Real estate industry takeover bid patterns: Spain, a case study
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| Natura: | Artículo científico |
| Lingua: | en |
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Asociación Española de Profesores Universitarios de Contabilidad
2017
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| _version_ | 1876430772274987008 |
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| author | Julio González-Arias |
| author_facet | Julio González-Arias |
| contents | Real estate industry takeover bid patterns: Spain, a case study Julio González-Arias Raquel Arguedas-Sanz Rodrigo Martín-García Economía y Finanzas Chi Economic Takeover bids financial variables Real estate industry The upward of the Spanish real estate sector (2000–2007) caused the excessive growth of many companies mainly through acquisitions. This study aimed to identify behaviour patterns for takeover bids in the Spanish real estate industry, which was particularly hard hit by the last financial crisis. Considering that in bubble growing/burst periods, economic and financial variables are considered the most useful measures (market variables can have reliability problems), a set of 20 economic and financial variables was analysed, along with their relationship with listed companies’ participation in this type of operations over the period 2000–2012. Both acquiring and target companies were included in the 354 cases studied here. A two-stage methodology was used. Firstly, the principal component method was applied to identify the variables with greatest explanatory capacity. That was followed by the construction of a decision treebased predictive model, more specifically a CHAID, which categorised the set of companies analysed to establish behaviour patterns. The findings of this study show that the five principal components found to afford the greatest explanatory capacity were: (a) liquidity, solvency and borrowing capacity; (b) size; (c) economic performance; (d) operating capacity; and (e) financial performance. Taken together, the first two components explained 70% of dependent variable behaviour, primarily relative to buyers. Overall, the model proposed explained on the order of 80% of dependent variable behaviour. The percentage not explained by the model was attributed essentially to strategic issues, financial speculation and private interests, among other factors present in decision-making. 2017 artículo científico 1138-4891 https://www.redalyc.org/articulo.oa?id=359752056010 en http://www.redalyc.org/revista.oa?id=3597 Revista de Contabilidad application/pdf Asociación Española de Profesores Universitarios de Contabilidad Revista de Contabilidad (España) Num.2 Vol.20 |
| format | Artículo científico |
| id | redalyc_359752056010 |
| institution | Redalyc |
| language | en |
| publishDate | 2017 |
| publisher | Asociación Española de Profesores Universitarios de Contabilidad |
| spellingShingle | Real estate industry takeover bid patterns: Spain, a case study Julio González-Arias Economía y Finanzas Chi Economic Takeover bids financial variables Real estate industry Real estate industry takeover bid patterns: Spain, a case study Julio González-Arias Raquel Arguedas-Sanz Rodrigo Martín-García Economía y Finanzas Chi Economic Takeover bids financial variables Real estate industry The upward of the Spanish real estate sector (2000–2007) caused the excessive growth of many companies mainly through acquisitions. This study aimed to identify behaviour patterns for takeover bids in the Spanish real estate industry, which was particularly hard hit by the last financial crisis. Considering that in bubble growing/burst periods, economic and financial variables are considered the most useful measures (market variables can have reliability problems), a set of 20 economic and financial variables was analysed, along with their relationship with listed companies’ participation in this type of operations over the period 2000–2012. Both acquiring and target companies were included in the 354 cases studied here. A two-stage methodology was used. Firstly, the principal component method was applied to identify the variables with greatest explanatory capacity. That was followed by the construction of a decision treebased predictive model, more specifically a CHAID, which categorised the set of companies analysed to establish behaviour patterns. The findings of this study show that the five principal components found to afford the greatest explanatory capacity were: (a) liquidity, solvency and borrowing capacity; (b) size; (c) economic performance; (d) operating capacity; and (e) financial performance. Taken together, the first two components explained 70% of dependent variable behaviour, primarily relative to buyers. Overall, the model proposed explained on the order of 80% of dependent variable behaviour. The percentage not explained by the model was attributed essentially to strategic issues, financial speculation and private interests, among other factors present in decision-making. 2017 artículo científico 1138-4891 https://www.redalyc.org/articulo.oa?id=359752056010 en http://www.redalyc.org/revista.oa?id=3597 Revista de Contabilidad application/pdf Asociación Española de Profesores Universitarios de Contabilidad Revista de Contabilidad (España) Num.2 Vol.20 |
| title | Real estate industry takeover bid patterns: Spain, a case study |
| topic | Economía y Finanzas Chi Economic Takeover bids financial variables Real estate industry |
| url | https://www.redalyc.org/articulo.oa?id=359752056010 |