The Role of Internal M&A Teams in Takeovers

2020 ◽  
Author(s):  
Nihat Aktas ◽  
Audra Boone ◽  
Alexander Witkowski ◽  
Guosong Xu ◽  
Burcin Yurtoglu
Keyword(s):  
Fixed Effects ◽  
Performance Metrics ◽  
Team Characteristics ◽  
Merger Motive

Abstract This article provides insights into the inner workings of internal corporate M&A teams using survey evidence from sixty-five firms from Austria, Germany, and Switzerland. We find that internal teams create value, especially relative to external advisors, by directing transaction rationales, screening targets, and employing performance metrics to assess post-merger success. Teams emphasizing economic rationales as a merger motive are associated with higher returns than those teams more apt to consider behavioral motives. We consider several team characteristics and find that financial experience is the most persistent and significant attribute in explaining the outcomes across various deal stages. Another key result from our survey-based evidence is that latent M&A team factors explain ∼54% of the acquirer fixed effects in announcement return regressions.

scholarly journals Using genetic variants to evaluate the causal effect of serum vitamin D concentration on COVID-19 susceptibility, severity and hospitalization traits: a Mendelian randomization study

2021 ◽  
Vol 19 (1) ◽  
Author(s):  
Zhiyong Cui ◽  
Yun Tian
Keyword(s):  
Vitamin D ◽  
Fixed Effects ◽  
Mendelian Randomization ◽  
Causal Effect ◽  
Serum Vitamin ◽  
Vitamin D Supplementation ◽  
Sensitivity Analyses ◽  
Global Test ◽  
Serum Vitamin D

Abstract Background The coronavirus disease 2019 (COVID-19) pandemic has struck globally and is exerting a devastating toll on humans. The pandemic has led to calls for widespread vitamin D supplementation in public. However, evidence supporting the role of vitamin D in the COVID-19 pandemic remains controversial. Methods We performed a two-sample Mendelian randomization (MR) analysis to analyze the causal effect of the 25-hydroxyvitamin D [25(OH)D] concentration on COVID-19 susceptibility, severity and hospitalization traits by using summary-level GWAS data. The causal associations were estimated with inverse variance weighted (IVW) with fixed effects (IVW-fixed) and random effects (IVW-random), MR-Egger, weighted edian and MR Robust Adjusted Profile Score (MR.RAPS) methods. We further applied the MR Steiger filtering method, MR Pleiotropy RESidual Sum and Outlier (MR-PRESSO) global test and PhenoScanner tool to check and remove single nucleotide polymorphisms (SNPs) that were horizontally pleiotropic. Results We found no evidence to support the causal associations between the serum 25(OH)D concentration and the risk of COVID-19 susceptibility [IVW-fixed: odds ratio (OR) = 0.9049, 95% confidence interval (CI) 0.8197–0.9988, p = 0.0473], severity (IVW-fixed: OR = 1.0298, 95% CI 0.7699–1.3775, p = 0.8432) and hospitalized traits (IVW-fixed: OR = 1.0713, 95% CI 0.8819–1.3013, p = 0.4878) using outlier removed sets at a Bonferroni-corrected p threshold of 0.0167. Sensitivity analyses did not reveal any sign of horizontal pleiotropy. Conclusions Our MR analysis provided precise evidence that genetically lowered serum 25(OH)D concentrations were not causally associated with COVID-19 susceptibility, severity or hospitalized traits. Our study did not provide evidence assessing the role of vitamin D supplementation during the COVID-19 pandemic. High-quality randomized controlled trials are necessary to explore and define the role of vitamin D supplementation in the prevention and treatment of COVID-19.

scholarly journals Islamic Bank Financing and Its Effects on Economic Growth: A Cross Province Analysis

2019 ◽  
Vol 8 (2) ◽  
Author(s):  
Muhammad Anif Afandi ◽  
Muhammad Amin
Keyword(s):  
Economic Growth ◽  
Fixed Effects ◽  
Islamic Banking ◽  
Fixed Effects Model ◽  
Islamic Bank ◽  
Bank Financing ◽  
Panel Data Regression ◽  
Data Regression ◽  
Almost All

Islamic banking industry shows a reasonably good development, one of which is marked by an increase in service coverage in almost all provinces in Indonesia. However, the question is how far Islamic banking capable of contributing to the improvement of Indonesia's economic growth? The purpose of this research is to examine the role of Islamic banking in promoting inclusive economic growth with a sample of 33 provinces in Indonesia. The method used in this research is panel data regression using the fixed effects model. The results show that Islamic bank financing does not have an impact on Indonesia's economic growth. In other words, the results of the research provide information that the existence of Islamic banking in Indonesia has not yet give a significant impact on the welfare of Indonesian society

scholarly journals Observational and Analytic Features for the Study of Transdisciplinary Teams [Abstract]

10.28945/3729 ◽  
2017 ◽  
Author(s):  
Gaetano R Lotrecchiano ◽  
Shalini Misra
Keyword(s):  
Systematic Study ◽  
Rapid Change ◽  
Complexity Science ◽  
Communication Studies ◽  
Complex Problems ◽  
Communication Processes ◽  
Emergent Change ◽  
Team Characteristics

Aim/Purpose: This paper proposes to bridge transdisciplinary team characteristics with the study of communication in teams. It proposes the question “”what does the systematic study of transdisciplinary teams tell us about communication?” This paper addresses (1) a typology of transdisciplinary teams for observation and analysis; (2) features of communication within transdisciplinary teams; and (3) the role of complexity science in bridging the study of transdisciplinary teams with communication studies. Background: Working within transdisciplinary teams is a challenge as researchers and scholars strive to solve complex problems amidst rapid change and the complexities of coping with competing and shifting priorities. Inquiry into these sorts of complex teams requires a commitment to gathering and analyzing data that are dynamical representing emergent change within teams. Methodology: The paper draws on literature on transdisciplinary teams as well as highlights trends that can inform research and techniques for observing transdisciplinary teams. Contribution: By reviewing the definitions and impact these features have on the task of researching communication processes in transdisciplinary teams, scholars can inform the major challenges that transdisciplinary teams face on a regular basis: integration, praxis, and engagement.

scholarly journals Does the Quality of Institutions Matter for Financial Inclusion? Cross Country Evidence

2021 ◽  
Vol 13 (7) ◽  
pp. 27
Author(s):  
Peter W. Muriu
Keyword(s):  
Rule Of Law ◽  
Fixed Effects ◽  
Financial Inclusion ◽  
Data Availability ◽  
Institutional Characteristics ◽  
Annual Data ◽  
Institutional Reforms ◽  
Cross Country

Despite evidence on the importance of financial inclusion, little is known about the role of institutions in fostering inclusion partly because of data availability. Using annual data corresponding to 120 countries for the period 2004-2019, this study investigates country institutional characteristics associated with the ownership of deposit accounts. A standard regression model is estimated using fixed effects panel data techniques along with financial inclusion proxy and three measures of institutional quality. This paper provides the first empirical justification that financial inclusion is non-negligibly driven by the institutional context. Specifically, rule of law and quality of regulations are crucial in enhancing financial inclusiveness, more so in Africa where they have a stronger effect relative to other regions. Banks and depositors in Africa may be operating in an environment characterized by weak legal systems and excessive or challenging regulations. The evidence presented in this paper may therefore help with the sequencing of institutional reforms that could promote financial inclusion.

scholarly journals The role of incubator classification on performance of incubators in Kenya.

2021 ◽  
Vol 10 (6) ◽  
pp. 256-267
Author(s):  
Miriti Jane Kinya ◽  
Kenneth Lawrance Wanjau ◽  
Nyagweth Ebenezer Odeyo
Keyword(s):  
Fixed Effects ◽  
Selection Criteria ◽  
Primary Data ◽  
Cross Sectional ◽  
Mixed Effect ◽  
Study Objective ◽  
Mixed Effect Models ◽  
Random Slopes ◽  
Linear Mixed Effect Models

The study sought to assess the importance of classifying incubators based on the programs offered for optimum performance. Client selection criteria were assessed through three constructs namely: models that fit program goals, uniqueness of ideas, and standard selection tool. A mixed cross-sectional and causal design was adopted and a census was carried out targeting all the 51 incubators. Primary data was collected with an incubator program as a grouping/ cluster variable yielding a multilevel data structure with incubator centres nested in programs. Linear mixed effect models were fitted using Stata to assess the study objective taking into account the fixed effects for the incubator centre level (level-1) and random effects for the program level (level-2). The uniqueness of ideas was found to have a significant fixed effect on performance at level one while at level two, the study found significant random intercepts of incubator centre performance across the programs. Models that match program goals and standard selection tools were also found to have significant random slopes as level two random covariates in the model. Based on the findings of significant random slopes, the study concluded that incubator classification is key for client selection criteria and enhances incubator performance.

Wage Dispersion and Team Performance: The Moderation Role of Club Size

2021 ◽  
pp. 152700252110677
Author(s):  
Thadeu Gasparetto ◽  
Angel Barajas
Keyword(s):  
Team Performance ◽  
Fixed Effects ◽  
Ordinary Least Squares ◽  
Wage Dispersion ◽  
Financial Strength ◽  
Football Clubs ◽  
And Performance ◽  
The Impact ◽  
Robustness Check

Previous research on professional football offer conflicting results regarding the impact of wage dispersion on team performance. However, the existing intra-league heterogeneity among clubs is overlooked and could be the reason for the diverging outcomes. The aim of this paper is to reanalyze this relationship having the clubs’ size as moderator. Payroll – which captures the financial strength – is used as proxy of club size. Ordinary Least Squares regressions with season and league fixed effects are employed. Dispersion is measured by three indexes for robustness check. The outputs confirm the quadratic relationship between wage dispersion and performance, but adding that identical levels of dispersion have different impact on football clubs according to their financial strength.

The team cohesion-performance relationship: A meta-analysis exploring measurement approaches and the changing team landscape

2021 ◽  
pp. 204138662110411
Author(s):  
Rebecca Grossman ◽  
Kevin Nolan ◽  
Zachary Rosch ◽  
David Mazer ◽  
Eduardo Salas
Keyword(s):  
Team Performance ◽  
Social Cohesion ◽  
Performance Metrics ◽  
Team Cohesion ◽  
Plain Language ◽  
Predictive Capacity ◽  
Research And Practice ◽  
Optimal Measurement ◽  
Task Cohesion ◽  
Team Characteristics

Team cohesion is an important antecedent of team performance, but our understanding of this relationship is mired by inconsistencies in how cohesion has been conceptualized and measured. The nature of teams is also changing, and the effect of this change is unclear. By meta-analyzing the cohesion-performance relationship ( k = 195, n = 12,023), examining measurement moderators, and distinguishing modern and traditional team characteristics, we uncovered various insights. First, the cohesion-performance relationship varies based on degree of proximity. More proximal measures –task cohesion, referent-shift, and behaviorally-focused– show stronger relationships compared to social cohesion, direct consensus, and attitudinally-focused, which are more distal. Differences are more pronounced when performance metrics are also distal. Second, group pride is more predictive than expected. Third, the cohesion-performance relationship and predictive capacity of different measures are changing in modern contexts, but findings pertaining to optimal measurement approaches largely generalized. Lastly, important nuances across modern characteristics warrant attention in research and practice. Plain Language Summary Team cohesion is an important antecedent of team performance, but our understanding of this relationship is mired by inconsistencies in how cohesion has been conceptualized and measured. The nature of teams has also changed over time, and the effect of this change is unclear. By meta-analyzing the cohesion-performance relationship ( k = 195, n = 12,023), examining measurement moderators, and distinguishing between modern and traditional team characteristics, we uncovered various insights for both research and practice. First, the cohesion-performance relationship varies based on degree of proximity. Measures that are more proximal to what a team does – those assessing task cohesion, utilizing referent shift items, and capturing behavioral manifestations of cohesion – show stronger relationships with performance compared to those assessing social cohesion, utilizing direct consensus items, and capturing attitudinal manifestations of cohesion, which are more distal. These differences are more pronounced when performance metrics are also more distal. Second, despite being understudied, the group pride-performance relationship was stronger than expected. Third, modern team characteristics are changing both the overall cohesion-performance relationship and the predictive capacity of different measurement approaches, but findings pertaining to the most optimal measurement approaches largely generalized in that these approaches were less susceptible to the influence of modern characteristics. However, in some contexts, distal cohesion metrics are just as predictive as their more proximal counterparts. Lastly, there are important nuances across different characteristics of modern teams that warrant additional research attention and should be considered in practice. Overall, findings greatly advance science and practice pertaining to the team cohesion-performance relationship.

Does deal size moderate the effects of board faultlines? Evidence from acquisitions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Tidbury ◽  
Steven F. Cahan ◽  
Li Chen
Keyword(s):  
Fixed Effects ◽  
Quantitative Research ◽  
Future Research ◽  
Research Approach ◽  
Strategic Decisions ◽  
Negative Effects ◽  
Content Type ◽  
Instrumental Variable Analysis

Purpose Board faultlines, which reflect intrinsic divisions of board members into relatively homogeneous subgroups, are associated with poor firm performance. This paper aims to extend the existing board faultline research by examining how acquisition deal size moderates the negative implications of board faultlines. Design/methodology/approach This paper uses a sample of acquisitions and a quantitative research approach to conduct statistical analysis. Findings Using a sample of acquisitions announced between 2007 and 2016, this paper finds evidence suggesting that strong faultlines are associated with poorer acquisition outcomes in the long-term, but not in the short term. Further, this paper finds that the effect of faultline strength on long-term acquisition outcomes is weaker for larger acquisition deals than smaller acquisition deals. The findings are consistent with deal size moderating the relation between faultlines and acquisition outcomes. Research limitations/implications This paper addresses possible endogeneity through firm fixed effects and instrumental variable analysis. Although this paper provides evidence on the moderating role of deal size in the context of faultlines, future research could examine the role of additional moderators, such as pro-diversity, trust, board leadership and board and task characteristics. Practical implications The findings suggest that boards need to be aware of situations where the negative effects of faultlines are more likely to come to the fore. For example, faultlines are more likely to play a role in more routine, obscure monitoring than for high-profile strategic decisions. Originality/value The study is multidisciplinary as it draws on the management, organizational behaviour and psychology and finance literature. It contributes to the developing literature on faultlines in several important ways. First, this paper supports their view that faultlines have adverse effects on board performance by showing that faultlines negatively impact discrete strategic investment decisions. Second, this paper provides evidence that deals size moderates the faultline-acquisition performance relation, indicating that the role of faultlines is contextual. Third, this paper finds evidence that suggests investors do not factor in board faultlines when responding to acquisition announcements.

Sign in / Sign up

Export Citation Format

Share Document