Professional Influence : The Effects of Investment Banks on Client's Acquistion Financing and Performance  

Oleh:

Hayward, Mathew L.A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 24 no. 9 (2003), page 783-802.
Topik: investment; sociology of professional firm; acquisition; financing

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.12 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study exaines the conditions in which professional firms use client engagements to get clients to subsequently hire them. The central thesis is that professional firms derive power from their specialized expertise and lead clients towards complex problems that apply the expertise. In particular, relative to cash - financed acquisitions, stock - financed acquisitions more intensibely apply investment banks' expertise. Consistent with expectations, results from a sample of 404 acquisitions show that firms are more likely to hire banks on stock - financed acquisitions when they have previously used banks. Evidence also suggests that clients that hire books on such acquisitions are prone to adverse performance form them. Overall, these result suggest that professional firms lead clients to complex solutions with problematic outcomes.

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