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Productivity and spillover effect of merger and acquisitions in Malaysia

Aik, Nai Chiek and Hassan, Mohammad Kabir and Chowdury, Taufiq Hassan Shah and Ramadilli Mohd, Shamsher Mohamad (2015) Productivity and spillover effect of merger and acquisitions in Malaysia. Management Research Review, 38 (3). pp. 320-344. ISSN 2040-8269

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Abstract

Purpose: This paper aims to examine the productivity and spillover effect of Malaysian horizontal merger and acquisition (M&A) activities in the long run. Design/methodology/approach: In terms of analytical tools, economic value added (EVA) and data envelopment analysis (DEA) are used. Findings: The results of this study reveal that M&As in the absence of antitrust laws could be driven by managerial self-interest to create market power instead of realizing synergistic gains. Also, in Malaysia, the non-merging rival firms have significantly higher productivity improvement than the control bidder firms, and therefore, this study has identified the spillover effect as a behavior of M&A reaction. Originality/value: This paper differs from previous studies in that it attempts not only to examine the real long-term gains of horizontal M&A activities in Malaysia but also the spillover effects of M&A activities on similar but non-merging firms.

Item Type:Article
Keyword:DEA; EVA; Government policy; Malaysia; Merger
Faculty or Institute:Faculty of Economics and Management
Publisher:Emerald Group Publishing
DOI Number:10.1108/MRR-07-2013-0178
Altmetrics:http://www.altmetric.com/details.php?domain=psasir.upm.edu.my&doi=10.1108/MRR-07-2013-0178
ID Code:46014
Deposited By: Nabilah Mustapa
Deposited On:07 Jun 2016 16:18
Last Modified:07 Jun 2016 16:18

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