Performance analysis of corporate events

• Autor(a) principal: Ferreira, Tomás Andrade de Moura
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.14/26888
• topic: Performance; Privatisation; Family-owned businesses; Corporate governance; Privatização; Negócios familiares; Governação corporativa; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

This paper researches the short-term effects of corporate events, such as privatisations, M&A throughout their historical waves, and IPOs of previously family owned businesses, worldwide. The aim of this research is to investigate the effect of such corporate events on the firm’s operational and financial performance, and understand if it’s beneficial to different stakeholders. Firstly, this paper will offer a brief overview of existing research on corporate events studies, followed by a series of tests considering variables that proxy a firm’s operating and financial performance. Furthermore, an analysis of multiple factors is drawn, such as if the overall results are dependent on countries or industries in which the corporate event took place. Results show that, in fact, there is an operational and financial motive for companies to follow corporate actions such as M&As, IPOs and privatisations. Depending on the different corporate action, there is strong evidence in the form of firm performance indicators that that suggest improvements to the business, thus leading to benefits for its various stakeholders. Due to the lack of research in this field, this study offers valuable insights as to the effects of the three aforementioned corporate actions and the variety of factors that influence the performance of a firm following such corporate actions.