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2011

Effect of political uncertainty and corporate investment cycles in Nepal

Author:M.N.Yadav

Abstract:
The present study investigates the relationship between corporate governance profile of acquiring firms and operating performance changes associated with merger and acquisitions in political uncertainty in Nepal. The financial sector mergers and acquisitions have been selected as sample transactions for the period of 2008 to 2011 and two years pre- and post-merger analysis has been conducted by using OLS regression. The estimated results indicated that post-merger operating performance of acquiring firms is positively related to its pre-merger level. Moreover, board size and CEO duality are negatively while board independence, outside dominated boards, and presence of large independent block holder are positively related to change in post-merger operating performance of acquiring firms in Pakistan. The results were also robust with an alternative dependent variable of change in market value of acquiring firms. The results from replaced dependent variable were found to be more strong and cohesive with corporate governance profile of acquiring firms. Aligned with the existing literature, the study concluded that effective corporate governance mechanism does play its role in aligning the interests of managers with shareholders and enhances value for firms, particularly in large scale transactions of mergers and acquisition.