Abstract
AbstractHedge funds' engagements do not cause value‐enhancing as acknowledged by previous research; new insights highlight how distinct strategies combine into configurational causes of value improvement of the two common short‐run and long‐run forms of market reactions. Qualitative comparative analysis is applied and uncovers several equifinal configurations associated with value creation. The results reveal that the hostility of hedge funds' tactics is a necessary condition or, in other words, a prerequisite for high short/long term abnormal returns. Corporate governance changes, financial restructurings and hostility of tactics are sufficient conditions or, in other words, a guarantee for high‐value enhancement. The findings indicate substitutive and complimentary relationships between different tactics and high short/long‐run market reaction, suggesting the complexities of value creation.
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