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The Role of Corporate Political Strategies in M&As

Author:
Ettore Croci   Christos Pantzalis   Jung Chul Park  


Issue Date:
2014


Abstract(summary):

Firms contributing to politicians or involved in lobbying are less likely to receive a bid and, if so, their takeover process is lengthier. Additionally, firms making political contributions, but not those engaged in lobbying, receive higher takeover premium and their CEOs are more likely to retain an executive position in the combined firm in a takeover event. These results are consistent with the notion that political connections can be regarded as valuable intangible assets which affect takeovers. Finally, we show that political geography also matters in acquisitions with the premium effect being exacerbated by target firms' proximity to political power.


Page:
57


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