• Korea Trade Review
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• v.41 no.4
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• pp.157-183
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• 2016

This study examines the effects of the acquirer's experience on cross-border mergers and acquisitions(CB M&A) performance. We posit that various types of experience on M&A, including heterogeneity of experience, strategic alliance experience, first CB M&A, domestic and CB M&A experience may have an influence on the performance of CB M&A. The hypotheses are tested with multiple regression on global M&As made by Korean firms over the period of more than fifteen years. The empirical results indicate that firms with domestic M&A experience and the ones with CB M&A experience improve firm performance. Specifically, CB M&A experience more strongly and positively affects CB M&A performance. It also reveals that M&A experience and first CB M&A positively affect CB M&A performance. However, heterogeneity of experience negatively affects CB M&A performance and it has found no significant relationship between strategic alliance and firm performance. In addition, data show that the better explanation is an overall U-shaped relationship than a linear one between CB M&A experience and Performance. Overall, this study contributes to the literature on CB M&A by examining the effect of various types of experience such as heterogeneity of experience and alliance experience and offering a different explanation based on experience, more specifically, addressing the negative relationship between heterogeneity of experience and M&A performance.

• Journal of Korea Trade
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• v.23 no.7
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• pp.128-146
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between internal control, economic policy uncertainty, and performance of cross-border merger and acquisition (M&A) based on the panel data of Chinese listed firms. The authors expected that internal control has a positive moderating effect on the performance of cross-border M&A and that it mainly occurs during periods when economic policies are relatively stable. In addition, the authors tried to find out the mechanism of internal control affecting cross-border M&A and the corporate performance. Design/methodology - The authors tested the hypotheses by a multivariate regression model based on the panel data of Chinese listed firms from 2009 to 2017. The dependent variable is the change value of business performance (DROA_1,2,3) and the explanatory variables are cross-border M&A (MA), China's uncertainty of economic policy (EPU), and internal control level (IC) respectively. Findings - The authors find that internal control has a positive moderating effect on the relationship between cross-border M&A and corporate performance. Further, the authors find that the moderating effect is more significant in state-owned enterprises and that it mainly occurs during periods when economic policies are relatively stable. Originality/value - This paper is the leading study that tries to analyze empirically the relationship between internal control, economic policy uncertainty, and performance of cross-border M&A. It provides a new avenue through which internal control might reasonably mitigate the risks of cross-border M&A and correspondingly improve the performance of cross-border M&A. It also confirms the moderating effect of internal control on the performance of cross-border M&A under the uncertainty of economic policy.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.1-19
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• 2023

Purpose - The purpose of this study was to examine the internal relevance between digital transformation, manipulation of asset evaluation and corporate M&A performance and further explores the impact path of manipulation of asset valuation on corporate M&A performance. Design/methodology/approach - This study based on the financial data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2021. Findings - First, manipulation of asset evaluation is negatively correlated with M&A performance. Second, Digital transformation significantly weakens the negative correlation between manipulation of asset evaluation and corporate M&A performance. Third, The effectiveness of internal control plays a partially intermediary role in the process of manipulation of asset evaluation affecting M&A performance. Research implications or Originality - Enriching the existing literature on the subject, the study can also provide useful reference for improving the performance of corporate mergers and acquisitions, regulating asset valuation, promoting the digital transformation of enterprises and improving internal control mechanisms, with both theoretical and practical implications.

• Journal of Fisheries and Marine Sciences Education
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• v.28 no.3
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• pp.799-807
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• 2016

The objective of research was to explore the effects of Kinesic taping treatment on Kayaker's athletic performance and muscle fatigue variable. In order to accomplish such study objective, this study employed 8 ordinary university students and 8 university kayaker's as study subjects. The athletic performance records and blood lactate were analyzed before and after Kinesic taping treatment (KTT). Kinesic taping treatment was applied to the regions of agonist such as vastus medialis muscle, Latissimus dorsi muscle, Trapezius muscle, Biceps brachii muscle, and Triceps brachii muscle, which are major muscles for Kayaker's. Records for rest heart rate, athletic performance and blood lactate were measured upon 200m and 500m distance exercise using kayak ergometer. Data were analyzed by SPSS 19.0 using paired t-test and one-way repeated ANOVA at significant level of a = .05. First, performance records of 200m paddling kayak showed that the ordinary university students had a mean score of 60.13 second before and 58.75 second after kinesic taping treatment. University kayakers had a mean score of 58.75 second before and 53.0 second after kinesic taping treatment. Both groups had significant differences between before and after KTT in the athletic performance. In addition, levels of blood lactate showed that the ordinary university students had a mean score of 5.89mM before and 8.90mM after KTT and university kayaker's had a mean score of 5.79mM before and 8.48mM after KTT. The ANOVA showed that the level of ordinary university students' blood lactate was significantly higher than university kayakers only after KTT. Second, performance records of 500m paddling kayak showed that the ordinary university students had a mean score of 2.90 minute before and 2.77 minute after KTT and university kayaker's had a mean score of 2.30 minute before and 2.20 minute after KTT. Both groups had significant differences between before and after KTT in the athletic performance. Moreover, only university kayaker's had a significantly higher performance record than the counterpart. Levels of blood lactate showed that the ordinary university students had a mean score of 7.71mM before and 8.85mM after KTT and university kayakers had a mean score of 8.09mM before and 8.45mM after KTT. However, such a level of increase had no significant difference between the groups

• Journal of the Korea Society of Computer and Information
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• v.12 no.1 s.45
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• pp.219-229
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• 2007

The results of the research in M&A firms in the KOSDAQ market are as follows. First, the effect of the M&A disclosure at the time of disclosure was that the positive (+) cumulative abnormal return (CAR) can be interpreted as an increase in the value of the firm; however, in the long run, firms which used the KOSDAQ index and the control firm, which did not use the index were found to have conflicting results. Second, the findings show that the rise in value of general firms resulting from a M&A were higher that those of venture firms. Third, in testing the performance extrapolation hypothesis, it was shown that the performance of "value" firms (firms with a high B/M ratio but poor performance in the past) was better after a M&A than those of the "glamour" firms and that the performance extrapolation hypothesis was substantiated. Fourth, it can be construed that a size effect in a merger exists. The CAR of the small firms surpasses those of large firms. Fifth, in verifying operating performance, most variables showed a positive (+) value at the time of M&A but showed a negative (-) value after a M&A. These results show that because on the Korean KOSDAQ market, M&A are approached from a financial rather than an economic aspect, it can be inferred that it lowers the firms value.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.31 no.3
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• pp.142-160
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• 2023

This research explores how different corporate cultures can influence the post-M&A performance of the airlines undergoing strategic M&A in Korea. The sample size of this research is 214 respondents that is strictly limited to the employees of airlines under M&A process, and CFA and SEM were employed for the statistical analysis. This research investigated that corporate cultures including group-oriented, development-oriented, and rationale-oriented will positively influence the post M&A performance of both efficiency and effectiveness through a mediation of collaboration during M&A process. In contrast, relations between grouporiented culture and interaction, interaction and effectiveness were not revealed positive influences. The findings of this research will provide valuable insights into the potential risks that can impede successful M&A within the M&A process, specially focusing on the conflicts between organizations stemming from different organizational cultures, which can have an adverse impact on M&A performance.

• Korean Journal of Artificial Intelligence
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• v.7 no.1
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• pp.13-16
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• 2019

While the Chinese banks have started the impact of foreign banks. At the same time, rising pressure on foreign exchange reserves and appreciation of the renminbi has prompted Chinese banks to go abroad and diversify their risks. The financial crisis of 2008 has caused the continued turbulence of the major financial markets around the world, and the valuation of foreign financial institutions has been drastically shrinking, providing opportunities for Chinese banks to carry out overseas M&A. Based on the overseas M&A status of Chinese commercial banks, this paper sums up the characteristics of the overseas M&A. Then taking a series of overseas M&A conducted by ICBC from 2006 to 2011 as an example, it analyzes the relationship between M&A and performance growth using grey incidence model. The test shows: there is a positive correlation between both overseas M&A and interest rate differential with performance growth of ICBC, and overseas M&A transactions role in promoting the performance growth is significantly higher than the interest rate differential.

• Knowledge Management Research
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• v.14 no.1
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• pp.95-119
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• 2013

Although merger and acquisition (M&A) has been considered as an important means to improve firm performance, most prior empirical research have failed to prove the relationship between M&A and firm performance. In order to fill this gap, this study attempts to identify the effect of M&A on firm performance based on knowledge resources relatedness and complementarity theory. For this purpose, this study examines complementarity patterns of knowledge resources and their impacts on acquirer's performance using M&A announcements of electronic commerce industry from 2001 to 2007. The results of this study indicate complementarity among knowledge resources are positively related with acquirer's market value. This study contributes to expand knowledge management research by identifying the relationship among knowledge resources and their impacts on firm performance.

• Journal of the Korean Solar Energy Society
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• v.40 no.1
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• pp.49-60
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• 2020

This study reviewed selected specific windows and reviewed the window performance certification criteria including KS F 2278 and KS L 9107 and analyzed the change in performance based on the change of area. This study also compared the heating and cooling loads of an apartment house applied with window performance reviewed in consideration of insulation and SHGC performance and actual size based on KS F 2278. The analyzed window was a double window composed of aluminum and PVC and the building was the apartment house model of 141 ㎡. The analysis results were as follows. First, as the window glass's thermal performance is superior to frame, the performance degraded in reduced area. In case of selected window, the 1 m × 1m window's thermal performance and SHGC decreased by 35% and 37% respectively compared to 2 m × 2 m window. Secondly, in the comparison of performance for increasing area with 2 m × 2 m and 3 m × 3 m windows, the 3 m × 3 m window's thermal performance and SHCG increased about 14%. Third, in the comparison of heating and cooling loads of the analyzed model considering the apartment house model applied with window performance derived from KS F 2278 and actual figures, the model's total heating and cooling loads increased by 33% with cooling decreasing by 36% and heating increasing by 77%. Above analysis results show that evaluation of window performance based on criteria such as KS F 2278 and KS L 9107 may lead to distortion of performances different from actual products. Thus, it is necessary to suggest new evaluation criteria.

• The Transactions of the Korean Institute of Electrical Engineers P
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• v.59 no.4
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• pp.450-455
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• 2010

The performance modeling of a $25{\mu}m$ pitch VGA ${\mu}$-bolometer with the self-aligned thermal resistor structure is carried out. The self-aligned thermal resistor can be utilized for the maximizing the thermal resistance and the fill factor of a bolometer, so the performance improvement can be expected. From the results of the performance modeling of the micro-bolometer with self-align thermal resistor for a $25{\mu}m$ pitch $640{\times}480$ microbolometer designed with $0.6{\mu}m$ minimum feature size, the drastic improvements of NETD from 38.7 mK to 19.1 mK, responsivity of 1.9 times are expected with a self aligned thermal resistor structure. The main reason for the performance improvements with a self-aligned thermal resistor structure comes from the increasement of the thermal resistance.