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The Impact of Characteristics of Corporate Governance on the Effectiveness of Mergers and Acquisitions

Student: Anna Petrova

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2020

The research concentrates on the determination of the effectiveness of mergers and acquisitions for acquirers and its relationship with the characteristics of corporate governance. A broad review of the existing studies on corporate governance, its characteristics and their impact on the effectiveness of mergers and acquisitions is provided. The research appraises the stated impact using the extensive regression analysis combined with the method of abnormal cumulative returns on a sample of 200 deals made by European companies from 2010 to 2019. On the basis of the empirical analysis, it is detected that M&As create value for acquirers on the European market. Furthermore, the independency of board of directors is positively correlated with the effectiveness of mergers and acquisitions. Conversely, the size of the board and its gender diversity turned out to have a negative relationship with the effectiveness of deals.

Full text (added May 21, 2020)

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