Abstract
In this paper, the research question is "In mergers between listed companies, what is the optimal structure of the Board to improve the post-merger performance " The purpose of this research is to clarify structure of the Board after the merger are to determine what factors the pre-merger company, and factors of pre-merger companies affect the post-merger performance. Therefore, two analyses are carried out in order to serve the purposes. First, in the post-merger structure of the Board, examined whether the officers come from either of the two pre-merger companies, and it is estimated by the ordered probit model in order to show how this ratio will affect the internal factors of the two pre-merger companies. But, it is not able to show the effect of internal factors on the post-merger performance in this analysis. Thus, as an additional analysis, it is the analysis of variance using the internal factors of the pre-merger companies. The results of these analyzes, it is showed that internal factors of pre-merger companies are giving an effect on the initiative of the post-merger structure of the Board. This finding is not found in previous studies. Moreover, by analysis of variance, the number of division depending on which many in the pre-merger companies, the difference has occurred in the post-merger performance has been shown.
