期刊
JOURNAL OF CORPORATE FINANCE
卷 67, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.jcorpfin.2020.101851
关键词
Venture capital; Syndication; Merger and acquisition
资金
- JSPS Kakenhi [20K13530]
- Monash University's New Academic Staff Grant
- Grants-in-Aid for Scientific Research [20K13530] Funding Source: KAKEN
VC syndication creates long-term value for both entrepreneurial firms and their acquirers by leading to larger and more independent boards of directors before acquisition and better incentive alignment between the CEO and the acquiring firm's shareholders.
We find that venture capital (VC) syndicate-backed targets receive higher acquisition premiums and spend more time negotiating transaction terms. The acquirers of syndicate-backed targets receive lower cumulative abnormal returns surrounding the acquisition announcement, but they outperform the individual-backed targets in the long-term. We show that VC syndication creates value for entrepreneurial firms by leading to larger and more independent boards of directors prior to acquisition. It also leads to better incentive alignment between the CEO and the shareholders of the acquiring firm. In addition, syndicate-backed targets prefer stock as the method of payment in mergers and acquisitions. Collectively, we show that VC syndication creates value for both entrepreneurial firms and their acquirers in the long-term.
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