Examination of japanese firms’ announcement of m&a budgets

From the perspective of signaling theory and impression management theory

Katsuhiko Shimizu, Daisuke Uchida

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

In the rapidly changing and globalizing environment, mergers and acquisitions (M&As) have become increasingly important. In this study, we paid specific attention to the voluntary announcements of M&A budgets by Japanese firms. We discussed the antecedents and consequences of such announcements by incorporating the context of Japan, which has experienced an enduring economic downturn since 1990 and is in the process of adopting a Western style of governance. Drawing on signaling theory and impression management theory, this exploratory study intended to contribute to the literature by incorporating the influence of the social context and by arguing for the possibility that announcements of M&A budgets may be used not only for strategic purposes but also for impression management and to reduce information asymmetry.

Original languageEnglish
Title of host publicationAdvances in Mergers and Acquisitions
PublisherEmerald Group Publishing Ltd.
Pages53-73
Number of pages21
DOIs
Publication statusPublished - 2018 Jan 1

Publication series

NameAdvances in Mergers and Acquisitions
Volume17
ISSN (Print)1479-361X

Fingerprint

Japanese firms
Signaling theory
Management theory
Announcement
Impression management
Economic downturn
Mergers and acquisitions
Exploratory study
Social context
Information asymmetry
Japan
Governance

Keywords

  • Corporate governance
  • Cross-border M&A
  • Impression management theory
  • Japan
  • M&A budget
  • Signaling theory

ASJC Scopus subject areas

  • Business and International Management

Cite this

Shimizu, K., & Uchida, D. (2018). Examination of japanese firms’ announcement of m&a budgets: From the perspective of signaling theory and impression management theory. In Advances in Mergers and Acquisitions (pp. 53-73). (Advances in Mergers and Acquisitions; Vol. 17). Emerald Group Publishing Ltd.. https://doi.org/10.1108/S1479-361X20180000017003

Examination of japanese firms’ announcement of m&a budgets : From the perspective of signaling theory and impression management theory. / Shimizu, Katsuhiko; Uchida, Daisuke.

Advances in Mergers and Acquisitions. Emerald Group Publishing Ltd., 2018. p. 53-73 (Advances in Mergers and Acquisitions; Vol. 17).

Research output: Chapter in Book/Report/Conference proceedingChapter

Shimizu, K & Uchida, D 2018, Examination of japanese firms’ announcement of m&a budgets: From the perspective of signaling theory and impression management theory. in Advances in Mergers and Acquisitions. Advances in Mergers and Acquisitions, vol. 17, Emerald Group Publishing Ltd., pp. 53-73. https://doi.org/10.1108/S1479-361X20180000017003
Shimizu K, Uchida D. Examination of japanese firms’ announcement of m&a budgets: From the perspective of signaling theory and impression management theory. In Advances in Mergers and Acquisitions. Emerald Group Publishing Ltd. 2018. p. 53-73. (Advances in Mergers and Acquisitions). https://doi.org/10.1108/S1479-361X20180000017003
Shimizu, Katsuhiko ; Uchida, Daisuke. / Examination of japanese firms’ announcement of m&a budgets : From the perspective of signaling theory and impression management theory. Advances in Mergers and Acquisitions. Emerald Group Publishing Ltd., 2018. pp. 53-73 (Advances in Mergers and Acquisitions).
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