Shareholder activism and M&A: a global comparative analysis with empirical insights on role, governance implications and deal outcomes of quasi-insider activists phenomenon
Turco, Flavio (A.A. 2024/2025) Shareholder activism and M&A: a global comparative analysis with empirical insights on role, governance implications and deal outcomes of quasi-insider activists phenomenon. Tesi di Laurea in M&A and investment banking, Luiss Guido Carli, relatore Luigi De Vecchi, pp. 71. [Master's Degree Thesis]
Full text for this thesis not available from the repository.
Abstract/Index
Shareholder activism: theory, definitions and models. Historical and conceptual origins of equity activism. Shareholder activism as a monitoring mechanism: the perspective of agency theory. Activists: who they are and how they operate (institutional, hedge funds, quasi-insiders). Activism strategies: board change, capital reallocation, ESG, M&A. Differences between markets: governance structures, disclosure rules, protections of minority shareholders. Shareholder activism and M&A: the role in takeovers and hostile strategies. Legal and corporate governance implications in the main jurisdictions (USA, EU, China). Corporate governance and financial performance under the pressure of activism. Quality of pre-activism governance and ability to understand activists’ demands: impact on value creation or destruction in M&A transactions. Measures of corporate performance: ROA, ROI, Tobin's Q, share price changes, deal premium, deal completion rate and post-merger performance. Activism as a factor of financial sustainability: short vs long term in M&A strategies. ESG strategies in shareholder activism: potentials and limits. Analytical tools to assess the impact of activism: panel regression, interpretable ML, case studies. Critical review of empirical evidence. US and developed markets: performance and governance post-activism. Emerging markets: Asia, India, Indonesia. The case of China: rule-based governance and activism according to Zhou, Zhang & Puchniak (2024). Europe and Italy: regulatory environment, governance effects and emblematic M&A cases. Aggregate financial performance: evidence from Lazard AR and H1 2024 reports. Comparative analysis and interpretative model on the quasi-insiders phenomenon. The quasi-insiders: quali-quantitative analysis and cases of governance influenced by former managers and founders. Main findings on quasi-insider activism in M&A.
References
Bibliografia: pp. 66-71.
| Thesis Type: | Master's Degree Thesis |
|---|---|
| Institution: | Luiss Guido Carli |
| Degree Program: | Master's Degree Programs > Master's Degree program in Corporate Finance, English language (LM-77) |
| Chair: | M&A and investment banking |
| Thesis Supervisor: | De Vecchi, Luigi |
| Thesis Co-Supervisor: | Attolico, Leopoldo Maria |
| Academic Year: | 2024/2025 |
| Session: | Autumn |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 09 Jun 2026 12:39 |
| Last Modified: | 09 Jun 2026 12:39 |
| URI: | https://tesi.luiss.it/id/eprint/46121 |
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