Institutional Ownership Stability and Acquiring Firm Performance

[[abstract]]相對於過去文獻多著重在機構投資者總持股比例對於公司的影響，本研究使用機構持股穩定度與1984年到2013年美國公司併購的資料，來探討機構持股穩定度對公司併購行為和績效的影響。實證結果指出機構投資人的持股穩定度對於公司併購的完成、併購後長期營運表現以及長期市場超額報酬有顯著的正向影響，但對於併購的支付方式、跨國併購與否、是否為多角化併購、併購溢酬以及短期宣告超額報酬並無影響，這代表持股穩定度高的機構投資者不會僅參考短期資訊來從事交易投資，而是會監督、管理與採取行動來幫助公司，並從中獲得長期報酬。而我們也以機構持股多寡去區分樣本，結果發現不管持股多寡的機構投資人，他們的持股穩定度對於公司併購後長期營運表現以及長期市場超額報酬都有顯著正相關。最後，發現公共退休基金的持股穩定度相較其他投資者對於併購後長期營運與市場表現有顯著的正向影響，退休基金相較其他金融機構更能有效進行監督。[[abstract]]In contrast to the previous literatures mostly focused on the impact of the proportion of institutional ownership on the corporate policies, this study use the institutional ownership stability and US merger data from 1984 to 2013 to explore the impact of institutional ownership stability on acquiring firms’ M&A decisions and post merger performance. The empirical results show that institutional ownership stability is significantly and positively related to merger completion, operating performance and buy-and -hold return, but, makes no impact on the method of payment for merger, cross-border merger, diversification merger, merger premium and announcement returns. The evidence reveals that the more stable institutional investors will not refer to short-term information to trade but supervise, manage and take action to help the company, and moreover, get a long-term reward from them. We also find that no matter the amount of institutional ownership, institutional ownership stability is still significantly and positively related to operational performance and buy-and-hold return. Finally, we find that public pension funds are more active in monitor post-merger performance than other types of institutions.[[note]]碩