Political risk, financial constraint, and managerial risk preference: evidence from M&A decisions정치적 위험, 재무적 제약, 경영자의 위험선호의 관계에 대한 연구: 인수합병 사례를 중심으로

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This study examines the relationship between firm-level political risk and mergers and acquisitions (M&As). While many studies investigate political uncertainty at the macro-level, we use a firm-specific measure of political risk to account for heterogeneity in each firm’s exposure to the political environment. We find that political risk has a negative relationship with the likelihood of M&A announcement. Specifically, financial constraints and managerial risk preference provide the mechanisms in which political risk affects acquisition likelihood. Furthermore, we find a negative association between political risk and firm performance after deal completion.
Advisors
Han, Seung Hunresearcher한승헌researcher
Description
한국과학기술원 :기술경영학부,
Publisher
한국과학기술원
Issue Date
2021
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학부, 2021.2,[ii, 30 p. :]

Keywords

Firm-level political risk▼aPolitical uncertainty▼aFinancial constraints▼aRisk preference▼aM&A; 기업단위 정치적 위험▼a정치적 불확실성▼a재무적 제약▼a위험선호▼a인수합병

URI
http://hdl.handle.net/10203/295076
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=948607&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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