Choice of acquisition form in Australia and the post-takeover employment of target firm directors on the acquiring firm board

Bugeja, M; da Silva Rosa, R; Izan, HY; Ngan, S

Choice of acquisition form in Australia and the post-takeover employment of target firm directors on the acquiring firm board

Bugeja, M

da Silva Rosa, R Izan, HY Ngan, S

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Publication Type:: Journal Article
Citation:: Accounting and Finance, 2019, 59 (4), pp. 2235 - 2271
Issue Date:: 2019-12-01

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Field	Value	Language
dc.contributor.author	Bugeja, M https://orcid.org/0000-0002-1941-5092	en_US
dc.contributor.author	da Silva Rosa, R	en_US
dc.contributor.author	Izan, HY	en_US
dc.contributor.author	Ngan, S	en_US
dc.date.issued	2019-12-01	en_US
dc.identifier.citation	Accounting and Finance, 2019, 59 (4), pp. 2235 - 2271	en_US
dc.identifier.issn	0810-5391	en_US
dc.identifier.uri	http://hdl.handle.net/10453/137160
dc.description.abstract	© 2017 AFAANZ In Australia, a corporate acquisition can be structured as either a scheme of arrangement or a takeover. We investigate the association between deal structure and the retention of target directors on the merged entity board. We find that the odds of a target director subsequently sitting on the merged entity's board are significantly higher in schemes. The results also show that premiums are lower in schemes of arrangement when additional target directors are appointed to the board of the acquiring firm. The findings indicate that target director appointment is unrelated to the merged entity's post-acquisition performance.	en_US
dc.relation	http://purl.org/au-research/grants/arc/DP120101987
dc.relation.ispartof	Accounting and Finance	en_US
dc.relation.isbasedon	10.1111/acfi.12307	en_US
dc.rights	info:eu-repo/semantics/openAccess
dc.subject.classification	Accounting	en_US
dc.title	Choice of acquisition form in Australia and the post-takeover employment of target firm directors on the acquiring firm board	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	59	en_US
utslib.for	150303 Corporate Governance and Stakeholder Engagement	en_US
utslib.for	150103 Financial Accounting	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	open_access	*
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	59	en_US

Abstract:

© 2017 AFAANZ In Australia, a corporate acquisition can be structured as either a scheme of arrangement or a takeover. We investigate the association between deal structure and the retention of target directors on the merged entity board. We find that the odds of a target director subsequently sitting on the merged entity's board are significantly higher in schemes. The results also show that premiums are lower in schemes of arrangement when additional target directors are appointed to the board of the acquiring firm. The findings indicate that target director appointment is unrelated to the merged entity's post-acquisition performance.

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http://hdl.handle.net/10453/137160