De invloed van culturele verschillen tussen bidder en target onderneming op de waardecreatie van de bidder bij aankondiging van grensoverschrijdende fusies en overnames

Jeremy
Bruyninckx
  • Frederiek
    Schoubben
  • Roel
    Brouwers

  PERSBERICHT: Cultuur van geen belang bij fusies en overnames

Antwerpen, 19 mei 2015 – Een onderzoek uitgevoerd in samenwerking met de KU Leuven toont aan dat cultuur van ondergeschikt belang is op de waardecreatie bij fusies en overnames (F&O’s). Het economische aspect primeert.

605 fusies en overnames, in de periode tussen 2003-2013, werden geanalyseerd om te onderzoeken wat de invloed is van culturele verschillen tussen bidder en target op de waardecreatie bij grensoverschrijdende fusies en overnames. De bidders zijn Europese beursgenoteerde ondernemingen, de targets zijn daarentegen wereldwijd verspreid. De analyse wijst uit dat culturele factoren zoals de aanwezigheid van een gemeenschappelijke taal, religie en rechtssysteem tussen bidder en target geen betekenisvolle impact hebben op de waardecreatie. Dit geldt ook voor een kleine culturele afstand en een gelijkaardig corruptieniveau tussen bidder en target land. Zelfs in bepaalde situaties, zoals bijvoorbeeld een F&O tussen bedrijven uit dezelfde sector of een deal volledig in cash betaald, versterken of verzwakken de culturele factoren de waardecreatie niet. Cultuur is met name van ondergeschikt belang in vergelijking met economische aspecten. Gelijkaardige onderzoeken van onder andere Lewis et al. (1985), Buch & DeLong (2003) en Ahern et al. (2012) worden hierbij tegengesproken.

Verder toont het onderzoek een positieve waardecreatie bij aankondiging van fusies en overnames voor de Europese beursgenoteerde bidder. De aandelenmarkt reageert met andere woorden positief op de F&O-aankondiging. Dit resultaat staat in contrast met het onderzoek van Craninckx & Huygebaert (2011) die geen betekenisvolle impact vinden van F&O-aankondigingen in Europa voor 200 deals tussen 1997-2006.

Over KU Leuven

De Katholieke Universiteit Leuven is de grootste en oudste universiteit van België met een sterke focus op onderzoek van internationaal hoog niveau, kwalitatief onderwijs en maatschappelijk relevante dienstverlening. De universiteit met haar 15 faculteiten biedt bachelor- en masteropleidingen aan op 11 locaties in Vlaanderen.

Contactpersoon: Jeremy Bruyninckx (jeremy.bruyninckx@student.kuleuven.be) - Faculteit Economie en Bedrijfswetenschappen

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Universiteit of Hogeschool
KU Leuven
Thesis jaar
2015
Thema('s)
Economische en toegepaste economische wetenschappen
Kernwoorden
onderneming,
finance,
Bedrijf,
overname,
fusie,
Cultuur,
Culturele verschillen