Cash Financing and Firm Size
Another issue that may impact hospitality firm acquisition decision making in the context of the payment
type offer is the firm’s size and the implications that size has for access to financial capital. Larger firms with lower
relative cash levels and easier access to the financial markets may be more inclined than smaller firms to use stock
acquisition offers as opposed to cash offers (Opler, Pinkowitz, Stulz & Williamson 1999). This would suggest an
inverse relationship between firm size and the use of a cash payment in an acquisition.
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