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Religiosity, Risk Aversion and Corpo...

Weis, Christopher M.

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Religiosity, Risk Aversion and Corporate Mergers and Acquisitions: The Impact of Religiosity in a State on Corporate Risk Aversion of Firms Located There as Reflected in Their M&A Activities.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Religiosity, Risk Aversion and Corporate Mergers and Acquisitions: The Impact of Religiosity in a State on Corporate Risk Aversion of Firms Located There as Reflected in Their M&A Activities./
Author:	Weis, Christopher M.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
Description:	156 p.
Notes:	Source: Dissertations Abstracts International, Volume: 82-07, Section: A.
Contained By:	Dissertations Abstracts International82-07A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28153771
ISBN:	9798557027045

Religiosity, Risk Aversion and Corporate Mergers and Acquisitions: The Impact of Religiosity in a State on Corporate Risk Aversion of Firms Located There as Reflected in Their M&A Activities.
Weis, Christopher M.

Religiosity, Risk Aversion and Corporate Mergers and Acquisitions: The Impact of Religiosity in a State on Corporate Risk Aversion of Firms Located There as Reflected in Their M&A Activities. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 156 p.

Source: Dissertations Abstracts International, Volume: 82-07, Section: A.

Thesis (D.B.A.)--Anderson University, 2020.

This item must not be sold to any third party vendors.

Existing research has proposed a variety of theories regarding the causes of corporate mergers and acquisitions (M&A). Potential factors have ranged from the cost and availability of financing (Axelson, Jenkinson, T. Stromberg, P., & Weisbach, 2013; Shleifer & Vishny, 2003), to a desire for diversification (Graham, Lemmon, & Wolf, 2002), to overconfidence, optimism and confirmation bias (Bogan & Just, 2009; Graham, Harvey, & Puri, 2013); and even to management "hubris" (Roll, 1986). But other potential factors, notably risk aversion, have not been as heavily researched. This is likely because the inputs to the classical measure of risk aversion (Pratt, 1964) are unknowable. This study addresses this issue by suggesting religiosity as an alternative measure of risk aversion and examining its relationship with corporate M&A activities. This study uses multiple regression analysis to examine this relationship, controlling for other influencers of corporate M&A. The independent variable of interest is religiosity by state as calculated from Pew research data (Pew Research Center, 20017, 2014) using the Centrality of Religiosity Scale (Huber & Huber, 2012). Dependent variables include state-level transactions per capita, average transaction size, average premium paid, percentage of consideration paid in cash, and average multiple of revenue paid. These variables were derived from data provided by FactSet (Factset Research Systems, 2018) on 76,000 completed transactions from 2008-2018. Control variables used included state-level large firms per capita, method of payment, whether there is a competing bid, whether bidder and target in the same industry, the cost of debt financing, the bidder's relative stock price, and the bidder's acquisition experience. These variables were, likewise, derived from FactSet data. The results of this study show that, in some instances, religiosity of a state does serve as an effective alternative measure of risk aversion as it relates to M&A activity. In particular, they show a significant relationship between religiosity by state and state-level transactions per capita, average transaction size (albeit in the opposite direction than hypothesized), and average premium paid. With regard to state-level average percentage of consideration paid in cash and average muliple of revenue paid, however, a statistically significant relationship does not exist.

ISBN: 9798557027045Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Corporate development

Religiosity, Risk Aversion and Corporate Mergers and Acquisitions: The Impact of Religiosity in a State on Corporate Risk Aversion of Firms Located There as Reflected in Their M&A Activities.
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500 $a Source: Dissertations Abstracts International, Volume: 82-07, Section: A.
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502 $a Thesis (D.B.A.)--Anderson University, 2020.
506 $a This item must not be sold to any third party vendors.
520 $a Existing research has proposed a variety of theories regarding the causes of corporate mergers and acquisitions (M&A). Potential factors have ranged from the cost and availability of financing (Axelson, Jenkinson, T. Stromberg, P., & Weisbach, 2013; Shleifer & Vishny, 2003), to a desire for diversification (Graham, Lemmon, & Wolf, 2002), to overconfidence, optimism and confirmation bias (Bogan & Just, 2009; Graham, Harvey, & Puri, 2013); and even to management "hubris" (Roll, 1986). But other potential factors, notably risk aversion, have not been as heavily researched. This is likely because the inputs to the classical measure of risk aversion (Pratt, 1964) are unknowable. This study addresses this issue by suggesting religiosity as an alternative measure of risk aversion and examining its relationship with corporate M&A activities. This study uses multiple regression analysis to examine this relationship, controlling for other influencers of corporate M&A. The independent variable of interest is religiosity by state as calculated from Pew research data (Pew Research Center, 20017, 2014) using the Centrality of Religiosity Scale (Huber & Huber, 2012). Dependent variables include state-level transactions per capita, average transaction size, average premium paid, percentage of consideration paid in cash, and average multiple of revenue paid. These variables were derived from data provided by FactSet (Factset Research Systems, 2018) on 76,000 completed transactions from 2008-2018. Control variables used included state-level large firms per capita, method of payment, whether there is a competing bid, whether bidder and target in the same industry, the cost of debt financing, the bidder's relative stock price, and the bidder's acquisition experience. These variables were, likewise, derived from FactSet data. The results of this study show that, in some instances, religiosity of a state does serve as an effective alternative measure of risk aversion as it relates to M&A activity. In particular, they show a significant relationship between religiosity by state and state-level transactions per capita, average transaction size (albeit in the opposite direction than hypothesized), and average premium paid. With regard to state-level average percentage of consideration paid in cash and average muliple of revenue paid, however, a statistically significant relationship does not exist.
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