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Crisis to Opportunity: The Role of Consumer Awareness in Mergers and Acquisitions (M&As) during the COVID-19 Pandemic

  • Hojoon Jang (College of Business Administration, Seoul National University) ;
  • Junhee Seok (School of Business, Chungnam National University) ;
  • Jongdae Kim (School of Business Administration, Chonnam National University)
  • Received : 2023.05.12
  • Accepted : 2024.01.03
  • Published : 2024.04.30
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Abstract

In the uncertainty fueled by the COVID-19 pandemic, mergers and acquisitions (M&As) have emerged as key strategic responses by firms. This study explores the impact of M&As on acquirers' firm value, utilizing a firm-level panel dataset from SDC Platinum. Empirical evidence recognizes the potential negative impact of transaction value in M&As and the pandemic's effect on market uncertainty that may occasionally exacerbate the adverse influence on acquirers' firm value. The findings indicate that effective marketing strategies, such as enhancing consumer awareness through increasing advertising expenditures, can counterbalance these influences, particularly during uncertain times. This study accentuates the importance of adaptability and a responsive marketing approach in managing M&As during a global crisis. It provides valuable perspectives on consumer awareness in strategic decision-making, offering insights for both academic and business communities and focusing on actionable strategies for navigating the global market turmoil transformed by COVID-19.

Keywords

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