인수합병의 거래가격이 기업의 미래가치에 미치는 영향: 산업 내 경쟁 수준과 이종 산업 인수합병의 조절효과를 중심으로

This study assesses the effect of merger and acquisition (M&A) transaction value on the acquirer's firm value. Specifically, to account for the corporate environment and characteristics, we propose two moderating variables: the level of industry-level competition and cross-industry M&A. We collect data related to M&A cases involving acquirers of U.S. nationality from SDC Platinum and firm-related data from WRDS Compustat. The final dataset comprises panel data from 309 firms between 2014 and 2019. We employ a fixed effects model to test the proposed hypotheses. The results show that the M&A transaction value has a negative effect on the acquirer's firm value. However, we find that this effect can be offset when the industry-level competition is intense. Moreover, the offset can be more significant if the target company belongs to a different industry. This study contributes to the related literature by demonstrating that M&A transaction value significantly affects the acquirer's firm value and that the effect can be moderated by the competitive environment and the nature of cross- industry M&A. Practical implications and directions for future research are also discussed.