The Impact on M&A Performance
This section analyzes the impact of software business model characteristics on M&A performance. The study builds upon the same sample firms and software business model characteristics as the study in Section 4.3. Accordingly, this study examines the impact of eight software business model variables on M&A performance based on a sample consisting of the 120 largest software firms listed on U.S. stock exchanges. Section 5.1 presents the theoretical background of the M&A study and derives hypothesis for the subsequent analyses. Section 5.2 describes the sample of the study. In this light, both the acquirer and the target selection are defined. Additionally, the software business model characteristics under study and the presented performance variables are described. Section 5.3 reports the results of the study. Descriptive statistics show the overall effect and details on the properties of the takeovers under study.
KeywordsBusiness Model Stock Return Abnormal Return Sales Volume Event Window
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