As. This study is the first that attempts to link financing decision (sources of financing) and wealth creation to shareholders of Malaysian acquirers. Univariate analysis and OLS regression are conducted for 272 completed M&A transactions undertaken by Malaysian listed firms during the period of 2000-2017. The study considers the three main financing sources, which include stock financing, internal funds, and debt financing. The findings from univariate analysis indicate that M&As with debt financing show significantly higher returns in different multiday event windows around the announcement day. Similar results are found using OLS regression. Nevertheless, stock financing shows negative return. The sensitivity of market reaction to the source of financing used is robust to different measures of market performance. 2019-07-11T09:07:03Z 2019-07-11T09:07:03Z 2019-06 Article International Journal of Business and Technopreneurship, vol.9(2), 2019, pages 221-234 2231-7090 2232-1543 (online) http://dspace.unimap.edu.my:80/xmlui/handle/123456789/61022 en School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP)
institution Universiti Malaysia Perlis
building UniMAP Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Perlis
content_source UniMAP Library Digital Repository
url_provider http://dspace.unimap.edu.my/
language English
topic Source of financing
Payment method
Mergers and acquisitions
Announcement returns
Event study
spellingShingle Source of financing
Payment method
Mergers and acquisitions
Announcement returns
Event study
Haithm Mohammed Hamood Al-Sabri
Norhafiza, Nordin
Hanita, Kadir Shahar
Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia
description Link to publisher's homepage at http://ijbt.unimap.edu.my
author2 haithm_mohammed@oyagsb.uum.edu.my
author_facet haithm_mohammed@oyagsb.uum.edu.my
Haithm Mohammed Hamood Al-Sabri
Norhafiza, Nordin
Hanita, Kadir Shahar
format Article
author Haithm Mohammed Hamood Al-Sabri
Norhafiza, Nordin
Hanita, Kadir Shahar
author_sort Haithm Mohammed Hamood Al-Sabri
title Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia
title_short Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia
title_full Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia
title_fullStr Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia
title_full_unstemmed Sources of Financing and Acquirer Returns: Empirical Evidence from Malaysia
title_sort sources of financing and acquirer returns: empirical evidence from malaysia
publisher School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP)
publishDate 2019
url http://dspace.unimap.edu.my:80/xmlui/handle/123456789/61022
_version_ 1643806550216671232
score 13.214268

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