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
PublisherElsevier
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
Public Notes

Files associated with this item cannot be displayed due to copyright restrictions.

Byline AffiliationsSchool of Business
Monash University
Institution of OriginUniversity of Southern Queensland
Permalink -

https://research.usq.edu.au/item/q6z38/economic-policy-uncertainty-and-acquisition-performance-australian-evidence

Log in to edit
  • 115
    total views
  • 3
    total downloads
  • 1
    views this month
  • 0
    downloads this month

Export as

Related outputs

CEO Connectedness and Firm Transparency
Luong, Hoa, Minnick, Kristina, Mia, Mia L. and Shams, Syed. 2024. "CEO Connectedness and Firm Transparency." European Financial Management. https://doi.org/10.1111/eufm.12527
Estimating probability of default via delinquencies? Evidence from European P2P lending market
Nigmonov, Asror, Shams, Syed and Urbonas, Povilas. 2024. "Estimating probability of default via delinquencies? Evidence from European P2P lending market." Global Finance Journal. 63. https://doi.org/10.1016/j.gfj.2024.101050
Impact of Corporate Climate Change Performance on Information Asymmetry: International Evidence
Dey, Sajal Kumar, Bose, Sudipta, Luo, Le and Shams, Syed. 2024. "Impact of Corporate Climate Change Performance on Information Asymmetry: International Evidence ." Journal of International Accounting Research. https://doi.org/10.2308/JIAR-2022-057/12903
Does continuous disclosure affect the market reaction to mergers and acquisitions announcements?
Shams, Syed, Bose, Sudipta, Gunasekarage, Abeyratna and Velayutham, Eswaran. 2024. "Does continuous disclosure affect the market reaction to mergers and acquisitions announcements?" Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2024.102540
Consumer confidence and cryptocurrency excess returns: a three-factor model
Peng, Sanshao, Shams, Syed, Prentice, Catherine and Sarker, Tapan. 2024. "Consumer confidence and cryptocurrency excess returns: a three-factor model." Global Finance Journal. 62. https://doi.org/10.1016/j.gfj.2024.101029
Economic policy uncertainty, carbon emissions and firm valuation: International evidence
Bose, Sudipta, Shams, Syed, Ali, Searat, Mamun, Abdullah Al and Chang, Millicent. 2024. "Economic policy uncertainty, carbon emissions and firm valuation: International evidence." British Accounting Review. https://doi.org/10.1016/j.bar.2024.101453
Pricing media sentiment: Evidence from global mergers and acquisitions
Shams, Syed, Bose, Sudipta and Sheikhbahaei, Ali. 2024. "Pricing media sentiment: Evidence from global mergers and acquisitions." Pacific-Basin Finance Journal. 86. https://doi.org/10.1016/j.pacfin.2024.102447
Target firm’s integrity culture and M&A performance
Balachandran, Balasingham, Faff, Robert W., Mishra, Sagarika and Shams, Syed. 2024. "Target firm’s integrity culture and M&A performance." Journal of Business Finance and Accounting. https://doi.org/10.1111/jbfa.12818
Does size matter Examining the probability of firm emergence from bankruptcy
Zikri, Miftah, Shams, Syed, Rashid, Afzalur and Krishnamurti, Chandrasekhar. 2024. "Does size matter Examining the probability of firm emergence from bankruptcy." International Review of Finance. https://doi.org/10.1111/irfi.12462
Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries
Al-Fakir, Eltayyeb Al-Fakir, Rashid, Afzalur, Shams, Syed and Bose, Sudipta. 2024. "Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries ." Journal of Contemporary Accounting and Economics. 20 (2). https://doi.org/10.1016/j.jcae.2024.100427
A Framework to Assess Possible Sources of Stakeholder Exploitation: A Developing Country Case
Shafique, Kamran, Shams, Syed and Sarker, Tapan. 2024. "A Framework to Assess Possible Sources of Stakeholder Exploitation: A Developing Country Case." International Journal of Disaster Risk Science. 15 (1), pp. 32-44. https://doi.org/10.1007/s13753-024-00538-w
Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market
Nigmonov, Asror, Shams, Syed and Alam, Khorshed. 2024. "Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market." Emerging Markets Review. 58, pp. 1-20. https://doi.org/10.1016/j.ememar.2023.101084
A systematic literature review on the determinants of cryptocurrency pricing
Peng, Sanshao, Prentice, Catherine, Shams, Syed and Sarker, Tapan. 2024. "A systematic literature review on the determinants of cryptocurrency pricing." China Accounting and Finance Review. 26 (1), pp. 1-30. https://doi.org/10.1108/CAFR-05-2023-0053
CEO-director ties and board gender diversity: US evidence
Luong, Hoa, Khedmati, Mehdi, Nguyen, Lan Anh, Nigmonov, Asror, Ovi, Nafisa Zabeen and Shams, Syed. 2023. "CEO-director ties and board gender diversity: US evidence." Journal of Behavioral and Experimental Finance. 40.
Does Clean Energy Reduce Environmental Pollution under the Environmental Kuznets Curve Hypothesis in Sri Lanka?
Velayutham, Eswaran. 2023. "Does Clean Energy Reduce Environmental Pollution under the Environmental Kuznets Curve Hypothesis in Sri Lanka?" Sustainability. 15 (14). https://doi.org/10.3390/su151410983
Board gender diversity and acquisition choices
Gunasekarage, Abeyratna, Khedmati, Mehdi, Minnick, Kristina and Shams, Syed. 2023. "Board gender diversity and acquisition choices." Journal of Financial Research. 46 (4), pp. 949-991. https://doi.org/10.1111/jfir.12345
Climate-linked compensation, societal values, and climate change impact: International evidence
Bose, Sudipta, Burns, Natasha, Minnick, Kristina and Shams, Syed. 2023. "Climate-linked compensation, societal values, and climate change impact: International evidence." Corporate Governance (Oxford): an international review. 31 (5), pp. 759-785. https://doi.org/10.1111/corg.12504
Do foreign institutional investors influence corporate climate change disclosure quality? International evidence
Bose, Sudipta, Lim, Edwin, Minnick, Kristina and Shams, Syed. 2024. "Do foreign institutional investors influence corporate climate change disclosure quality? International evidence." Corporate Governance (Oxford): an international review. 32 (2), pp. 322-347. https://doi.org/10.1111/corg.12535
Are environmental damage and export concentration the major threats for the long-run economic growth in Bangladesh?
Rahman, Mohammad Mafizur, Velayutham, Eswaran and Kashem, Mohammad Abul. 2023. "Are environmental damage and export concentration the major threats for the long-run economic growth in Bangladesh? " PLoS One. 18 (4), pp. 1-18. https://doi.org/https://doi.org/10.1371/journal.pone.0284620
Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries
Al-Fakir Al Rabab'a, Eltayyeb, Rashid, Afzalur and Shams, Syed. 2023. "Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries." International Review of Financial Analysis. 88, pp. 1-16. https://doi.org/10.1016/j.irfa.2023.102641
Gender diversity and acquisitions: How female directors add value in acquisition decisions
Shams, Syed, Minnick, Kristina, Khedmati, Mehdi and Gunaskerage, Abeyratna. 2024. "Gender diversity and acquisitions: How female directors add value in acquisition decisions." Journal of Business Finance and Accounting. 51 (1-2), pp. 113-147. https://doi.org/10.1111/jbfa.12688
Media coverage and patent trolls: A study on US high-tech firms
Siddiqui, Sayla and Shams, Syed. 2023. "Media coverage and patent trolls: A study on US high-tech firms." Journal of Behavioral and Experimental Finance. 37, pp. 1-16. https://doi.org/10.1016/j.jbef.2022.100782
The Impact of Corporate ESG Performance Disclosure Across Australian Industries
Gholami, Amir, Sands, John and Shams, Syed. 2022. "The Impact of Corporate ESG Performance Disclosure Across Australian Industries." Australasian Accounting Business and Finance Journal. 16 (4), pp. 180-200. https://doi.org/10.14453/aabfj.v16i4.10
Impact of ICTs on Innovation and Performance of Firms: Do Start-ups, Regional Proximity and Skills Matter?
Alam, Khorshed, Ali, Mohammad Afshar, Erdiaw-Kwasie, Michael, Shahiduzzaman, Md, Velayutham, Eswaran, Murray, Peter A. and Wiesner, Retha. 2022. "Impact of ICTs on Innovation and Performance of Firms: Do Start-ups, Regional Proximity and Skills Matter?" Sustainability. 14 (10), pp. 1-18. https://doi.org/10.3390/su14105801
Corporates’ sustainability disclosures impact on cost of capital and idiosyncratic risk
Gholami, Amir, Sands, John and Shams, Syed. 2023. "Corporates’ sustainability disclosures impact on cost of capital and idiosyncratic risk." Meditari Accountancy Research. 31 (4), pp. 861-886. https://doi.org/10.1108/MEDAR-06-2020-0926
Does tourism contribute towards zero-carbon in Australia? Evidence from ARDL modelling approach
Khanal, Avishek, Rahman, Mohammad Mafizur, Khanam, Rasheda and Velayutham, Eswaran. 2022. "Does tourism contribute towards zero-carbon in Australia? Evidence from ARDL modelling approach." Energy Strategy Reviews. 43, pp. 1-12. https://doi.org/10.1016/j.esr.2022.100907
The role of tourism in service sector employment: Do market capital, financial development and trade also play a role?
Khanal, Avishek, Rahman, Mohammad Mafizur, Khanam, Rasheda and Velayutham, Eswaran. 2022. "The role of tourism in service sector employment: Do market capital, financial development and trade also play a role?" PLoS One. 17 (8), pp. 1-18. https://doi.org/10.1371/journal.pone.0270772
Reduction of CO2 emissions: the role of renewable energy, technological innovation and export quality
Rahman, Mohammad Mafizur, Alam, Khosrul and Velayutham, Eswaran. 2022. "Reduction of CO2 emissions: the role of renewable energy, technological innovation and export quality." Energy Reports. 8, pp. 2793-2805. https://doi.org/10.1016/j.egyr.2022.01.200
Does managerial ability matter for corporate climate change disclosures?
Daradkeh, Hussein, Shams, Syed, Bose, Sudipta and Gunaskerage, Abeyratna. 2023. "Does managerial ability matter for corporate climate change disclosures?" Corporate Governance (Oxford): an international review. 31 (1), pp. 83-104. https://doi.org/10.1111/corg.12436
Determinants and consequences of student satisfaction in Australian Universities: Evidence from QILT Surveys
Biswas, Kumar, Bose, Sudipta, Chang, Millicent and Shams, Syed. 2023. "Determinants and consequences of student satisfaction in Australian Universities: Evidence from QILT Surveys." Accounting and Finance. 63 (2), pp. 1821-1850. https://doi.org/10.1111/acfi.12930
Exploring the Impact of Air Transport on Economic Growth: New Evidence from Australia
Khanal, Avishek, Rahman, Mohammad Mafizur, Khanam, Rasheda and Velayutham, Eswaran. 2022. "Exploring the Impact of Air Transport on Economic Growth: New Evidence from Australia." Sustainability. 14 (18), pp. 1-17. https://doi.org/10.3390/su141811351
Renewable energy, energy intensity and carbon reduction: Experience of large emerging economies
Rahman, Mohammad Mafizur, Sultana, Nahid and Velayutham, Eswaran. 2022. "Renewable energy, energy intensity and carbon reduction: Experience of large emerging economies." Renewable Energy. 184, pp. 252-265. https://doi.org/10.1016/j.renene.2021.11.068
Corporate social responsibility, business group affiliation and shareholder wealth: evidence from an emerging market
Velayutham, Eswaran and Ratnam, Vijayakumaran. 2022. "Corporate social responsibility, business group affiliation and shareholder wealth: evidence from an emerging market." Social Responsibility Journal. 18 (4), pp. 723-743. https://doi.org/10.1108/SRJ-08-2020-0337
Socioeconomic inequalities in teenage pregnancy in Nigeria: evidence from Demographic Health Survey
Okoli, Chijioke Ifeanyi, Hajizadeh, Mohammad, Rahman, Mohammad Mafizur, Velayutham, Eswaran and Khanam, Rasheda. 2022. "Socioeconomic inequalities in teenage pregnancy in Nigeria: evidence from Demographic Health Survey." BMC Public Health. 22, pp. 1-11. https://doi.org/10.1186/s12889-022-14146-0
COVID‐19 impact, sustainability performance and firm value: international evidence
Bose, Sudipta, Shams, Syed, Ali, Muhammad Jahangir and Mihret, Dessalegn. 2022. "COVID‐19 impact, sustainability performance and firm value: international evidence." Accounting and Finance. 62 (1), pp. 597-643. https://doi.org/10.1111/acfi.12801
Pre-deal differences in corporate social responsibility and acquisition performance
Hussain, Tanveer and Shams, Syed. 2022. "Pre-deal differences in corporate social responsibility and acquisition performance." International Review of Financial Analysis. 81, pp. 1-17. https://doi.org/10.1016/j.irfa.2022.102083
FinTech and macroeconomics: Dataset from the US peer-to-peer lending platform
Nigmonov, Asror, Shams, Syed and Alam, Khorshed. 2021. "FinTech and macroeconomics: Dataset from the US peer-to-peer lending platform." Data in Brief. 39, pp. 1-10. https://doi.org/10.1016/j.dib.2021.107666
COVID‑19 pandemic risk and probability of loan default: evidence from marketplace lending market
Nigmonov, Asror and Shams, Syed. 2021. "COVID‑19 pandemic risk and probability of loan default: evidence from marketplace lending market." Financial Innovation. 7 (1), pp. 1-28. https://doi.org/10.1186/s40854-021-00300-x
Does corporate tax avoidance promote managerial empire building?
Shams, Syed, Bose, Sudipta and Gunasekarage, Abeyratna. 2022. "Does corporate tax avoidance promote managerial empire building?" Journal of Contemporary Accounting and Economics. 18 (1), pp. 1-27. https://doi.org/10.1016/j.jcae.2021.100293
Corruption risk and stock market effects: evidence from the defence industry
Krishnamurti, Chandrasekhar, Pensiero, Domenico and Velayutham, Eswaran. 2021. "Corruption risk and stock market effects: evidence from the defence industry." Pacific-Basin Finance Journal. 70, pp. 1-19. https://doi.org/10.1016/j.pacfin.2021.101681
Are tourism and energy consumption linked? Evidence from Australia
Khanal, Avishek, Rahman, Mohammad Mafizur, Khanam, Rasheda and Velayutham, Eswaran. 2021. "Are tourism and energy consumption linked? Evidence from Australia." Sustainability. 13 (19), pp. 1-21. https://doi.org/10.3390/su131910800
Is industrial pollution detrimental to public health? Evidence from the world’s most industrialised countries
Rahman, Mohammad Mafizur, Alam, Khosrul and Velayutham, Eswaran. 2021. "Is industrial pollution detrimental to public health? Evidence from the world’s most industrialised countries." BMC Public Health. 21, pp. 1-11. https://doi.org/10.1186/s12889-021-11217-6
CEO pay slice and acquisitions in Australia: the role of tournament incentives
Luong, Hoa, Gunasekarage, Abeyratna and Shams, Syed. 2022. "CEO pay slice and acquisitions in Australia: the role of tournament incentives." International Journal of Managerial Finance. 18 (5), pp. 833-868. https://doi.org/10.1108/IJMF-06-2021-0292
Macroeconomic determinants of loan defaults: evidence from the U.S. peer-to-peer lending market
Nigmonov, Asror, Shams, Syed and Alam, Khorshed. 2022. "Macroeconomic determinants of loan defaults: evidence from the U.S. peer-to-peer lending market." Research in International Business and Finance. 59, pp. 1-13. https://doi.org/10.1016/j.ribaf.2021.101516
Does carbon risk matter for corporate acquisition decisions?
Bose, Sudipta, Minnick, Kristina and Shams, Syed. 2021. "Does carbon risk matter for corporate acquisition decisions?" Journal of Corporate Finance. 70, pp. 1-24. https://doi.org/10.1016/j.jcorpfin.2021.102058
Female directors and acquisitions: Australian evidence
Lucas, Ryley, Gunasekarage, Abeyratna, Shams, Syed and Edirisuriya, Piyadasa. 2021. "Female directors and acquisitions: Australian evidence." Pacific-Basin Finance Journal. 68. https://doi.org/10.1016/j.pacfin.2021.101600
The Hayne Royal Commission and the financial planning advice: A review of the impact on the operating model of financial advice firms
Abu-Taleb, Mohammad, Rashid, Afzalur and Shams, Syed. 2021. "The Hayne Royal Commission and the financial planning advice: A review of the impact on the operating model of financial advice firms." Financial Planning Research Journal. 6 (1), pp. 74-85.
Halal market emergence and export opportunity: the comparative advantage perspective
Kabir, Shahriar, Shams, Syed and Lawrey, Roger. 2019. "Halal market emergence and export opportunity: the comparative advantage perspective." Xu, Jiuping, Cooke, Fang Lee, Gen, Mitsuo and Ahmed, Syed Ejaz (ed.) 12th International Conference on Management Science and Engineering Management (ICMSEM 2018). Melbourne, Australia 01 - 04 Aug 2018 Cham, Switzerland. https://doi.org/10.1007/978-3-319-93351-1_122
Threat of hostile takeover and the cost of seasoned equity offerings
Sheikhbahaei, Ali and Shams, Syed. 2022. "Threat of hostile takeover and the cost of seasoned equity offerings." International Journal of Managerial Finance. 18 (1), pp. 156-180. https://doi.org/10.1108/IJMF-03-2020-0106
Does firm life cycle have impacts on managerial promotion tournament incentives?
Chowdhury, Hasibul and Shams, Syed. 2021. "Does firm life cycle have impacts on managerial promotion tournament incentives?" Australian Journal of Management. 46 (4), pp. 593-628. https://doi.org/10.1177/0312896220974417
Competition in the acquisition market and returns to bidders in Australia
Shams, Syed. 2021. "Competition in the acquisition market and returns to bidders in Australia." Research in International Business and Finance. 55, pp. 1-21. https://doi.org/10.1016/j.ribaf.2020.101339
CEO power and corporate social responsibility (CSR) disclosure: does stakeholder influence matter?
Rashid, Afzalur, Shams, Syed, Bose, Sudipta and Khan, Habib. 2020. "CEO power and corporate social responsibility (CSR) disclosure: does stakeholder influence matter?" Managerial Auditing Journal. 35 (9), pp. 1279-1312. https://doi.org/10.1108/MAJ-11-2019-2463
Evidence on the trade-off between corporate social responsibility and mergers and acquisitions investment
Krishnamurti, Chandrasekhar, Shams, Syed and Chowdhury, Hasibul. 2021. "Evidence on the trade-off between corporate social responsibility and mergers and acquisitions investment." Australian Journal of Management. 46 (3), pp. 466-498. https://doi.org/10.1177/0312896220950394
Sustainability disclosure and earnings management
Velayutham, Eswaran. 2018. "Sustainability disclosure and earnings management." Boubaker, Sabri, Cumming, Douglas and Nguyen, Duc Khuong (ed.) Research Handbook of Finance and Sustainability. Cheltenham, United Kingdom. Edward Elgar Publishing. pp. 532-549
Is China a source of financial contagion?
Akhtaruzzaman, Md, Abdel-Qader, Waleed, Hammami, Helmi and Shams, Syed. 2021. "Is China a source of financial contagion?" Finance Research Letters. 38, pp. 1-13. https://doi.org/10.1016/j.frl.2019.101393
A case study on Incitec Pivot's acquisition strategy of dyno nobel
Balachandran, Balasingham, Fazzino, James and Shams, Syed. 2020. "A case study on Incitec Pivot's acquisition strategy of dyno nobel." Pacific-Basin Finance Journal. 63, pp. 1-10. https://doi.org/10.1016/j.pacfin.2020.101386
Trade diversion risk for halal food exports
Kabir, Shahriar, Shams, Syed and Lawrey, Roger. 2021. "Trade diversion risk for halal food exports." Journal of Islamic Marketing. 12 (4), pp. 705-729. https://doi.org/10.1108/JIMA-07-2019-0145
Do the business cycle and revenue diversification matter for banks' capital buffer and credit risk: Evidence from ASEAN banks
Ovi, Nafisa, Bose, Sudipta, Gunasekarage, Abeyratna and Shams, Syed. 2020. "Do the business cycle and revenue diversification matter for banks' capital buffer and credit risk: Evidence from ASEAN banks." Journal of Contemporary Accounting and Economics. 16 (1), pp. 1-19. https://doi.org/10.1016/j.jcae.2020.100186
Corporate social responsibility, overconfident CEOs and empire building: Agency and stakeholder theoretic perspectives
Gul, Ferdinand A., Krishnamurti, Chandrasekhar, Shams, Syed and Chowdhury, Hasibul. 2020. "Corporate social responsibility, overconfident CEOs and empire building: Agency and stakeholder theoretic perspectives." Journal of Business Research. 111, pp. 52-68. https://doi.org/10.1016/j.jbusres.2020.01.035
Does takeover competition affect acquisition choices and bidding firm performance? Australian evidence
Faff, Robert, Gunasekarage, Abeyratna and Shams, Syed. 2020. "Does takeover competition affect acquisition choices and bidding firm performance? Australian evidence." Accounting and Finance. 60 (4), pp. 3581-3619. https://doi.org/10.1111/acfi.12527
Renewable and non-renewable energy consumption-economic growth nexus: new evidence from South Asia
Rahman, Mohammad Mafizur and Velayutham, Eswaran. 2020. "Renewable and non-renewable energy consumption-economic growth nexus: new evidence from South Asia." Renewable Energy. 147 (Part 1), pp. 399-408. https://doi.org/10.1016/j.renene.2019.09.007
Drivers of corruption risk and stock market effects: evidence from the defence industry
Pensiero, Domenico, Velayutham, Eswaran and Krishnamurti, Chandrasekhar. 2017. "Drivers of corruption risk and stock market effects: evidence from the defence industry." 8th Conference on Financial Markets and Corporate Governance (FMCG)2017. Wellington, New Zealand 19 - 21 Apr 2017 United States. https://doi.org/10.2139/ssrn.2903053
Socially responsible firms and mergers and acquisitions performance: Australian evidence
Krishnamurti, Chandrasekhar, Shams, Syed, Pensiero, Domenico and Velayutham, Eswaran. 2019. "Socially responsible firms and mergers and acquisitions performance: Australian evidence." Pacific-Basin Finance Journal. 57, pp. 1-16. https://doi.org/10.1016/j.pacfin.2019.101193
Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions
Faff, Robert, Prasadh, Shyaam and Shams, Syed. 2019. "Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions." Research in International Business and Finance. 50, pp. 267-278. https://doi.org/10.1016/j.ribaf.2019.06.002
Competition in the acquisition market and acquirers' long-run performance
Shams, Syed and Gunasekarage, Abeyratna. 2019. "Competition in the acquisition market and acquirers' long-run performance." International Finance. 22, pp. 399-421. https://doi.org/10.1111/infi.12339
Managerial acquisitiveness and corporate tax avoidance
Gul, Ferdinand A., Khedmati, Mehdi and Shams, Syed M. M.. 2020. "Managerial acquisitiveness and corporate tax avoidance." Pacific-Basin Finance Journal. 64. https://doi.org/10.1016/j.pacfin.2018.08.010
The issuance of warrants in rights offerings: agency costs and signaling effects
Balachandran, Balasingham, Kanapathippillai, Sutharson, Krishnamurti, Chandrasekhar, Theobald, Michael and Velayutham, Eswaran. 2017. "The issuance of warrants in rights offerings: agency costs and signaling effects." Australian Journal of Management. 42 (4), pp. 608-636. https://doi.org/10.1177/0312896216682062
The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence
Krishnamurti, Chandrasekhar and Velayutham, Eswaran. 2018. "The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence." Pacific-Basin Finance Journal. 50 (S1), pp. 65-81. https://doi.org/10.1016/j.pacfin.2017.09.003
Developing a generic review framework to assure capstone quality
Hammer, Sara, Abawi, Lindy, Gibbings, Peter, Jones, Hazel, Redmond, Petrea and Shams, Syed. 2018. "Developing a generic review framework to assure capstone quality." Higher Education Research and Development. 37 (4), pp. 730-743. https://doi.org/10.1080/07294360.2018.1453787
Corporate social responsibility and corruption risk: a global perspective
Krishnamurti, Chandrasekhar, Shams, Syed and Velayutham, Eswaran. 2018. "Corporate social responsibility and corruption risk: a global perspective." Journal of Contemporary Accounting and Economics. 14 (1), pp. 1-21. https://doi.org/10.1016/j.jcae.2018.02.002
Determinants of defence industry corruption risk: firm level empirical evidence using transparency international‘s anti-corruption index
Krishnamurti, Chandrasekhar, Pensiero, Domenico and Velayutham, Eswaran. 2019. "Determinants of defence industry corruption risk: firm level empirical evidence using transparency international‘s anti-corruption index." Singapore Economic Review. 64 (3), pp. 675-708. https://doi.org/10.1142/S0217590816500053
Information content of directors' trading around acquisitions
Shams, Syed M. M., Duong, Huu Nhan and Singh, Harminder. 2016. "Information content of directors' trading around acquisitions." Pacific-Basin Finance Journal. 38, pp. 177-193. https://doi.org/10.1016/j.pacfin.2016.04.004
News announcement effects of compliance with section 404 of SOX: evidence from non-accelerated filers
Khedmati, Mehdi, Navissi, Farshid, Shams, Syed and Vinkler, Daniel. 2015. "News announcement effects of compliance with section 404 of SOX: evidence from non-accelerated filers." Journal of Contemporary Accounting and Economics. 11 (3), pp. 231-244. https://doi.org/10.1016/j.jcae.2015.07.003
Target’s organisational form and returns to Australian bidders in cross-border acquisitions
Colombage, Sisira R. N., Gunasekarage, Abeyratna and Shams, Syed M. M.. 2014. "Target’s organisational form and returns to Australian bidders in cross-border acquisitions." Accounting and Finance. 54 (4), pp. 1063-1091. https://doi.org/10.1111/acfi.12031
Operating performance following corporate acquisitions: does the organisational form of the target matter?
Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Operating performance following corporate acquisitions: does the organisational form of the target matter?" Journal of Contemporary Accounting and Economics. 12, pp. 1-14. https://doi.org/10.1016/j.jcae.2016.02.001
Private public distinction of the target and the long run operating performance of acquirers
Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Private public distinction of the target and the long run operating performance of acquirers." Pacific Accounting Review. 28 (1), pp. 38-58. https://doi.org/10.1108/PAR-02-2014-0004
Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence
Shams, Syed M.M., Gunasekarage, Abeyratna and Colombage, Sisira R. N.. 2013. "Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence." Pacific-Basin Finance Journal. 24, pp. 89-108. https://doi.org/10.1016/j.pacfin.2013.04.002
Why do Australian firms issue standalone warrants?
Balachandran, Balasingham, Kanapathipillai, Sutharson, Krishnamurti, Chandrasekhar, Theobald, Michael and Velayutham, Eswaran. 2009. "Why do Australian firms issue standalone warrants?" Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Voluntary disclosure of greenhouse gas emissions, corporate governance and earnings management: Australian evidence
Velayutham, Eswaran. 2014. Voluntary disclosure of greenhouse gas emissions, corporate governance and earnings management: Australian evidence. PhD Thesis Doctor of Philosophy. University of Southern Queensland.
Issuance of warrants in seasoned equity offerings: evidence from rights offerings
Balachandran, Balasingham, Kanapathipillai, Sutharson, Krishnamurti, Chandrasekhar, Theobald, Michael and Velayutham, Eswaran. 2010. "Issuance of warrants in seasoned equity offerings: evidence from rights offerings." Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.