Beschreibung:
This study examines the effects of performance feedback on sales growth relative to social and historical aspiration on corporate M&A (Merger and Acquisition) decisions and M&A performance. A sample of 924 M&A deals between January 2006 and June 2022 announced by Chinese manufacturing firms listed in Shanghai and Shenzhen A-shares is analyzed using logistic regression and multiple linear regression, and robustness tests are conducted. This paper deals with the heterogeneity in the effects of performance feedback (which is divided into historical and social performance feedback) on firm behavior and contributes to the Behavioral theory of firms and Stewardship theory