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1
Partin, Jonatan, Matilda Andersson-Thunberg, and Tobias Fjellman. "How management creates and realizes synergy : Cross-border merger & acquisitions." Thesis, Jönköping University, Jönköping International Business School, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-9.
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Abstract
Mergers and Acquisitions (M&A) have been around for a long time and has experienced waves of popularity during these times and they are very much an important part of today’s business world. M&As have also become increasingly international which can be due to the rising global competition. The popularity of cross-border M&As makes it important to look at M&As from an international perspective. One of the main reasons a company choose to M&A is growth (Lees, 2003) and there are several possible motives why a company chooses to grow through an M&A but the most common motive is to create synergy (DePhamphilis, 2005). Although synergy is one motive, according to the literature more M&As destroy value instead of creating it (Habeck, et al. 2000). This makes this subject interesting to study: especially the post-M&A phase since the integration process in this phase has been pointed out to be the riskiest, when creating synergy, but also the most crucial in order for a successful M&A (Habeck, et al. 2000; Shaver, 2006).
Purpose:
The purpose of this thesis is to analyze how the management of a company create and realize synergies in the post-M&A process of a cross-border M&A.
Method:
In order to fulfil the purpose the case study approach was chosen. The empirical data was gathered through semi-structured face-to–face (except two telephone) interviews. This approach was used because the information needed to fulfil the purpose was of the character to be found in a qualitative way by going in-depth into the field of interest with a management team with extensive knowledge in this subject.
Conclusion:
Creating and realizing synergies is a long process on average 5-10 years. There is no manual for the M&A process only a general approach and each M&A process is customized. It was found that one cannot separate the pre-deal phase from the post-phase. An M&A process includes three different important parts; the strategic intent phase, the due diligence phase, and finally the integration phase. Key success factors for conducting an M&A are that you set up a special management group which will focus on the creation and realisation of synergies and that one focus on motivating and assisting managers through offer new exiting challenges.
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Ji, Xiaoxuan. "Tax Competition for Foreign Direct Investment: A Study of Greenfield Investment and Cross-border Merger and Acquisition." OpenSIUC, 2019. https://opensiuc.lib.siu.edu/dissertations/1660.
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In the present dissertation, we study tax competitions for foreign direct investment, which includes the study of greenfield investment with the firm's ownership problem and the cross-border merger and acquisition (M\&A). It sheds light on the literature of public finance, international economics, and industrial organization. In chapter 1, we develop an open economy model with two segmented countries and one monopoly firm which registered in one of the countries. Our results show that when there is an exogenous transportation cost when exporting, the market size plays an important role in tax competition, however, when there is an endogenous tariff determined optimally by each country, the market size does not matter in the tax competition. Chapter 2 and 3 study the tax competition for a post-cross-border merger and acquisition firm, which the firm has three location options, located in either of the countries or both. We found that when the governments have two tax instruments, the lump-sum tax and tariff, the market size and price policy play an important role in tax competition. Moreover, when the governments utilize the lump-sum tax as the only instrument for tax competition, both the firm and countries will be better off when the firm keeps both plants.
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Liu, Qing, and 刘青. "Essays on multinational firms: export, FDI, and cross-border acquisitions." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B45151143.
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Karst, Rusty V. "Semiglobalization: Institutional Effects on Multilatina Cross-Border Acquisitions." Thesis, University of North Texas, 2016. https://digital.library.unt.edu/ark:/67531/metadc849693/.
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The internationalization research domain has predominantly focused on country level antecedents of firm level decisions, with particular emphasis on why certain countries are selected over others for foreign direct investment (FDI). This approach may oversimplify what actually occurs from both practical and research perspectives. Recently, MNE strategic orientation and conduct, as an outflow of a region-based localization perspective (i.e.,semiglobalization), has gained increased scholarly attention. The tradition of considering country level institutional environments may be more robustly informed by extending a paradigm which considers region-based institutions, in addition to country. Thus, in this study I examine institutional effects, as underpinned by institutional theory, on one segment of FDI decision making, cross-border acquisitions behavior, in an understudied context, Latin American MNEs (i.e., Multilatinas). Linear and mixed regression are used to test hypotheses, by examining a sample of all Multilatina CBAs exacted over a five year period (2007-2011)in targeting host country firms within eight geographic regions. Multilevel study results provide overarching support for hypotheses, that a Multilatina's internationalization into a country and region through cross-border acquisition equity participation is influenced by both country and region institutional environments. Contributions are made to the semiglobalization, cross-border acquisitions, institutions, and Multilatina literature streams through development of a more robust, multilevel perspective which more accurately captures how MNEs consider institutional environments in their international strategy and conduct.
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Laneve, Marc, and Thomas Stüllein. "The influence of national culture on cross-border M&A." Thesis, Linnaeus University, Linnaeus School of Business and Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-5780.
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In theory, the phrase "mergers and acquisitions" (abbreviated M&A) refers to buying, selling and combining different companies in order to gain improved financial performance, create a global presence, and face the global competitive market. Nevertheless, many researches have underlined the high rate of failure among M&A, and the difficulty to achieve expected results and synergies. Among the reasons of failure, many analysts have pointed out the determinant influence of the cultural aspect in the success or the failure of a cross-border merger. However, the cultural issue in M&A is often neglected and too less stressed.
In order to have a better understanding of the cultural aspect in the merger and acquisition process, and point out its influence on the merger process as well as the corporate culture, we first present a theoretical part introducing the cross-border merger and acquisition concept with the perspective of the national culture, and the role that leaders could play in order to limit the negative impact of culture and the clashes on cross-border M&A. Therefore, a part including three cases of "cultural failure" in the merger process illustrates the concepts explained in the theoretical part. Those well-known cases are: DaimlerChrysler, UpJohn & Pharmacia, and Volvo – Renault. The cases show how the cultural issue had been underestimated and had implied cultural clashes and extra-costs for the companies involved.
After concluding our findings, we end the thesis with a prospective part based on the possible evolution of the merger and acquisition market. Indeed, we believe that our research topic will gain importance in the future, and the influence of culture on M&A deals may increase.
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Thomas, Ashley Anne. "Balancing power through the market government intervention in cross-border mergers & acquisitions /." Connect to Electronic Thesis (CONTENTdm), 2009. http://worldcat.org/oclc/454140048/viewonline.
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Punurai, Somrat. "Determinants of Outbound Cross-border Mergers and Acquisitions by Emerging Asian Acquirers." Thesis, University of North Texas, 2014. https://digital.library.unt.edu/ark:/67531/metadc700107/.
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This dissertation identifies key determinants of outbound cross-border mergers and acquisitions (M&As) by emerging Asian acquirers during 2001-2012. Using a zero-inflated model that takes into account different mechanisms governing country pairs that never engage in cross-border M&As and country pairs that actively participate in cross-border M&As, I uncover unique patterns for emerging Asian acquirers. Emerging Asian acquirers originate from countries with lower corporate tax rates than those countries where their targets are located. Furthermore, the negative impact of an international double tax burden is significantly larger than that found in previous studies. While country governance differences and geographical and cultural differences are important determinants of international M&As, relative valuation effects are muted. Coefficients of these determinants vary substantially, depending on whether targets are located in developing or advanced nations. Also, determinants differ considerably between active and non-active players in cross-border M&As. Moreover, comparisons of empirical models illustrate that estimating a non-linear model and taking into account both the bounded nature and non-normal distributions of fractional response variables lead to different inferences from those drawn from a linear model estimated by the ordinary least squares method. Overall, emerging Asian acquirers approach the deals differently from patterns documented in developed markets. So, when evaluating foreign business combinations or devising policies, managers or policymakers should consider these differences.
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Forslund, Filip, and Jesper Sommar. "Lesson learned? : The utilization of learning in cross-border M&A integration." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-150954.
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Our purpose is to understand how learnings are drawn from previous experiences of cross-border acquisition integration, to later be utilized for integration of subsequent acquisitions. Elaborately, we intend to empirically study how learnings from previous endeavors are captured and built upon. Thus, there are two research questions given the sequence: learnings are first captured, then utilized. The study aims to extend current body of literature and deepening the understanding on deliberate learning through case study aspects. To answer this, we have constructed two research questions: (1) How can learnings be captured from previous experience in integration after cross-border acquisition? (2) How can learnings from previous experience of cross-border acquisition integration be utilized in subsequent deals? The founding pillars of our literature review are perspectives on M&A and perspectives on learning. More specifically, the first perspective focuses on cross-border aspects and post-merger integration phases. Regarding the perspective on learning, our study particularly focuses on deliberate learning theory. Beyond named focus is dynamic capabilities, serial acquirers and previous experience discussed due to its connection to deliberate learning theory and our study. The literature review concludes in a theoretical tool, which summarizes the literature and is portrayed through a model. The case study method was constructed with a qualitative and interpretive approach, which we found appropriate to reach a deeper in-depth understanding regarding the purpose and to answer our research questions. Six semi-structured interviews with managers were conducted to understand how they operated. We collected primary data by using snowball sampling and received secondary data of documentation from the studied firm. Further, this was qualitatively analyzed from a coding procedure of categories. Our findings disclose how previous experience of post-merger integrations in cross-border acquisition is deliberately captured by our case company through learning mechanisms discussed in deliberate learning theory. The mechanisms are accordingly articulation, codification, sharing and internalizing. However, the findings disclosed a discrepancy between the literature and our empirical case due to the rotation of integration team members, which caused a disruption in sharing and internalizing of previous experience. The contributions are both theoretical and managerial. First, the theoretical contribution is given through our revised theoretical tool, in which the findings regarding the different mechanisms are discussed and elaborated. The managerial findings provide recommendations in the assembling of an M&A integration team to preserve experience from previous endeavors and disseminate to new members.
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Adel, Nour. "Evaluating and analyzing firms' investment decisions : a study of UK domestic and cross-border acquisitions." Thesis, Brunel University, 2011. http://bura.brunel.ac.uk/handle/2438/5298.
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This thesis consists of four essays or chapters that investigate acquisitions made by UK firms. The main focus of the research is the acquirers’ abnormal returns that are associated with the announcement of domestic and cross-border acquisitions. The research provides empirical evidence on some of the significant issues that have been raised in the literature, particularly focusing on measuring operating performance for domestic and cross-border acquisitions over the long-term. The first essay investigates acquirers’ announcement abnormal returns for acquisitions that have been conducted by UK firms, either domestically or internationally. The principal finding is that acquisitions of domestic firms appear to generate larger returns, whereas acquisitions classified as cross-border do not appear to add value to the acquiring firm. The second essay examines the characteristics of the deal, and how these impact the acquirers’ returns for both domestic and cross-border acquisitions. The characteristics considered are the method of payment, the industrial relationship between the acquirer and the target, the relative size of the acquirer to the target, the type of the target firm and the Book-to-Market ratio of the acquiring firm. The third essay investigates the directors’ overconfidence and its impact on the acquirers’ returns. Directors’ overconfidence is examined depending on the self-attribution bias by distinguishing between the abnormal returns to frequent and infrequent acquirers. The fourth essay examines insider trading via studying the relationship between the private investment decisions of the directors and the firm’s investment in respect of acquisitions it makes over the announcement date of the acquisition. Two different methods are proposed to classify directors into optimistic and neutral based on these personal portfolio trades. The fifth empirical chapter focuses on domestic and cross-border acquisitions with public targets, and studies their synergy gains and operating performance for a 3-year period after the announcement year. The aim is to try to understand what these firms gain from such acquisitions, given the apparent absence of a gain in value at the announcement of the investment. It is essential to add that the importance of this thesis comes from shedding a light on the role of acquisition activity in UK market within last 10 years domestically and internationally. Furthermore, providing a significant advice to firms not to allocate their capital in acquisitions with public targets because there is not benefit from investing in these types of investment.
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Eiler, Lisa Ann. "Accounting disclosure quality and synergy gains : evidence from cross-border mergers and acquisitions /." Thesis, Connect to title online (Scholars' Bank) Connect to title online (ProQuest), 2009. http://hdl.handle.net/1794/10203.
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Beusch, Peter. "Contradicting management control ideologies : a study of integration processes following cross-border acquisitions of large multinationals /." Göteborg : BAS Publ, 2007. http://www.gbv.de/dms/zbw/548620407.pdf.
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Stander, Gideon Stefan. "The cultural impact of cross–border acquisitions on the accounting function : a case study / Gideon Stefan Stander." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4593.
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Mergers and acquisitions (M&A) are one of the fastest strategic options that companies choose to face the global competitive market. This is evident from the number and the amount of growth in the value of the deals, as well as the occurrence of the 'mega–mergers' in recent times. If companies do not adapt to the fast moving and evolving business environment, they will run the risk of becoming obsolete.
The key principle behind buying a company is to create shareholder value, which will give the organisation a competitive advantage. The reasoning behind M&A is that one combined company may be more valuable than two separate companies. Despite the popularity of M&A, 60–80% of M&A fail to create value. There are several reasons why M&A fail, such as the insufficient analysis and examination during the planning and early stages of the transaction, overpayment and poor management in the integration phase.
In the past 20 years, the volume of cross–border acquisitions has increased nearly three times faster than the volume of domestic acquisitions. Although cross–border M&A have become more popular, it comes with its own challenges and problems. The companies that enter into cross–border acquisitions need to face the issue of cultural differences, which is one of the common reasons of M&A failure. The participants of both companies need to integrate with the national and corporate cultures of the new company. In order for companies to be successful, the management needs to consider the impact and importance of these cultural differences.
Organisations frequently struggle with cross–cultural issues and it has been argued that the cultural distance between the country of the acquirer and the acquired is an important determinant of the success of cross–border acquisitions. In the example of the German company Daimler Benz and the American company Chrysler Corporation the fact that these two companies have very different cultural backgrounds and that their structures differed significantly complicated the merger. The company's choice of languages, images, metaphors and rhetorical strategies had a huge impact on the acceptance of the merger by the employees. Hofstede investigated the social dimensions of culture in order to develop a comprehensive model of culture. The model was developed on data collected from the IBM study of work–related attitudes of 116,000 employees in over 50 countries and three regions. The first four dimensions of culture were derived from this study namely, Power Distance Index (PDI), Individualism (IDV), Masculinity (MAS), and Uncertainty Avoidance Index (UAI). Gray extended Hofstede's earlier cultural framework to an accounting perspective and suggested that accounting values are derived from cultural dimensions. Gray summarised his accounting values as: Professionalism versus statutory control, uniformity versus flexibility, conservatism versus optimism and secrecy versus transparency.
The research question and objective of this study was to investigate the potential impact of cultural differences of cross–border acquisitions on companies from an accounting perspective. In order to answer the research question there were three objectives set. The first objective is to investigate the impact that cultural differences have on a company using Hofstede's cultural dimensions, the second objective is to investigate the impact that cultural differences have towards an accounting perspective using Gray's accounting values. The third and final objective of this research is to interpret the potential impact of a cross–border acquisition on a company taking the cultural differences into account.
Considering the cultural differences, it was evident that there are differences between cultures, which may lead to cultural conflict and may hamper the success of cross–border mergers or acquisitions. The cultural differences that were observed, which was extended to an accounting perspective indicated that cultures do have an effect on the way accounting is done form one country to another. The conclusion can be made that companies do need to take the cultural differences into account before entering into cross–border mergers and acquisitions, and that proactive measures needs to be in place in order for the cross–border merger and acquisition to be a success.Thesis (M.Com. (Management Accountancy))--North-West University, Potchefstroom Campus, 2011.
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Bindabel, Wardah Abdulrahman. "The influence of Shariah (Islamic principles) corporate governance on cross-border merger and acquisitions involving Islamic companies in the Gulf countries." Thesis, De Montfort University, 2017. http://hdl.handle.net/2086/14468.
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The central aim of the research is to examine whether cross-border Merger and Acquisitions (M&A) involving Islamic financial companies in three Gulf countries and non-Islamic financial companies from the Western countries is influenced by Shariah Corporate Governance (CG). Cross-border M&A is a corporate level strategy to achieve organisational growth and expansion through accessing new markets and additional strategic resources (knowledge, technology and complementary skills). Islamic financial companies in the Gulf region are keen to engage with non-Islamic financial companies beyond the Islamic world to benefit from the cross-border M&A. However, for Islamic financial companies to operate at global scale and attract resources, investors, regulators, customers, and other stakeholders should trust that strong CG principles are embedded in the organisation’s core. CG theory suggests that good corporate governance enables corporations’ access to external financial resources if CG mechanisms provides a clear enforceability of stakeholders’ rights with complementary robust legal system. Existing literature suggest that both Islamic and non-Islamic financial companies operate in different institutional, political, cultural, religious, and regulatory environments; which adversely affect the extent to which these two sets of companies could mutually engage in a successful cross-border M&A. In the context of Gulf countries, for example, there is no distinction between the state and religion and there is a stringent requirement to comply with the Shariah, however, the existence of conflicting opinions on Islam has resulted in varying views with regards to what qualifies as Islamic finance that has led to a latitude of multiple interpretations of Shariah principles by Shariah scholars and Shariah Supervisory Board. Also, Islamic financial companies are more likely to be considered as social entities than a commercial enterprise, which differs from the Western view. Consistent with the above context-based literature and drawing on the stewardship, agency and stakeholder theories, this study seeks to answer the key research question ‘how Shariah corporate governance influences cross-border M&A between Islamic and non- Islamic financial companies? The study employs a qualitative approach to obtain and analyse data from interviews with 40 respondents (Board of Directors members, Lawyers and Shariah Scholars) mainly selected from nine banks and six insurance companies in the three Gulf countries - Saudi Arabia, Kuwait and United Arab Emirates. The key findings were: 1) there are variations between the three countries in terms of how the conventional CG model is practised, the extent to which Islamic CG model is adopted, and in the level of employees’ awareness of the CG principles; 2) Incorporating Islamic principles in business practices is primarily determined by the interpretation of Shariah by Shariah scholars and Board but these tend to be non-standardised and at times problematic; 3) In Saudi Arabia and Kuwait, companies tended to have weaker system of disclosure (in particular Zakat) and smaller Board dominated by family and less qualified members than the UAE; 4) Sukuk is the most widely used but costly, Islamic financial instrument in cross-border M&A activities as it fully complies with Shariah principles where as Tawarruq is considered questionable in terms of Shariah; and 5) there are several barriers, identified in Chapter five, which need to be addressed when considering cross-border M&A between these two sets of the companies. The study makes several contributions to theory, policy and practices. Its significant theoretical contributions includes: a) as far as existing literature is concerned, this study is the first to examine the influence of the Islamic CG principles on cross-border M&A between Islamic and non-Islamic financial companies; b) Prior research on corporate governance has addressed M&A in developed and emerging countries, however, this is the first study to develop a CG model which seeks to improve our understanding of the complex issues involved in the process of cross-border M&A between Islamic and non-Islamic financial companies; and c) very limited studies have addressed agency, stewardship and stakeholder theories in the context of the development of behavioural Shariah CG model in a critical manner. The study has policy implications, for instance, it highlights the need to create stronger standards of Islamic CG and more standardised interpretation of the Shariah in these companies to enable them to operate on a global scale. In terms of practical contributions, the study offers implications and recommendations for management and investors alike based on the study findings.
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Stahl, Günter, Chei Hwee Chua, and Amy L. Pablo. "Does National Context Affect Target Firm Employees' Trust in Acquisitions? A Policy-Capturing Study." Springer, 2012. http://epub.wu.ac.at/3613/1/MIR_%2D_Employee_Reactions_to_Takeovers_(Final__April_23_2011).pdf.
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In this study, we test the assumption that the way target firm employees respond to a takeover is contingent on their national origin.
The antecedents of target firm member trust in the acquiring firm management were examined in a cross-national sample of German and Singaporean employees using a policy-capturing design. Five factors hypothesized to affect target firm member trust after a takeover were found to
be significant influences on employees' trust judgments in a decision-making simulation: (i)
combining firms' collaboration history, (ii) mode of takeover, (iii) whether it was a domestic
or cross-border acquisition, (iv) degree of autonomy removal, and (v) attractiveness of the
acquiring firm's human resource policies and reward system. Further analyses suggest that
the relative importance of these factors in predicting target firm employees' reactions to a
takeover varies depending on their national origin.
We conclude that companies engaged in cross-border acquisitions need to consider contingencies
in the cultural and institutional contexts in which the acquired firms are embedded and
adapt their approaches for integrating them accordingly.
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Shin, Inhye. "Factors influencing the cooperative process of cross-border merger and acquisitions negotiation in face-to-face : the role of individual, strategic, and contextual components." Thesis, King's College London (University of London), 2014. https://kclpure.kcl.ac.uk/portal/en/theses/factors-influencing-the-cooperative-process-of-crossborder-merger-and-acquisitions-negotiation-in-facetoface(002c197c-c9d3-46fd-a6d4-6ce38a3f6352).html.
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Academic endeavors in international business research have produced a number of convincing studies that argue for the importance of negotiation activities and environments in the process of the global interaction of two international counterparts. Despite the effort and time given to negotiation research, the empirical and academic investigation of the relationship between the influencing factors and the process or outcome of negotiations is still fresh. The issues in negotiation dynamics can be categorized so that they can be explained in a broader group of components defined by characteristics such as individual, strategic, and contextual components, which influence the cooperative process during international M&A negotiations. What are the desirable outcome variables? Those issues still need to be explored due to the very nature of the negotiation activity. Thus, this research empirically tests the effects of attractiveness and personality (i.e., compliance, aggressiveness, and detachement) as the individual components, tactics (i.e., hard, rational, and soft) as the strategic components, and time pressure and relative power (i.e., legitimate, reputational, and informational) as the contextual components on the face-to-face cooperative negotiation process of international M&As, which is intended to ensure satisfaction and strengthen future relationships. We performed regression analysis in SPSS with 11 observable variables, with the cooperative process of negotiation as a dependent variable. Samples were collected through a questionnaire survey of respondents who were experienced in international M&A negotiations with foreign partners. The results showed that variables such as the attractiveness, rational tactics, and reputational power of negotiators have a strong positive influence, and the perceived time pressure and a compliant personality have a strong negative effect on the cooperative atmosphere during face-to-face M&A negotiations. Most hypotheses were supported as we predicted, whereas the negative influence of a compliant personality on the cooperativeness was unexpected. This is due to the broad range of its definition, which includes sensitivity and generosity both in a compliant individual, for instance (Brooks and Rose, 2004). This research contributes to our understanding and discovery of the links assumed based on the previous research. It thereby also contributes to the formulation of a practical strategy before the actual negotiation activity by reviewing the important variables in each category such as the individual, strategic, and contextual components. Methodologically, we overcame the previous limitations of descriptive research and of Kelley’s (1966) simulation study that used student samples, by conducting the survey with experienced international negotiators. With our application of a process-related variable instead of the financial outcome as the dependent variable, we also overcame the traditional perspective of a win-lose pie sum by steering towards a win-win perspective in equilibrium.
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Šmidová, Dana. "Přeshraniční fúze - řešení v českém a slovenském účetnictví." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76494.
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Graduation theses deal with solution of cross-border mergers from the legal, accounting and marginally tax point of view. Solution of cross-border mergers from the above mentioned three points of view are analyzed firstly on the European Union level, then on the level of the Czech Republic and Slovak Republic. The subject of the graduation theses is accounting solution of the cross-border mergers according to Czech trade-law legislation and comparison of their reflection in the Czech and Slovak legislation. The graduation theses contain also an analysis of the cross-border mergers from the accounting point of view according to International Financial Reporting Standards.
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Sklenár, Roman. "Cezhraničné fúzie -- účtovné riešenie v podmienkach obchodného a daňového práva v ČR a SR." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10471.
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Graduation theses deal with essence and meaning of cross-border mergers in European Union. Meaning of this graduation theses is accounting solution according to Czech and Slovak trade and tax law. You can find here solving problems by IFRS. Important part of this essay is looking through starting balance sheet as of determining day. This graduation theses illustrated two case studies deal with cross-border mergers Slovak and Czech companies.
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Simpson, Paul. "Modelling UK cross border mergers and acquisitions." Thesis, University of Manchester, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.488396.
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Jenniges, Derrick T. "THREE ESSAYS ON CROSS-BORDER MERGERS AND ACQUISITIONS." UKnowledge, 2014. http://uknowledge.uky.edu/economics_etds/15.
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This dissertation consists of three essays on cross-border mergers and acquisitions (M&As). The first essay studies horizontal and vertical investments between Organization for Economic Cooperation and Development (OECD) countries, while the second essay examines how investment patterns vary by country development. The third essay estimates the effect of merger policy reform on cross-border M&A activity in Europe.
The first essay tests how well theories of horizontal and vertical foreign direct investment (FDI) explain observed patterns of cross-border M&As in OECD countries. Horizontal investment occurs when multinational firms produce in foreign countries to serve the foreign market, whereas vertical investment occurs when multinational firms source intermediate goods from foreign affiliates for final assembly and sales at home. The former is often used to displace exports when transport costs exceed local production costs, while the latter is often driven by cross-country factor price differentials. Little support is found for the traditional explanations of FDI as results indicate horizontal and vertical investments look much more similar than previously believed.
The second essay challenges long-standing beliefs that the majority of FDI within the developed world is horizontal, whereas investments into developing nations are predominantly vertical. Developed-developed FDI is largely cross-border M&As and FDI into developing nations typically consists of greenfield investments. However, cross-border M&As are becoming more popular in developing countries and, contrary to previous beliefs, the proportion of horizontal and vertical investment is independent of country development. Results suggest trade costs have a stronger effect on developing countries, while no clear support is found for the idea that factor endowment drives vertical investments in developing nations.
The third essay examines how reforms to European Commission Merger Regulation (ECMR) in 2004 affected cross-border M&A activity in Europe. The ECMR outlines competition rules and empowers the European Commission (EC) to block anti-competitive mergers adversely affecting the European market. Details of the reform suggest the law was expanded to cover more mergers, which is expected to have a non-positive effect on merger activity. Difference-in-differences results suggest the reform had no significant effect on cross-border merger activity in countries within the EC’s jurisdiction.
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Chen, Yuhuilin. "Three essays on cross-border mergers and acquisitions." Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/38705/.
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This thesis mainly focuses on three essays on cross-border M&As. A sample of Chinese outward mergers and acquisitions (M&As) between 1997 and 2011 involving Chinese listed firms as the acquirers is analysed in the first essay to highlight the relationship between political connections, financial constraints, and stock returns. On average, Chinese firms, especially private firms, are more likely to face financial constraints. However, the political connections can release these kinds of financial constraints. Less financially constrained firms have higher stock returns when there is an announcement of outward M&As. The second essay investigates whether foreign acquisitions can mitigate financial constraints, improve Chinese target firms’ research and development (R&D), and productivity, based on a sample of 914 inward M&As deals over the period of 1994-2011. Empirical results show that foreign acquisitions in China are associated with a reduction in target firms’ financial constraints, which is pronounced for non-state owned enterprises. I also provide evidence that foreign acquisitions can improve target firms’ R&D investment and productivity post acquisition. The third essay investigates the impact of strategic assets with firm heterogeneity on location-takeover choices by Chinese multinational enterprises by employing a dataset of 978 outward M&A cases over the time period 2000-2014. There is positive correlation between strategic assets and location-takeover choices. Technology is the most important factor in comparison to brands and management practices. Firms with a higher degree of R&D expense are sensitive to host country’s strategic assets. Government-involved firms care more about ‘hard’ technology (e.g. advanced innovation of product, plant, or equipment) than ‘soft’ technology (e.g. management quality).
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Nachemson-Ekwall, Sophie. "An institutional analysis of cross-border hostile takeovers : shareholder value, short-termism and regulatory arbitrage on the Swedish stock market during the sixth takeover wave." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Företagande och Ledning, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1907.
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Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations.Diss. Stockholm : Handelshögskolan, 2012
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Li, Haixiang. "Fusions - acquisitions menées par les entreprises multinationales chinoises : motivations et déterminants de la performance : analyse des opérations menées en Europe et en Amérique du Nord (2002-2012)." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM2003.
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Ces dernières années, les fusions et acquisitions transfrontalières réalisées par les entreprises chinoises en Europe et en Amérique du Nord se sont développées et ont attiré l’attention des chercheurs. Cependant, il existe peu de recherches se concentrant sur leurs motivations, leur performance et leurs déterminants. Ainsi, l’objectif de cette thèse est d’analyser les opérations annoncées ou réalisées en Europe et en Amérique du Nord entre 2002 et 2012, afin de (1) comprendre les motivations des entreprises en croissance, (2) de déterminer si ces opérations créent de la valeur pour les actionnaires et (3) d’identifier les déterminants de la création/destruction de valeur. Pour ce faire, nous avons utilisé trois méthodes : (1) l’analyse des déclarations d’acquisitions faites par les entreprises chinoises, (2) le calcul de rendements anormaux (AAR, ACAR, CAR) via plusieurs études d’évènements, (3) l’élaboration d’un modèle d’identification des déterminants de la création/destruction de valeur. Les opérations analysées ont été réalisées par des entreprises cotées aux bourses de Shanghai, Shenzhen et Hongkong. Des données supplémentaires ont été tirées de la base de données « Zephyr ». Au total, 93 opérations ont été analysées. Les résultats confirment les résultats antérieurement identifiés pour les acquéreurs occidentaux, étendant ainsi les théories des F&A aux opérateurs chinois. Malgré la différence de structure de propriété (contrôle par l’Etat), les FMN chinoises ont un niveau de performance comparable à leurs homologues occidentaux privés lorsqu’elles réalisent des opérations de F&AIn recent years, the cross-border mergers and acquisitions by Chinese companies in Europe and North America are developing and have attracted the attention of researchers. However, there is few research focusing on their motivations, their performance and their determinants. Thus, the objective of this thesis is to analyze the transactions announced or completed in Europe and North America between 2002 and 2012, (1) to understand the motivations of growing companies, (2) to know whether these operations create value for shareholders and (3) to identify the determinants of the creation / destruction of value.To do this, we used three methods: (1) analysis of acquisitions statements made by Chinese companies, (2) the calculation of abnormal returns (AAR ACAR CAR) via several events studies (3) development of a model to identify the determinants of the creation / destruction of value. The operations were made by Chinese listed companies in Shanghai, Shenzhen and Hong Kong stock exchanges. Additional data were obtained from the database "Zephyr." A total 93 operations were analyzed. The results confirm the previously identified results for western acquirers. Despite the difference in ownership structure (state control), Chinese MNCs have a level of performance comparable to their private western counterparts when they carry out operations of M & A
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Ayoush, Maha Diab. "Are cross-border mergers and acquisitions better or worse than domestic mergers and acquisitions? : the UK evidence." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/1589/.
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Mergers and acquisitions (M&As) are important corporate strategy actions that are vital for the companies in order to survive in this competitive global world. The popularity of those actions has increased over the years, especially in the international domain. In the UK, both the number and value of cross-border M&As has increased significantly over the years. Despite this increase, there haven’t been enough studies or clear evidence about whether venturing abroad to acquire foreign targets leads the companies to better performance compared to staying domestically. Therefore, the purpose of this thesis is to investigate the M&A phenomenon deeply and compare between cross-border and domestic M&As made by UK public acquirer firms. More specifically, the thesis concentrates on three main issues which are: (1) the difference between the returns to shareholders of acquirer firms involved in cross-border and domestic M&As; (2) the difference between the operating performance of acquirer firms involved in cross-border and domestic M&As; and (3) the difference between the impacts of cross-border and domestic M&As on the operating performance of acquirer and target firms combined. Market-based and accounting-based approaches are used to investigate a sample of UK acquirer firms engaged in cross-border and domestic M&As both in the short-term and in the long-term periods. In general, the results reveal insignificant differences between the shareholders’ returns and operating performances of acquirer firms involved in cross-border and domestic M&As over the short- and long-term periods. On the other hand, the results for acquirer and target combined firms show that cross-border M&As have lower operating performances than domestic M&As. Recommendations are provided in order to help the decision and policy makers in the companies to decide whether cross-border M&As should be actively encouraged or discouraged in comparison with domestic M&As.
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Andersson, Maria, and de la Rosa Maja Karlsson. "Cross-border and corporate aspects on culture in mergers and acquisitions." Thesis, Uppsala University, Department of Business Studies, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8761.
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Wu, Bing. "Changes of shareholder wealth associated with cross-border mergers and acquisitions." Thesis, Aston University, 2017. http://publications.aston.ac.uk/33421/.
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This empirical study tests the short-term stock abnormal returns associated with cross-border M&A announcements. Our countries of interest are the US and Japan. This thesis contains three empirical chapters. In the first two empirical chapters, we test the announcement effects of acquirers and targets according to acquirer and target industry characteristics and deal characteristics. We find that the factors that explicitly related to synergistic effects show significant explanatory power for the abnormal returns. In contrast, the explanatory power of the factors that are associated with agency motive tend to be mixed. In the third empirical chapter, we test the explanatory power of acquirer and target financial characteristics to the announcement returns. We find that some of the variation in the abnormal returns can be explained by the financial characteristics of the firms. Our test provides several contributions to the M&A literature. Firstly, we show that investors are more likely to be influenced by multiple factors in response to M&A announcements. In addition, investors can have inconsistent interpretation to the same information. Secondly, we employ F-F-C four-factor CAPM that has less misspecification problems for our test compared with the standard CAPM. Also, we use the adj. BMP t-statistic to overcome the potential upward bias associated with the BMP t-statistic. Inconsistent with previous studies, we find that cross-border M&As do not always generate positive ARs for acquirers. Finally, we find that the market shows inconsistent reaction to the M&A announcements made by the US and Japanese acquirers. However, when we control for the deal characteristics and financial characteristics of acquirers and targets, we find some common patterns of the abnormal returns.
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Lee, Donghyun, and Donghyun Lee. "Essays on Cross-Border Mergers and Acquisitions, Technology, and Frictional Costs." Thesis, University of Oregon, 2012. http://hdl.handle.net/1794/12435.
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Foreign direct investment (FDI) has played a major role in the increasing economic globalization of the past couple decades. Cross-border mergers and acquisitions (M & A) is the major source of FDI, particularly for developed countries accounting for as much as two-thirds of FDI. Yet, studies on such cross-border M & A activities are scant in the literature.
This dissertation aims at explaining the relationship between cross-border M & A, technology, and frictional costs using both theoretical and empirical analyses. In chapter II, I conduct empirical analysis to determine the relationship between exchange rates and acquisition FDI. I find that depreciation of the host country's currency leads to an increase in acquisition FDI into high-R & D sectors for U.S. inbound acquisition FDI from multiple country sources, but not for inbound acquisition FDI for other various developed countries. In chapter III, I develop an equilibrium model of cross-border M & A and show that the model predicts that firms from a larger country are more likely to acquire in a smaller country when M & A activity is driven by a technology-seeking motive, but the opposite is true when it is driven by a market-seeking motive. I also find empirical evidence that cross-border M & A activity exhibits behavior consistent with this prediction. In chapter IV, I empirically examine the relevance of heterogeneous sector-specific frictional costs using detailed data on worldwide M & A activity. Results show that cultural distance, tradeability, and regulation play an important role in determining heterogeneous frictional costs across different sectors.
This dissertation includes unpublished co-authored material.
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Gu, Xuehua. "Trois essais sur les fusions-acquisitions transfrontalières." Thesis, Université Grenoble Alpes (ComUE), 2016. http://www.theses.fr/2016GREAG012/document.
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Par comparaison avec la littérature sur les fusions-acquisitions nationales, celles sur les fusions-acquisitions transfrontalières (Cross-Border Mergers & Acquisitions, CBM&A) est relativement récente. En particulier, nous avons encore très peu d’études sur les fusions-acquisitions entre les entreprises des pays développés et émergents. Cette thèse considère trois questions rarement abordées jusqu’à présent. 1) Est-ce que la diversification industrielle peut expliquer les fusions-acquisitions entre les entreprises européennes et des marchés émergents? 2) Est-ce que le marché valorise plus dans ces opérations les actions de diversification industrielle? 3) Quelles sont les modalités de paiement préférées dans ce type d’opérations ? Parallèlement, nous avons comparé ces opérations de fusions-acquisitions à celles ayant lieu en France et à l’intérieur de l’Union Européenne. Fondés sur 2406 fusions-acquisitions en France, 7628 à l’intérieur de l’Union Européenne et 1857 entre des entreprises européennes et des marchés émergents sur la période 1992(1998)-2012, nos résultats sont les suivants. Premièrement, conformément à ce qui est observé dans les fusions-acquisitions entre des entreprises des pays développés mais contrairement à ce que laisse entendre la littérature théorique sur les investissements dans les marchés émergents, les fusions-acquisitions entre les entreprises européennes et de pays émergents sont plutôt des opérations de spécialisation industrielle. Nous constatons également que la relation entre la diversification internationale et la diversification industrielle est négative. Deuxièmement, les effets d'annonce des CBM&A entre les pays de l’'Union Européenne et les marchés émergents se traduisent par une augmentation de richesse des actionnaires des entreprises européennes acquéreuses. Cependant, par rapport aux fusions et acquisitions réalisées entièrement à l'intérieur de l'Union Européenne et en France, les effets d’annonces sont beaucoup moins positifs. Troisièmement, les marchés financiers sous-évaluent les entreprises européennes lors des fusions-acquisitions avec des entreprises de pays émergents. Nos résultats démontrent que les entreprises acquéreuses payent moins en espèces dans les fusions-acquisitions avec des entreprises des marchés émergents qu’avec d’autres entreprises européennes. En revanche, les primes payées ne sont pas significativement différentes. Nos résultats suggèrent aussi que les dirigeants des entreprises Européennes ne jouent pas sur le « market timing » lors de leurs décisions de paiement. Cette thèse a des implications importantes pour des futurs acquéreurs d’entreprises de pays émergents. Compte tenu des résultats obtenus sur la fin de notre période d’analyse, elle révèle que la diversification industrielle dans les fusions et acquisitions d’entreprises de pays industrialisés avec des entreprises de marchés émergents est plus importante ces dernières années, et qu’elle a un impact positif. Nous pensons que les résultats peuvent être attribuables soit à la crise financière soit à une meilleure intégration des marchés émergents dans l'économie mondiale. Elle met aussi en évidence qu'il existe des conflits d'intérêts clairs entre les investisseurs et les dirigeants lors de fusions-acquisitions entre des entreprises européennes et de pays émergentsCompared to domestic M&A, the literature of cross-border M&A is relatively fewer. Most of the current research is based on US studies. We also have much less knowledge about the cross-border M&A from developed countries to emerging countries. Motivated by the general research background, the thesis conducted three distinctive papers regarding cross-border M&As from European Union (EU) to emerging countries. We propose three research questions that are seldom addressed in previous literatures: 1) Does industrial diversification explain the cross-border M&A from the European Union to emerging countries? 2) Do market value industrial specialization or diversification in CBM&A with emerging countries? 3) Do acquiring managers take advantage of the market timing in payment decisions in CBM&A with emerging countries? In addition, we compared the CBM&As with those of domestic France as well as the CBM&As inside the European Union. Based on 2406 fusions-acquisitions in France, 7628 CBM&As inside the European Union, and 1857 CBM&As between European firms and the emerging markets during 1992-2012, we find the following results. First, consistent with what is observed in prior M&As literatures between companies in developed countries but contrary to what is suggested in the theoretical arguments in earlier literatures about emerging countries, we show CBM&As from the European Union to emerging countries are industrially specialized rather than industrially diversified. We find that there is a negative relationship between international diversification and industrial diversification. Second, we found that the announcement effects for CBM&As between the E.U.-15 and emerging market are positive, but compared to CBM&As conducted wholly inside the E.U.-15 and domestic M&As in France, they are significantly less positive due to the focus on industrial diversification versus specialization. Third, we found the market undervalues the acquiring firms in CBM&A from the European Union to emerging countries. The acquiring managers do not take the advantage of the market timing when making their payment decisions. Our results show the acquiring firms do not incline to pay cash in CBM&A to emerging countries but rather in CBM&A inside European Union. In the meanwhile, we find the premium paid by the acquiring firms are not different from CBM&As inside the European Union. Our analyses evidence that acquiring firms are reluctant to pay cash in CBM&As with emerging countries. The thesis contributes to the current M&A empirical literatures and it has provided important research implications. It highlights also that there are clear conflicts of interests between investors and managers in the cross-border from the European Union to emerging countries. The thesis also opens new perspectives for the future research. For example, we observed that industrial diversification has an increasing trend in recent years, and it is valued positively by the market. We believe the results may be attributable to either the financial crisis or the better integration of emerging markets into the world economy
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Östlund, Andreas, and Pernilla Lindblad. "Cross-border mergers and acquisitions in the banking sector : A Swedish perspective." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1846.
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Kang, Ji Woong. "Cross-border mergers and acquisitions in Korea : strategic motivations, transition management and competitiveness." Thesis, Royal Holloway, University of London, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.586614.
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The surge in the cross-border acquisition of Korean businesses, following the 1997 Asian crisis, raises questions about the motivations of foreign investors, the calculations of selling firms, and outcomes. However, existing studies are limited in number and depth of analysis. Established FDI theory and the fire-sale/neoclassical debate do not consider how post-acquisition developments in strategy, resources, and capabilities within the target businesses and other relevant factors contributed to organisational improvements and enhanced financial performance. Recognising the methodological limitations of previous studies, this thesis employs a multiple case-study approach based on qualitative interviews and quantitative accounting data to deal with unanswered questions and to substantiate what is so often assumed. Contrary to perceptions in Korea, foreign acquirers were not motivated by financial opportunism and 'fire-sales'. Instead, with strategic motivations, they sought businesses with resources and capabilities that could make their objectives achievable, and they invested in and developed new resources and capabilities. For chaebols, government pressure to reform and lack of liquidity were motivators, but we cannot overlook their agency and success in achieving their own strategic intentions, necessitating asset sales. Nor should we overlook the contribution of managers to post-acquisition improvements. These successes, measured by financial performance, depended on the effective managerial, organisational, and operational transformation of the acquired finn, and external factors, such as host market competitive pressures and expansion opportunities. Transformation rested on the quality of 'transition management', whose nature and outcomes were affected by the interaction of si-x factors, including: (a) the quality of the acquirer'S resources and capabilities in relation to the target business; (b) the acquirer's motivations and strategy; (c) the quality and potential of the target firm's resources and capabilities; (d) external factors, such as host market competitive pressures, expansion opportunities, and macroeconomic conditions; ( e) the acquirer's international acquisition expertise and integration strategy; and (f) the level of the local employees' agency. Financial outcomes varied, due to explicable internal and external factors, but case evidence indicates that the acquisition brought substantial financial benefits to many target firms. This thesis, therefore, questions the unsubstantiated, widely-held view that the impact of the mergers and acquisitions wave in Korea after 1997 has been consistently negative for the target firms.
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Tu, Wenjun. "Cross-border mergers and acquisitions of Chinese firms : an investigation of value creation." Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/42994/.
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The surge of cross-border mergers and acquisitions (CBM&As) from China, the largest of the emerging economies, has attracted considerable scholarly attention recently. The unique institutional context in China, i.e., heavy government involvement in business activities and imbalanced development of subnational institutions among Chinese regions, raises two interesting questions: whether, or not, CBM&As of Chinese firms create value for acquirers in the short and the long term; and what special sources of value creation exist in Chinese firms’ CBM&A? The main focus of this thesis is to investigate the impact of multi-level institutional variables on short- and long-term value creation in Chinese firms’ CBM&A in the unique Chinese context. Using a sample of 279/192 CBM&A events collected from the CSMAR database over the period 1999-2013, we find that the market reacts positively to CBM&A announcements, but the accounting performance of acquirers fails to improve after CBM&A in the long term. Based on the selected sample, we employ Ordinary Least Squares to analyse the data and find the following results. First, the study reveals government is an important source of value creation, but its effects on the short- and long-term value creation in Chinese firms’ CBM&A are reflected by government ownership and political connections. We find Chinese market investors reward acquirers with political connections at the time of CBM&A announcements, but explicit government ownership contributes more to long-term performance improvement of acquirers after CBM&A. Second, in the long term, we find there is U-shaped relationship between R&D intensity and the long-term post-CBM&A performance of acquirers, which suggests acquirers with moderate-level R&D intensity suffer from more integration problems resulting from the dilemma of compatibility. Third, at the macro level, we find that higher-quality institutions among the Chinese regions and higher-quality host country institutions provoke more positive market reactions, while less cultural distance and greater formal institutional distance contribute to performance improvement of acquirers after CBM&A in the long term. Furthermore, the effects of micro-level institutional factors, i.e., government ownership and political connections, on the value creation in Chinese firms’ CBM&A are dependent on the macro-level institutional environments. In the short term, the market responds more positively to acquirers with higher government ownership, but less positively to acquirers with political connections with an increase in subnational institutional quality. With the increase in host country institutional quality, the market responds less positively to both the larger government ownership and the presence of political connections. In the long term, we find that the influence of government ownership on value creation is enhanced with the increase of cultural distance, but declines with the increase of formal institutional distance.
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Lin, Yupu. "An empirical investigation on firm-level performance of cross border mergers and acquisitions." Thesis, Aston University, 2015. http://publications.aston.ac.uk/27227/.
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This empirical study investigates the performance of cross border M&A. The first stage is to identify the determinants of making cross border M&A complete. One focus here is to extend the existing empirical evidence in the field of cross border M&A and exploit the likelihood of M&A from a different perspective. Given the determinants of cross border M&A completions, the second stage is to investigate the effects of cross border M&A on post-acquisition firm performance for both targets and acquirers. The thesis exploits a hitherto unused data base, which consists of those firms that are rumoured to be undertaking M&A, and then follow the deal to completion or abandonment. This approach highlights a number of limitations to the previous literature, which relies on statistical methodology to identify potential but non-existent mergers. This thesis changes some conventional understanding for M&A activity. Cross border M&A activity is underpinned by various motives such as synergy, management discipline, and acquisition of complementary resources. Traditionally, it is believed that these motives will boost the international M&A activity and improve firm performance after takeovers. However, this thesis shows that such factors based on these motives as acquirer’s profitability and liquidity and target’s intangible resource actually deter the completion of cross border M&A in the period of 2002-2011. The overall finding suggests that the cross border M&A is the efficiency-seeking activity rather than the resource-seeking activity. Furthermore, compared with firms in takeover rumours, the completion of M&A lowers firm performance. More specifically, the difficulties in transfer of competitive advantages and integration of strategic assets lead to low firm performance in terms of productivity. Besides, firms cannot realise the synergistic effect and managerial disciplinary effect once a cross border M&A is completed, which suggests a low post-acquisition profitability level.
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Demir, Mert. "Cross-border Bank Acquisitions And Company Performance: The Case Of Emerging Markets." Thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12609607/index.pdf.
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CROSS-BORDER BANK ACQUISITIONS AND COMPANY PERFORMANCE: THE CASE OF EMERGING MARKETS
Demir, Mert
MBA, Department of Business Administration
Supervisor : Assist. Prof. Dr. Seza DaniSoglu
May 2008, 103 pages
In recent years, cross-border mergers and acquisitions have spurred in the global economy. With the breaking down of barriers around national economies, those economies that used to be centrally-planned and closed in the past have emerged as economies that offer invaluable investment and risk diversification opportunities that investors seek. As a natural result of this change, these economies become major targets for foreign investors. This thesis examines the impact of this foreign investment trend specifically for those bank mergers and acquisitions that take place in emerging economies. The impact of these transactions on the acquirer and target company shareholders and firm performance are analyzed and it is found that neither parties&rsquoshareholders receive a significantly positive benefit in the short-term but there are significant benefits in the long-term. Moreover, while these bank consolidations resulted in improved profitability, efficiency and asset size for the target firms, no significant change is observed in deposit size, market share and capital adequacy of the targets. Similarly, improvement in profitability is evidenced for the acquirers while no major change in leverage risk is observed.
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Duarte, Daniel José da Silva. "Corporate tax avoidance followed by mergers and acquisitions." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13186.
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Mestrado em FinançasEste trabalho tem como objetivo perceber as alterações ao planeamento fiscal da empresa após uma operação de F&A. Várias características de F&A foram testadas numa amostra que abrange 707 operações Europeias. No geral, os resultados sugerem que não há evidência estatística de alterações no planeamento fiscal da empresa adquirente após uma operação de F&A. No entanto, encontrámos evidência de um maior nível de planeamento fiscal quando as operações são horizontais e quando a empresa-alvo tem resultados operacionais negativos no ano anterior à operação. Os nossos resultados sugerem uma diminuição de cerca de 3% na taxa efetiva de imposto quando a operação é horizontal e uma redução dos impostos pagos, entre 6.2% e 8.6%, se a empresa-alvo apresentou resultados operacionais negativos no ano anterior à operação. Esta redução na taxa efetiva de imposto aumenta para 9% se a operação for simultaneamente horizontal e a empresa-alvo tenha resultados operacionais negativos no ano anterior à operação. Os nossos resultados suportam a perspetiva de que motivos fiscais podem não despoletar uma operação de F&A, no entanto uma significativa poupança fiscal parece verificar-se para determinadas características das F&As.
This paper aims to understand the change in corporate tax avoidance following a M&A deal. Several M&A features were tested in a sample which covers 707 European deals. Overall, results suggest that there is no statistical evidence of changes in corporate tax avoidance following M&A deals. However, we found some evidence of higher level of corporate tax avoidance when the deal is horizontal and when the target company had operating losses the year before deal. Our results suggest a decrease in ETR of about 3% for horizontal mergers and a reduction of effective taxes paid between 6.2% and 8.6% if target had negative pre-tax income pre-deal. This reduction in ETR increases to 9% for horizontal deals, in which the target had a negative pre-tax income one-year before the deal. Our findings support the view that tax motives may not trigger M&A deals, although significant tax savings appear to occur for certain M&A characteristics.
info:eu-repo/semantics/publishedVersion
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Ezrachi, Ariel. "Regulation of cross border mergers and acquisitions : from unilateral to cooperative competition law enforcement." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.248887.
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Sun, Miao. "Chinese companies' cross-border mergers and acquisitions performance : evidence from inward and outward deals." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12544/.
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This dissertation focuses on the Chinese cross-border M&As (mergers and acquisitions) market of public companies’ performance. The study precisely identifies short-term performance surrounding a M&A announcement that a public Chinese company is acquiring an overseas firm or is being targeted. The key words of these three chapters are method of payment, public status, and acquirer industry. This study measures short-term performance by investigating CARs (cumulative average abnormal returns). The windows are approximately 2 days and 5 days before and after a M&A announcement. The time span is 15 years (2002–2016) for Chinese public companies’ cross-border transactions and 23 years (1994-2016) for transactions targeting Chinese public companies. The first chapter demonstrates that cash transactions outperform stock transactions although more public Chinese companies chose stock to finance transactions. The second chapter demonstrates that an acquired public overseas target underperforms compared with targeting private companies. In addition, the transaction volume indicates that most bidder companies made the right decision. The third chapter demonstrates that overseas financial institutions are more likely (over 60% of transactions) to acquire Chinese public companies in all industries. These investors do bring abnormal returns to their target companies.
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Valk, Floris Joost. "Internal capital markets in cross-border mergers and acquisitions; a financial market development perspective." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-347196.
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Cross-border M&A’s have been gaining momentum in the past decades. As growth opportunities are becoming scarce, more and more multinational corporations seek their expansion opportunities across the border through M&A’s. Whether these cross-border M&A’s add value has been a heavily debated topic. This research takes a value adding perspective by showing the effect of financial market development and capital dependence on the abnormal returns of acquiring firms from the US. Our results show that the effects of financial development and capital dependence are statistically significant, but their financial significance is small.
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Du, Min. "An analysis of acquirers' returns of cross-border mergers and acquisitions by Chinese firms." Thesis, University of Nottingham, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.659215.
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The main aim of this research is to investigate three key dimensions of cross-border mergers and acquisitions (CBM&As) by Chinese acquiring firms: trends, patterns, and distributions, the short-term and long-term value creation and the institutional and firm level factors affecting the value creation of Chinese CBM&As. These dimensions are explored using a multi-method approach involving, standard Event Study methodology (Market Model); Buy and Hold Abnormal Returns (BHARs), Calendar Time Abnormal Returns (CT ARs), multivariate regression analyses and test of differences. Both aggregate and firm level data were collected from a number of secondary sources, namely Chinese Stock Market and Accounting Research Database (CSMAR), the World Investment Report produced by UNCTAD, Thomson's SDC Platinum M&A Database and China Statistical Year Book. First, the trends and patterns of Chinese CBM&As are examined. The results indicate that GDP, money supply, interest rates, inflation, acquisitions in resource seeking sectors and cultural distance play an important role in explaining the trends of CBM&As outflows by the Chinese firms. The findings support the notion that home country macroeconomic and institutional factors can create advantages to improve the outward CBM&As activities, particularly, by emerging economy firms. Second, this study examines the short-term value creation of Chinese CBM&As and the impact of state ownership and institutional factors on the value creation. We find evidence of positive abnormal returns for Chinese acquirers in the short-term. Moreover, value creation by Chinese acquiring firms is influenced by formal institutional distance, reforms in exchange rate approval systems and state ownership, indicating that and Chinese government and institutions have significant influence on CBM&As short-term value creation. Third, this research investigates the long-term value creation of CBM&As by Chinese acquirers and the factor affecting the long-term value creation. We find significant negative long-term abnormal returns after the acquisitions. Our cross-sectional regression results show that state ownership, formal institutional distance, priority sector, interaction between priority sector and SOEs, cash holding and acquirer size exert significantly impact on the post-event long term returns.
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Jedin, Mohd Haniff bin Haniff. "Antecedents and performance outcomes of the marketing integration process in cross-border mergers and acquisitions: the case of Malaysia and Indonesia." Thesis, University of Manchester, 2011. https://www.research.manchester.ac.uk/portal/en/theses/antecedents-and-performance-outcomes-of-the-marketing-integration-process-in-crossborder-mergers-and-acquisitions-the-case-of-malaysia-and-indonesia(e032a315-b99a-4c21-8536-36917361ee2c).html.
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Cross-border mergers and acquisitions (M&As) are strategic business expansions across national boundaries, which provide bundle of resources and opportunity for growth strategies, however can prove rather problematic and complex. One of the most complex stages in cross-border M&As is when two firms are in the integration process. The most challenging part in a cross-border M&A, is the integration of two different firms that feature different management styles and organizational cultures. Once the integration seeps deeper into functional levels, the strategic level M&A commitment is faced with operational implementation issues. The marketing department is usually heavily involved in this integration process. These are the people who create and generate the sales which thereby increase the income of the combined firm. However, research on marketing integration related to M&As has paid little attention to the amalgamation of similar resources from two similar departments, particularly in the cross-border M&A context. Furthermore, the existing research does not clearly demonstrate the success factors that contribute to the marketing integration process in cross-border M&As. Hence, this thesis explores the role of the antecedents that influence the marketing integration process in cross-border M&As. Results indicate a significant impact on integration from marketing synergy and the redeployment of marketing resources. Meanwhile there is a striking result pertaining to the relationship between interaction and the speed of integration which is significant but negatively to influence the marketing integration process. In addition, cost savings and relationship effectiveness among the marketers of both the acquirer and the acquired firms are found to be highly significant and to positively support the M&A performance. This means that the commitment of the marketers from both firms relies on a close relationship in order to uphold the integration synergy while at the same time reducing cost and improving M&A performance.
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Jia, Xufeng [Verfasser], and M. G. [Akademischer Betreuer] Faure. "Do Home Country Institutions Matter in Cross-border Mergers and Acquisitions? / Xufeng Jia ; Betreuer: M.G. Faure." Hamburg : Staats- und Universitätsbibliothek Hamburg, 2019. http://d-nb.info/1189817578/34.
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Liao, Chuan. "Essays in International Financial Management." The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1264946797.
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Lameijer, Marloes. "Financial Flexibility, Bidder’s M&A Performance, and the Cross-Border Effect." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-277274.
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This study investigates the effect of the value of financial flexibility on bidder’s merger and acquisition (M&A) performance, including the differences between domestic and cross-border M&As and the effect of the financial crisis. Using data gathered between 2005-2012 of 3,882 M&As with the bidder from developed Europe or the U.S., OLS regressions are used to predict the effect of value of financial flexibility on the bidder’s cumulative abnormal returns (CARs). Findings reveal partial evidence to support a positive effect of the value of financial flexibility and the cross-border effect on bidder’s M&A performance. Collectively, these findings increase understanding of the interdependence of financial flexibility and investments.
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Cao, Vu, and Rusi Li. "A study of cultural differences in cross-border Mergers & Acquisitions : Case studies review in Swedish companies." Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-35013.
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Among the challenges that companies may face during the post M&A phase, cultural integration can be seen as one of the trickiest tasks. Cultural differences which are inevitable in any deal are always there. The link between how people from autonomous groups live together and the deal result is an interesting topic that needs to be investigated. Since we have an interest in developing the understanding of cultural differences during integration process in cross-border M&As, the research question “How do cultural differences arise in cross-border M&As during the integration process and do they impact the deal result?” is formulated.
This thesis presents a model that demonstrates elements of cultural differences from three levels, national, organizational and personal. In this model, these levels can be seen as interrelated to each other in which the inner layer is impacted by the outer one. As a result, personal culture, as the most inner layer, is doubly impacted by the other two, national and organizational levels. Given that the scope of our thesis is for cross-border M&As, after investigating these three levels of culture, we found that organizational and personal differences are real in any M&As no matter domestic or cross-border deals. Differences at national level, on the contrary, are the first element that should be mentioned as a root of cultural differences in companies from different nationalities.
From the understanding about emergence of cultural differences, we further study to see if they leave any effect on the deal result. In the empirical section, from the cultural gap analysis of each case, it was surprising to see that the relationship between cultural gap and deal result of two of four cases, are opposite to Rankine´s theory. At this point, we can see that M&As between companies similar in culture is not always successful or that failure between organizations having significantly different cultures is not always true, and then the empirical study on the acculturation dynamics made the further explanation that cultural differences are not the critical factor leading to success or failure, but rather how participants in integration perceive and respond to the cultural differences will impact the deal result.
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Wu, Yaoan. "How do institutions matter to cross-border mergers and acquisitions by emerging economy multinationals in developed countries?" Thesis, University of York, 2014. http://etheses.whiterose.ac.uk/7046/.
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Cross-border mergers and acquisitions (CBMAs) from emerging economies (EEs) to developed economies (DEs) have recently experienced a phenomenal growth. CBMA is a fast and direct way to acquire advanced strategic assets from DEs by multinational enterprises from EEs (EMNEs) in order to improve their competitive advantages. What factors explain this strategic decision and what is the performance consequence? Using the institution-based view (IBV) as a theoretical lens, this thesis consists of three empirical research studies. The first one analyses the institutional distance (ID) between the home and the host countries influencing EMNEs’ CBMAs in the OECD countries. Based on the comprehensive eight dimensions of ID framework developed by Berry et al. (2010), this study develops various hypotheses of positive and negative relationships between institutional distance and EMNEs’ CBMAs in the OECD countries. Empirical results confirm the impact of political, economic, knowledge, global-connectedness, administrative and cultural distance. Financial, demographic and geographic distances are insignificant. The second study examines the role of political institutions in the host and home countries of EMNEs’ CBMAs, the two groups of variables that are often treated separately in the existing literature. Hypotheses are developed based on the concepts of six political institutions by Kaufmann et al. (1999). Empirical results show that in general host country political institutions positively affect EMNEs’ CBMAs in the OECD countries while home country political institutions play a negative role. Not all political institutional factors are of equal importance. Firms are concerned about government effectiveness, regulatory quality, rule of law and corruption of host countries, and political stability and lack of violence, regulatory quality, rule of law and corruption of home countries. The third project looks into the acquired firm performance. Using accounting measures for firm performance, this empirical study analyses the impact of ID on acquired firm performance. Results suggest that formal institutional distance (political, economic and administrative) positively affect acquired firm performance, while informal institutional distance (cultural and knowledge) negatively affect acquired firm performance.
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Zou, Huan. "The determinants of cross-border mergers and acquisitions (M&As) in emerging markets : an insight into China." Thesis, University of Manchester, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.622087.
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This research examines the determinants of cross-border mergers and acquisitions (M&As) in China at multi-levels - country, industry and corporate levels. The wave of cross-border M&As has received extensive attention both from practitioners and academic, to consider: (i) what determines their pattern and in particular, what influences their behaviour over time, and (ii) what influences mangers' considerations on international acquisition strategy. However, little attention has been paid to the first problem due to a concentration on the wave pattern within industrial economies as well as the small proportion of cross-border transactions in emerging markets. Moreover, past research on international acquisition at corporate-level suffers a lot from the fragmented perspectives which do not integrate systematically with a number of theoretical schools, industrial organisation, institutional theory, human resource, finance and economics. Considering China as an unexplored market for this topic, this research firstly tries to identify the determinants at country- and industry-levels. This research integrates domestic merger, industrial organisation and FDI perspective and employs two panel databases to model the behaviour, at country and industry levels, of cross-border M&As in China, for the period 1990-2003 and 1991-2003 respectively. Drawn upon the panel data analysis, this research confirms that cross-border M&As in China are linked with several economic fundamentals (Le. market size, growth potential, labour costs, risk and cultural distance) that are identified in previous empirical studies as well while the relationship with financial variables is less convincing due to the incomplete financial market for acquisition transactions in China. This research also shows that deregulation in industrial sectors is a critical determinant to explain the differences in the acquisition activity across industries. The restructuring of industry, particularly in the aspect of reducing the number of state-owned enterprises and strengthening the preferable policy for foreign investment, encourages more acquisition activities in those sectors with fast paced and determined actions.
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Troudart, Jessy. "Analyse et comparaison des stratégies d’internationalisation des banques." Thesis, Bordeaux 4, 2012. http://www.theses.fr/2012BOR40046/document.
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Les stratégies d’internationalisation des banques européennes sont-elles efficaces ? Cette thèse analyse le lien entre l’internationalisation des banques et leur performance. L’objectif étant de vérifier s’il existe des modalités d’implantation qui expliquent les écarts de bénéfices entre les établissements bancaires européens. Nous nous focalisons sur trois types de stratégies d’implantation : l’installation de filiales, les alliances ou partenariats avec des entreprises étrangères et les fusions et acquisitions transfrontalières. Parmi les filiales étrangères nous distinguons les filiales qui portent l’enseigne du groupe de celles qui portent un autre nom. Cette distinction nous permet d’analyser l’impact sur la performance du choix de garder ou non l’enseigne du groupe lors du déploiement international. Nos résultats montrent qu’il existe bien des modalités expliquant des différences de rentabilité entre les établissements. En effet, il semble qu’une implantation via des filiales portant le nom du groupe bancaire ait un impact négatif sur la performance. Par ailleurs, nous avons aussi relevé que la réalisation de partenariats transfrontaliers dans plus de dix secteurs différents n’est pas bénéfique pour la banqueAre European banks’ cross-border strategies effective? This thesis analyzes the relationship between European banks’internationalization strategies and their performance. We investigate whether there are internationalization strategies that explain differences between European banks’ profits. We focus on three types of implementation strategies: at first, the installation of subsidiaries, then, alliances or partnerships with foreign companies and last but not least, cross-border mergers and acquisitions. Among foreign subsidiaries we distinguish those which carry the the group’s brand from those which carry a different name. This distinction allows us to analyze the results a bank can expect by keeping its company name while expanding overseas. Our results show that there are strategies that explain differences in profitability between institutions. Indeed, it appears that internationalization through subsidiaries with a brand perspective has a negative impact on performance. In addition, we also note that the implementation of cross-border partnerships in more than ten different sectors is not beneficial for the bank
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Fikru, Mahelet Getachew. "Mergers and Acquisitions with a Flexible Policy Regime: Theoretical and Empirical Analysis." OpenSIUC, 2011. https://opensiuc.lib.siu.edu/dissertations/325.
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The research examines what drives Mergers and Acquisitions (M&As) using a theoretical and empirical approach. The theoretical part uses flexible optimal policies which adjust to changes in the market structure following a merger. The empirical part tests the major theoretical predictions to identify determinants of M&As in advanced economies. Chapters 1 and 2 consider M&As among firms in a pollution-intensive sector. Chapter 1 shows that identical polluting firms engage in M&As only if environmental policies are flexible. Chapter 2 shows that the flexibility of environmental policy increases the incentive to merge among heterogeneous firms. In addition, with flexible policy highly polluting firms have the highest incentive to merge than less polluting firms in a given sector. The empirical evidence suggests that the decision of manufacturing firms to engage in M&As is affected by environmental policy and firms may engage in merger deals in anticipation of a change in policy. Chapter 3 shows that with a flexible consumption tax firms in a bigger, more efficient country takeover firms in a smaller, less efficient country. The incentive to merge increases with the efficiency and market size of the host country. The empirical result obtained from 7 OECD countries shows that market size and firm efficiency play a major role in triggering international mergers.
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Wilmink, Wouter. "Toehold acquisitions, bidder’s acquisition performance,and the cross-border effect." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-328145.
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This study examines the effect of using toeholds in domestic and cross-border acquisitionprocesses on the bidder’s acquisition performance. The sample constitutes 1,701 acquisitionsof European listed firms over the period 2003-2016. Results reveal significant evidence of anadverse effect of toeholds on the bidder’s acquisition performance. However, in cross-borderacquisitions, the use of toeholds results on average in significantly higher abnormal returns.Finally, the use of toeholds is found to be more efficient in target countries with a civil-lawsystem compared to countries with a common-law system. Overall, these findings increase ourunderstanding of management actions about the application of toeholds as an acquisitionstrategy.
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Hartmann, Ivo. "Politika EU v oblasti fúzí a dominantního postavení." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-18307.
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An unprecedented process of financial consolidation has taken place in the European Banking Sector over the past 20 years, which in the Visegrad countries was combined with economic transformation. As such, analysis of mergers and acquisitions is made with a view to the importace of the recent economic transformation and scope for further economic development and the Thesis is introduced by an analysis of the banking transformation in the Visegrad countries. Afterwards follows a theoretical part describing and analysing European legislation concerning banking mergers and acquisitions, incentives for them, factors, that support and hamper them, and the synergy following banking consolidation and its impact for supervisory bodies. Finally, building on the abovemetioned theoretical knowledge and premises, we apply them to the economic and banking environment of the Visegrad countries, i.e. we analyse the impact of the European cross-border mergers and acquisitions law on structural indicators of the banking sectors in the Visegrad countries.
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Jung, Sabrina. "A Cross-Cultural Merger as a Competitive Advantage." St. Gallen, 2005. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01651413002/$FILE/01651413002.pdf.
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Bedier, Mohammad El-Saied. "Cross-border Mergers and Acquisitions: The Case of Merger Control v. Merger Deregulation." Thesis, 2015. http://hdl.handle.net/1805/6276.
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During the last century, not only the legal literature but also the literature in many fields along with government efforts on all levels, were all mainly devoted to the debate of trade liberalization in general, and specifically to the case of the expected gains from using international agreements as a tool to remove the trade barriers. Meanwhile, all the parties
have paid little attention to profound questions about identifying the impediments that they are facing and the other possible options that might maximize the general welfare, which are the cross-border merger and acquisition transactions.
This dissertation will address that under-researched question, and it will try to identify some of those impediments that are facing the cross-border merger and acquisition transactions. The dissertation will mainly focus on the different premerger control laws that are adopted around the globe, as an impediment that faces the cross-border mergers and acquisitions, and it will try to identify the drawbacks of those laws and most importantly develop and examine reforming proposals.
The underlying result of this dissertation will reveal that the multijurisdictional premerger control laws across the globe have numerous drawbacks that are actual impediments that face mergers and acquisitions in general, and especially the cross-border transactions. In addition to that, the best reformative option is the abolishing of the premerger control laws, or in other words the deregulation of the cross-border merger and acquisition transactions.
The conclusion of this dissertation is that using the law as a useful tool should be reinvented on two dimensions, at one end of the spectrum the law should enable the state possibilities that are required to give a hand and facilitate the entry to markets, by abolishing the premerger control laws i.e. deregulating mergers and acquisitions, and at the other end of the spectrum the law should grant the state the power to monitor and challenge those practices that might cause harm to employees or consumers, before the courts, along with the primary power to challenge anticompetitive behaviors.