Economic policy uncertainty and acquisition performance: Australian evidence

Article


Shams, Syed, Gunaskerage, Abey and Velayutham, Eswaran. 2022. "Economic policy uncertainty and acquisition performance: Australian evidence." International Review of Economics and Finance. 78, pp. 286-308. https://doi.org/10.1016/j.iref.2021.12.004
Article Title

Economic policy uncertainty and acquisition performance: Australian evidence

ERA Journal ID18553
Article CategoryArticle
AuthorsShams, Syed (Author), Gunaskerage, Abey (Author) and Velayutham, Eswaran (Author)
Journal TitleInternational Review of Economics and Finance
Journal Citation78, pp. 286-308
Number of Pages23
Year2022
Place of PublicationUnited Kingdom
ISSN1059-0560
1873-8036
Digital Object Identifier (DOI)https://doi.org/10.1016/j.iref.2021.12.004
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S1059056021002525
Abstract

We investigate the influence of economic policy uncertainty on the market valuation of acquisitions undertaken by Australian firms, finding a negative association between economic policy uncertainty and abnormal returns earned by acquirers. In general, with greater economic policy uncertainty, acquirers pay higher premiums, execute transactions more quickly and are less likely to complete deals. With respect to acquisition choices, acquirers prefer to purchase public targets versus private targets, use stock swaps versus cash in financing deals and are less likely to make cross-border acquisitions. Deals completed at a time of heightened economic policy uncertainty are found to contribute to acquirers’ significant underperformance in the long run. Our main findings are robust after addressing issues related to sample selection bias and selection based on observable firm characteristics. Our findings support the notion that economic policy uncertainty adversely affects acquisition outcomes in Australia.

KeywordsAcquisitions; Bid premiums; Economic policy uncertainty; Market reactions; Mergers
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
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Byline AffiliationsSchool of Business
Monash University
Institution of OriginUniversity of Southern Queensland
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