Personalintensitetens påverkan på företagsprestation efter förvärv

Sammanfattning: Purpose: Study if and how personnel-intensity affects companies' post acquisition stock performance Methodology: Quantitative study of 90 american companies that in 2007 made acquisition deals worth over $100 MUSD. An event window of five days was used, and comparisons between industries were done to find correlation between personnel-intensity and performance. Theoretical Perspectives: Based on previous research and theories, from different perspectives like organization, strategy, and economics and finance. Summary of studies and definitions and concepts. Empirical Foundation: Quantitative data of 90 public, american companies, collected using Thomson Reuters Eikon for statistical analysis in SPSS. Conclusions: Acquisitions of manufacturing companies had a larger probability of a positive CAR, while acquisitions of service companies had a larger probability of a negative CAR. 60,6 % of all acquisitions between manufacturing companies, and all acquisitions where service companies acquired manufacturing companies, lead to a positive cumulative abnormal return. Acquisitions of service companies, on the other hand, tend to have a negative effect on the stock prices, as it fell in 68,1 % of cases of acquisitions between service companies, and 42,9 % of acquisitions where manufacturing companies acquired service companies. Target companies' industry proved to have an effect on CAR, as 35,2 % of acquisitions of service companies resulted in positive CAR. For acquisition of manufacturing companies, this number was 63,9 %. These results are all statistically significant on the level 5 %. Nothing statistically significant could be determined in regard to the acquiring companies' industry. Last, a multiple linear regression was conducted, but without any significant results.