The Influence of Ownership Concentration on Sustainable Merger and Acquisition Performance: Navigating Principal Conflicts in the Korean Market
DC Field | Value | Language |
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dc.contributor.author | Kim, Seonhyeon | - |
dc.contributor.author | Jung, Jin-young | - |
dc.contributor.author | Cho, Sung-woo | - |
dc.date.accessioned | 2024-07-16T07:30:19Z | - |
dc.date.available | 2024-07-16T07:30:19Z | - |
dc.date.issued | 2024-06 | - |
dc.identifier.issn | 2071-1050 | - |
dc.identifier.issn | 2071-1050 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/91996 | - |
dc.description.abstract | This study examines the dynamics of owner behavior, agency costs, and M&A outcomes in the Korean market, aiming to explore how ownership concentration influences conflicts among principal groups and impacts M&A performance. Using empirical data from Korean M&A transactions, we analyze the effects of ownership concentration and cash payment preferences on firm value. Our findings indicate that while ownership concentration can reduce owner-manager conflicts, it heightens principal-principal conflicts, especially with moderate ownership, weak governance, or financial distress. Control-focused owners prefer cash payments, which can lower acquiring firm announcement returns under high ownership concentrations. Effective governance is crucial for fostering responsible decision-making and sustainable practices in M&As. This research underscores the importance of balanced ownership structures and robust governance mechanisms in mitigating agency conflicts and promoting sustainable M&A performance. | - |
dc.language | 영어 | - |
dc.language.iso | ENG | - |
dc.publisher | MDPI | - |
dc.title | The Influence of Ownership Concentration on Sustainable Merger and Acquisition Performance: Navigating Principal Conflicts in the Korean Market | - |
dc.type | Article | - |
dc.identifier.wosid | 001257527800001 | - |
dc.identifier.doi | 10.3390/su16124985 | - |
dc.identifier.bibliographicCitation | SUSTAINABILITY, v.16, no.12 | - |
dc.description.isOpenAccess | Y | - |
dc.identifier.scopusid | 2-s2.0-85197281559 | - |
dc.citation.title | SUSTAINABILITY | - |
dc.citation.volume | 16 | - |
dc.citation.number | 12 | - |
dc.type.docType | Article | - |
dc.publisher.location | 스위스 | - |
dc.subject.keywordAuthor | ownership concentration | - |
dc.subject.keywordAuthor | mergers and acquisitions (M&As) | - |
dc.subject.keywordAuthor | principal-principal conflict (PP conflict) | - |
dc.subject.keywordAuthor | corporate governance | - |
dc.subject.keywordAuthor | cash payments | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | FAMILY OWNERSHIP | - |
dc.subject.keywordPlus | PAYMENT METHOD | - |
dc.subject.keywordPlus | FIRM VALUE | - |
dc.subject.keywordPlus | MANAGEMENT | - |
dc.subject.keywordPlus | COMPETITION | - |
dc.subject.keywordPlus | QUALITY | - |
dc.subject.keywordPlus | CHOICE | - |
dc.relation.journalResearchArea | Science & Technology - Other Topics | - |
dc.relation.journalResearchArea | Environmental Sciences & Ecology | - |
dc.relation.journalWebOfScienceCategory | Green & Sustainable Science & Technology | - |
dc.relation.journalWebOfScienceCategory | Environmental Sciences | - |
dc.relation.journalWebOfScienceCategory | Environmental Studies | - |
dc.description.journalRegisteredClass | scie | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
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