(The) choice between acquisitions and joint-ventures: target’s financial statement comparability지분인수와 합작투자 사이의 결정요인: 재무제표 비교가능성

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This study examines the relationship between target firms’ financial statement comparability and bidder firms’ boundary decisions. The study considers the initial public offering (IPO) context to exploit the features of asymmetric information and signaling theory. In IPO, bidder firms are unfamiliar with the issuing firms because they have little information about them prior to the IPO. Thus, bidder firms have to rely on the publicly available financial statements of newly listed target firms for a true evaluation of the latter. When a newly listed target firm has comparable financial statements, the bidder can evaluate them better. For the acquisition decision, the bidder is very selective in choosing a partner. This is because bidders cannot reverse their acquisition decision. Thus, its impact on the bidder is considerable. However, for the joint venture decision, the bidder is comparatively less selective in choosing a partner. This is because joint ownership allows for participants to share their overpayment risks. In sum, if the newly listed firms have comparable financial statements, bidder firms would choose acquisition of the newly listed firms, rather than opt for joint ventures with them.
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

Information asymmetry▼aSignaling theory▼aFinancial statement comparability▼aAcquisition▼aJoint venture; 정보 비대칭▼a신호 이론▼a재무제표 비교가능성▼a지분 인수▼a합작 투자

URI
http://hdl.handle.net/10203/295078
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=957316&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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