دسته بندی:

حسابداری و حسابرسی - accounting and auditing

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سال انتشار:

2021

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عنوان انگلیسی مقاله:

The role of accounting conservatism in M&A target selection

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ترجمه فارسی عنوان مقاله:

نقش محافظه کاری حسابداری در انتخاب هدف M&A

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منبع:

ScienceDirect- Elsevier- China Journal of Accounting Research, 14 (2021) 100204: doi:10:1016/j:cjar:2021:100204

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نویسنده:

Qingquan Tang

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چکیده انگلیسی:

Mergers and acquisitions (M&As) are among the most important investment activities for companies, but they contain great risks. We investigate the role of accounting conservatism in M&A target selection and risk. We find that for risk-averse reasons, firms with high accounting conservatism are likely to acquire profitable targets and avoid loss-making targets. When such firms acquire loss-making targets, the conservatism’s risk-control role reduces M&A risk and increases M&A performance, but only when control of the target is transferred and the acquirer has high long-term debt and low management power. Furthermore, accounting conservatism reduces risk by increasing the maturity match between cash flow and debt. Our results suggest that accounting conservatism plays not only a risk-averse role but also a riskcontrol role, providing new evidence for the usefulness of accounting conservatism in M&A decisions.
Keyword: Target selection | Accounting conservatism | Risk aversion | Risk control

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قیمت: رایگان

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توضیحات اضافی:

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