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Study on the Peer Effect of Unrelated M&As Decisions
School of Business Administration, South China University of Technology, Guangzhou, China
- 1 School of Business Administration, South China University of Technology, Guangzhou, China
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Abstract
This paper takes 7464 pieces of M&As events for A-share listed companies in China from 2010 to 2015 as samples and investigates the industry peer effect of unrelated M&As decisions. The research shows that there exists the peer effect when companies make unrelated M&As decisions in the same industry. This paper also makes further examinations and finds that the M&As experience and scale of companies enhance the peer effect. Moreover, companies with more industry competitions have more obvious industry peer effect. This paper enriches the M&As decisions theory and has guiding significance in practice.
KeywordsM&As DecisionsUnrelated M&AsPeer Effect
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