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Title: Study of the effect of M&A on real estate industry firms' performance
Authors: Jin, Z
Li, V
Li, H 
Skitmore, M
Fan, H 
Issue Date: 2013
Source: ICCREM 2013: Construction and Operation in the Context of Sustainability - Proceedings of the 2013 International Conference on Construction and Real Estate Management, 2013, p. 797-805 How to cite?
Abstract: This paper proposes to adopt data envelopment analysis (DEA) based on Malmquist total factor productivity (TFP) indices methods to evaluate the effect of mergers and acquisitions (M&As) on acquirers in short-term and long-term windows. Based on analysis of 32 M&A deals conducted by Chinese real estate firms from 2000-2011, the study results demonstrate that the effect of M&A on developers' performance is positive. Through M&A, the developers' Malmquist TFP experienced a steady growth; their technology had noticeable progress immediately after acquisition; and their technical efficiency suffered a slight decrease in the short-term after acquisition, but then achieved a marked increase in the long-term with realization of integration and synergy. However, there is no evidence that the real estate firms have achieved scale efficiency improvement after M&A in either short-term or long-term.
Description: 2013 International Conference on Construction and Real Estate Management: Construction and Operation in the Context of Sustainability, ICCREM 2013, Karlsruhe, 10-11 October 2013
ISBN: 9780784413135
DOI: 10.1061/9780784413135.074
Appears in Collections:Conference Paper

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