w88 casino News Network (International Business w88 casinoFeed)Recently, the collaborative paper "The effect of international takeover lawson corporate resource adjustments: Marketdiscipline and/or managerial myopia?" (by James N. Cannon, Bingbing Hu, Jay J. Lee, and Daoguang Yang) by Professor Yang Daoguang of w88 casino's International Business w88 casino was published by the top international management journalsJournal of International Business StudiesOfficially accepted for publication.
The article "The effect of international takeover lawson corporate resource adjustments: Marketdiscipline and/or managerial myopia?" uses the event that different countries have successively passed merger laws as a quasi-natural experiment to empirically test how the threat of mergers and acquisitions affects management's resource adjustment decisions. The study found that: Although some evidence shows that the passage of merger and acquisition laws prevents management from acquiring and retaining redundant resources (i.e., the "market surveillance" hypothesis); more evidence shows that the passage of these bills causes managers to underinvest in resources that create long-term value in order to obtain short-term profits (i.e., the "managerial myopia" hypothesis). Further analysis shows that the impact of merger and acquisition bills on resource adjustment is mainly concentrated in countries with weak investor protection and short-sighted culture. Consistent with the "managerial myopia" hypothesis, the long-term value contribution of corporate resources declined after the passage of the M&A Act. Although corporate profits increased in the short term after the passage of the bill, they gradually returned to the level before the passage of the bill.
Prior to this, the practice community has always believed that M&A pressure will induce management’s short-sighted behavior (i.e., short-termism), but has suffered from the lack of supporting empirical evidence from academia. This study fills this research gap to a large extent. In addition to its theoretical contribution, this study also has important practical implications: when policy-making authorities, corporate boards of directors, investors, and researchers evaluate the net effect of the threat of mergers and acquisitions, they must see both the benefits it brings as a market supervision mechanism and the disadvantages it brings by inducing management to be short-sighted.
Journal of International Business Studies(abbreviated as JIBS) was founded in 1970. It is one of the internationally recognized authoritative (top) journals (24) of UT Dallas's economics and management journals (24 titles), and is regarded as one of the most important academic journals in the field of management. The journal's impact factor in 2019 was 9.158, ranking third among all SSCI journals in the field of management (http://www.obhrm.net/index.php). This paper is one of the phased results funded by major projects of the National Natural Science Foundation of China. It is one of the few academic papers published in top management journals that looks at the actual differences in the international environment and is based on the core issues of corporate finance. It is also a new breakthrough in the high-level international publication of management in w88 casino.
