Abongeh A Tunyi

Abongeh A Tunyi
Swansea University | SWAN

MFin (Glasgow), PhD (Glasgow)

About

37
Publications
9,115
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567
Citations
Introduction
Current research interests: Corporate Finance, Mergers & Acquisitions, Earnings Management, Corporate Governance, Market-based Accounting, Financial Reporting (IFRS), Emerging Markets, Sustainable & Responsible Business.

Publications

Publications (37)
Article
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While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully explain the below-expected returns to target portfolios. Target prediction models’ inability to optimally...
Article
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This paper examines the implications of market anticipation of impending merger and acquisition (M&A) deals on the assessment of acquirer wealth effects through event study methods. We find evidence suggesting that prior studies have under-stated the gains to acquirers. The documented negative or near-zero abnormal returns to acquirers appears to b...
Article
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We explore whether firms that are vulnerable to takeovers pre-emptively manage earnings in anticipation of such events. We find a positive relationship between firms' vulnerability to takeovers and their propensity to manage earnings, mainly through the manipulation of real activities. We consider two motivations for firms' pre-emptive earnings man...
Article
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While corporations play a pivotal social role by creating employment opportunities, managers typically boost profitability during economic downturns by downsizing. Using a panel of US-listed firms from 2007-2016, we explore the impact of female representation on the board of directors (BOD) on firm-level employment. We find that firm-level employme...
Article
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This study investigates the relationship between board co-option and the obfuscation of financial disclosures in a comprehensive sample of 9,620 10-K filings by 1,076 U.S.-listed firms between 1996 and 2018. Our empirical results are consistent with our hypotheses that board co-option partly explains the obfuscation of financial reports. Ex-post te...
Article
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Drawing from the bargaining power hypothesis, we investigate the impact of environmental, social, and governance (ESG) standards on takeover premiums in the international takeover market. Using an international sample of 8336 mergers and acquisitions from 26 bidder countries between 2003 and 2021, we find that bidders with higher pre-deal ESG stand...
Article
Purpose: The paper comparatively examines the impact of risk governance disclosure (RGD) on the market valuation of firms in Sub-Saharan Africa (SSA) and the mediating role of institutional investment and national governance bundles (NGB). Design/methodology/approach: Employing a dynamic system generalized method of moments (GMM) estimation to co...
Article
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Drawing from the resource-based view (RBV), we examine the effect of environmental innovation on mergers and acquisitions (M&As) announcement returns. Using an international sample of M&As for the period 2003 to 2021 and an event study methodology , we document that acquirers with higher environmental innovation-innovative acquirers-earn average de...
Article
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This paper examines whether the different corporate governance structures of conventional banks (CBs) and Islamic banks (IBs) have varying effects on their respective climate‐related disclosure (CRD). Employing a unique dataset of CBs and IBs' CRD and corporate governance structures for the period of 2016–2019, we found that their respective corpor...
Article
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Purpose We propose a novel measure for management's horizon (short-termism or myopia vs long-termism or hyperopia) derived from easily obtainable firm-level accounting and stock market performance data. We use the measure to explore the impact of management's horizon on firms' investment efficiency. Design/methodology/approach We rely on two com...
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We study changes in corporate governance around mergers and acquisitions by comparing the ex-post corporate governance of the combined firm with the ex-ante weighted average governance of the bidder and target. We find that when the quality of the bidder governance is better than the target before the acquisition, the ex-post corporate governance q...
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Purpose This paper aims to explore the value of geographic diversification in the context of deglobalization, drawing evidence from a quasi-natural experiment – the Brexit referendum that took place on 23 June 2016 in the UK. Design/methodology/approach This study applies an event study methodology to estimate the impact of the Brexit vote on a cr...
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We examine whether and to what extent female directors impact on ethical CG disclosure practices in a highly patriarchal sub-Saharan African country-Nigeria. Using hand-collected data for 108 listed firms from 2011 to 2017 (756 firm-year observations) and employing a system GMM model to control for endogeneity, we show that female directorship is p...
Article
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Prior takeover prediction research has advanced eight hypotheses to explain why specific firms are targeted through takeovers (Palepu, 1986; Powell, 2001; Tunyi, 2021a). However, takeover targets remain difficult to empirically predict ex-ante, perhaps because these established sets of hypotheses do not substantially explain takeover likelihood (Da...
Article
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We advance the practice transfer theorising of corporate governance (CG) by developing a framework that uncovers how foreign institutional investors (FIIs) improve on CG practices of firms in weak institutional environments. Using hand-collected data for 85 listed Nigerian firms covering the 2011-2016 period, we show that FIIs bypass the weak regul...
Article
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This paper explores the role of bargaining ability in corporate mergers and acquisitions (M&As) by focusing on acquiring firms with ex-ante market power-powerful bidders. Drawing from a bargaining power theoretical stance, we argue that powerful bidders create value from M&A activity by paying comparatively lower premiums. We test our empirical pro...
Article
Using a large sample of 17,747 firms from 44 countries, we find significant positive peer effects on corporate investment. Specifically, a firm increases its investments by 2% to 6% in response to a one standard deviation increase in peer firms' investments. Further analyses show significant within-country heterogeneity, as peer effects are salient...
Preprint
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We examine the role of major corporate board reforms around the world in constraining earnings management. Using a large sample of 7,569 listed firms from 6 19 countries and a difference-in-difference design, we find that board reforms constrain firms' accrual earnings management. However, in response, firms increase their levels of real earnings m...
Article
Full-text available
This paper explores the role of bargaining ability in corporate mergers and acquisitions (M&As) by focusing on acquiring firms with ex-ante market power-powerful bidders. Drawing from a bargaining power theoretical stance, we argue that powerful bidders create value from M&A activity by paying comparatively lower premiums. We test our empirical pro...
Article
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Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and overpayment for targets. Using a large UK sample, we document robust and significant heterogeneity in M&A perfor...
Article
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Purpose This paper aims to review prior studies and presents a synthesis of the takeover prediction literature spanning the period 1968–2018. Design/methodology/approach The paper adopts a narrative review approach. It explores prior studies on takeover target prediction from a historical perspective, focusing on the evolution and development of t...
Article
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Purpose This paper reviews prior studies and presents a synthesis of the takeover prediction literature spanning the period 1968-2018. Design/methodology/approach The paper adopts a narrative review approach. It explores prior studies on takeover target prediction from a historical perspective, focusing on the evolution and development of the l...
Article
Purpose This paper examines how a “quasi-formal” organisation in a developing country engages in informal means of organising and decision-making through the use of calculative measures. Design/methodology/approach The paper presents a case study of a large-scale indigenous manufacturing company in Ghana. Data for the study were collected through...
Article
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We examine whether foreign chief executive officers (FCEOs) and foreign independent board chairpersons (FIBCs) improve on the corporate governance (CG) practices of emerging market multinational corporations (EMMNCs) through governance spill over. We use hand-collected data for 80 listed Nigerian multinational corporations (MNCs) for the period 201...
Article
This paper examines the value of managerial discretion in financial reporting by exploring the value relevance of intangible assets acquired in business combinations (AIA) before and after the 2008 International Financial Reporting Standard (IFRS) 3 amendment. The 2008 IFRS 3 amendment gave managers the discretion to recognize previously unrecogniz...
Article
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We examine the impact of the adoption of International Financial Reporting Standards (IFRS) on firm value using a sample of African listed firms selected over the 2000–2015 period. Our results show that the adoption of IFRS positively impacts firm value. We further find that the impact of IFRS adoption on firm value is more pronounced in environmen...
Article
Full-text available
The paper examines the value of managerial discretion in financial reporting by exploring the value relevance of intangible assets acquired in business combinations (AIA) before and after the 2008 International Financial Reporting Standard (IFRS) 3 amendment. The 2008 IFRS 3 amendment gave managers the discretion to recognize previously unrecognize...
Article
Purpose The firm size hypothesis – takeover likelihood ( TALI ) decreases with target firm size ( SIZE ) – has enjoyed little traction in the TALI modelling literature; hence, this paper aims to redevelop this hypothesis while taking account of prevailing market conditions – capital liquidity and market performance. Design/methodology/approach The...
Article
Full-text available
The firm size hypothesis—takeover likelihood (TALI) decreases with target firm size (SIZE)—has enjoyed little traction in the TALI modelling literature, hence, this paper seeks to redevelop this hypothesis while taking account of prevailing market conditions—capital liquidity and market performance. The study uses a logit framework with interaction...
Article
Full-text available
We explore the relations between firms’ internal capabilities, national governance quality (NGQ) and performance in the African context using a dataset comprised of 11,183 firm-year observations (1,490 unique firms from 15 African countries over a 17-year period). Our study offers new insights into how interlinkages between firms’ internal and exte...
Article
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Using combinations of accounting and stock market performance measures, we advance a comprehensive multidimensional framework for modelling management performance. This framework proposes “poor” management, “myopia”, “hyperopia” and “efficient” management, as four distinct attributes of performance. We show that these new attributes align with, and...
Article
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Purpose: we investigate the association among trustee board diversity (TBD), corporate governance (CG), capital structure (CS) and financial performance (FP) using a sample of UK charities. Specifically, we investigate the effect of TBD on CS, and ascertain whether CG quality moderates the TBD-CS nexus. Additionally, we examine the impact of CS on...
Article
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Drawing on a cost-benefit perspective, this paper explores the relation between information asymmetry and the decision to delist from stock exchanges during periods of uncertainty. Specifically, it investigates the role of firms’ intangible investments and the availability of alternative sources of finance on the decision to delist from foreign sto...
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This study explores firm- and country-specific antecedents of African M&As. We use one of the largest datasets to-date, consisting of 1490 unique African firms (11,183 firm-year observations) from 1996 to 2012 from 15 African countries. Our results suggest that improvements in time-varying country-level factors, including location advantages (marke...

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