Journal articles: 'Cross-border Merger and Acquisition'

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Lin, Dongyun, James Barth, John Jahera, and Keven Yost. "Cross-Border Bank Mergers and Acquisitions: What Factors Pull and Push Banks Together?" Review of Pacific Basin Financial Markets and Policies 16, no. 04 (December 2013): 1350022. http://dx.doi.org/10.1142/s0219091513500227.

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This paper evaluates factors that encourage or impede cross-border mergers and acquisitions in banking. The effects of bank specific features, as well as bank regulatory factors, from both target and acquiring banks' perspectives, are estimated. Three comprehensive databases are combined to provide a unique dataset to study cross-border merger and acquisition activities of banks. Banking sector regulatory variables included make this study among the first to empirically and comprehensively analyze the interrelationship between bank regulation and cross-border bank mergers and acquisitions. The results indicate that both bank characteristics and country specific characteristics are important determinants of banks' cross-border merger and acquisition activities.

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Heckova, Jaroslava. "Cross-border mergers and acquisitions in the context of key determinants of their implementation in the pre-merger-andacquisition process." New Trends and Issues Proceedings on Humanities and Social Sciences 4, no. 10 (January 15, 2018): 442–50. http://dx.doi.org/10.18844/prosoc.v4i10.3115.

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Cross-border mergers and acquisitions enable creation of business synergies, gain economies of scale, reduce costs, increase market power and create competitive superiority. The aim of this contribution is therefore to identify and specify the key determinants of implementation of the pre-merger-and-acquisition process (based on analyses of the views of managers from 120 companies) and to verify the new original methodology – ante-Determinants of Mergers and Acquisitions (aDM&A). A factor analysis of the data collected (by means of principal component analysis and varimax rotation) allowed extraction of four key determinants of implementation of the pre-merger-and-acquisition process. The paper also presents the basic parameters of the methodology aDM&A (eigenvalues, percentage of variance explained, Cronbach’s alpha, inter-correlations of the extracted factors), and the results of the analysis of differences in assessment of the extracted factors by managers. Keywords: Cross-border mergers, cross-border acquistions, pre-merger management, pre-acqusition management, methodology aDM&A.

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Hečková, Jaroslava, Róbert Štefko, Miroslav Frankovský, Zuzana Birknerová, Alexandra Chapčáková, and Lucia Zbihlejová. "Cross-Border Mergers and Acquisitions as a Challenge for Sustainable Business." Sustainability 11, no. 11 (June 3, 2019): 3130. http://dx.doi.org/10.3390/su11113130.

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When considering the challenges for sustainable business, companies implementing cross-border reallocation of capital by means of mergers and acquisitions should take into account the context and evaluation of attributes of their future implementation. The main aim of the paper is, therefore, to identify and specify the key attributes of sustainable cross-border mergers or acquisitions (M&As) influencing the considerations about their future implementation. On the basis of the views of managers from 120 companies (international corporations selected from the Zephyr database) located in 45 countries within the European area that had previously been the subject of a cross-border merger or acquisition, significant attributes were extracted in connection with their experience from their implementation. These attributes are taken into account when considering the implementation of a cross-border merger or acquisition in the future. A factor analysis of the data obtained allowed the extraction of three key attributes of implementation of a potential merger and acquisition process as an important tool of business sustainability—aims, concerns, and reasons. This paper further presents the basic parameters of the Attributes of Future Mergers and Acquisitions (AFM&A) methodology: eigenvalues, Cronbach’s alpha values, the percentage of the variance explained, inter-correlations of the extracted factors, and the results of an analysis of differences in the assessment of the extracted factors by managers. At the same time, no statistically significant differences were found in the assessment of the extracted merger and acquisition assessment factors. The study fills in the research gap in the area by identifying and specifying the attributes of considering the future implementation of M&A management in terms of the broader concept of this issue.

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ZVEZDANOVIĆ LOBANOVA, Jelena, Davorin KRAČUN, and Alenka KAVKLER. "EFFECTS OF CROSS-BORDER MERGERS AND ACQUISITIONS ON GDP PER CAPITA AND DOMESTIC INVESTMENT IN TRANSITION COUNTRIES." Journal of Business Economics and Management 19, no. 1 (May 3, 2018): 124–37. http://dx.doi.org/10.3846/16111699.2017.1408677.

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The study investigates the impact of cross-border mergers and acquisitions on GDP per capita and domestic investment in 22 European transition countries from 2000 to 2014 by using the system Generalized Method of Moments estimator. The main implications are that cross-border mergers and acquisitions have a negative effect on GDP per capita in the year of merger or acquisition, while their lagged level shows a positive impact. From long-term perspective, this type of FDI has negative and significant effect on GDP per capita. The results show that one-year lagged cross-border mergers and acquisitions positively affects domestic investment, suggesting that spillover effects of this type of investment can be expected not earlier than one year after the merger or acquisition. The value of this paper is that our results show how the advances in structural reforms enhance GDP per capita whereas their influence on domestic investment activity is insignificant. We found that there is insignificant impact of the relationship between overall structural reforms and cross-border mergers and acquisitions on GDP per capita and domestic investment both in short and long run. The originality of this study lies in investigation of the dynamic nature of cross-border mergers and acquisitions and their economic effects depending on the quality of structural reforms.

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Rahman, Mahabubur, Mary Lambkin, and SM Riad Shams. "Cross-border mergers and acquisitions: Impact on marketing capability and firm performance." Journal of General Management 46, no. 2 (January 2021): 129–43. http://dx.doi.org/10.1177/0306307020934673.

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Emerging country firms have been increasingly engaging in cross-border mergers and acquisitions, and these acquirers predominantly acquire firms from developed countries. The motivation for such acquisitions is to achieve market access but also to benefit from transfers of cross-border managerial skills and knowledge. The performance of such acquisitions has started to receive some research attention, particularly financial performance, but the transfers to other areas such as marketing have not yet been explored. This article addresses this gap by studying the experience of 34 acquirers from emerging countries which acquired firms in developed countries. This study uses two-stage window data envelopment analysis (DEA) and Tobit regression to investigate the impact of these acquisitions on the marketing capability and overall firm performance of the acquiring firms. The results show that the marketing capability of the acquiring firms did improve in the post-merger years and this improvement can be partly attributed to the acquisition. The findings also show that the overall performance of the acquiring firms improved following acquisition, but this is a continuation of superior performance from the pre-merger years rather than a synergistic gain from the acquisitions.

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Ibrahim, Yusnidah, and Jimoh Olajide Raji. "Cross-border merger and acquisition activities in Asia: the role of macroeconomic factors." Studies in Economics and Finance 35, no. 2 (June 4, 2018): 307–29. http://dx.doi.org/10.1108/sef-06-2017-0146.

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Purpose This paper aims to examine the influence of key macroeconomic factors on the inward and outward acquisition activities of six ASEAN (ASEAN: Association of Southeast Asian Nations) countries, namely, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, over the 1996-2015 period. Design/methodology/approach The study uses alternative panel data methods, including pooled mean group, mean group and dynamic fixed-effect estimators. Findings The results indicate that gross domestic product (GDP), interest rate, exchange rate, money supply and inflation rate are the most important macroeconomic factors explaining the trends of cross-border mergers and acquisition outflows of the ASEAN-6 countries. Specifically, GDP, money supply and inflation rate have significant positive relationships with acquisition outflows, while interest rate and exchange rate exert significant negative influence. On the other hand, the authors find four significant macroeconomic factors explaining the trends of the inward acquisitions. Essentially, GDP, money supply and inflation rate have significant positive impacts on inward acquisitions, while the impact of exchange rate is negatively significant. Research limitations/implications Unavailability of data limits this study to pool six sample countries from ASEAN, instead of ten representative member countries. Practical implications The results of this study can signal to firms or investors, involving in cross-border mergers and acquisitions, where to direct foreign resources flows. Moreover, having the knowledge about the relative levels of market size and other macroeconomic factors in both home and host countries can be of great importance for investment decision. Therefore, policymakers of ASEAN countries should make appropriate macroeconomic policies that can stimulate inward and outward acquisitions. Originality/value The main contribution of this paper is that it is the first to present the analysis of macroeconomic influences on the trends of inward and outward merger and acquisition activities in six ASEAN countries.

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Sahni, Kanika, and Nancy Sahni. "Cross Border Mergers and Acquisitions by Indian firms- An Analysis of Pre and Post Merger performance." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 4, no. 2 (July 15, 2013): 227–36. http://dx.doi.org/10.24297/ijmit.v4i2.1903.

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The corporate sector all over the world is restructuring its operations through different types of consolidation strategies like mergers and acquisitions in order to face challenges posed by the new pattern of globalisation, which has led to the greater integration of national and international markets.. The intensity of cross-border operations recorded an unprecedented surge since the mid-1990s and the same trend continues (World Investment Report, 2000).The objective of the study is to analyse and compare the pre and post-merger and acquisition financial performance of four firms- Ranbaxy, Dr Reddy, Tata Steel and Hindalco through ratio analysis. For this, the data was being collected for three years before and after the acquisition from Capitaline database. Then to compare the changes, SPSS tool- Wilcoxon Signed Rank Test was being applied. The study concluded that cross-border Mergers and Acquisitions of the selected firms have resulted in no significant change in the financial performance of these firms.

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Edwards, Tony. "Cross-border mergers and acquisitions: the implications for labour." Transfer: European Review of Labour and Research 5, no. 3 (August 1999): 320–43. http://dx.doi.org/10.1177/102425899900500305.

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Recent years have witnessed a rapid growth in mergers and acquisitions between companies based in different countries. Estimates suggest that the value of cross-border mergers and acquisitions amounted to $342 billion in 1997, a fourfold increase in six years, For employees and their representatives three distinct effects of this international merger activity can be identified: first, a general ‘acquisition’ effect which is common to all mergers, not just those that are cross-border in nature; second, a ‘multinational’ effect in which mergers increase the extent to which the acquired operations are subject to international competition; and, third, a ‘nationality’ effect which arises from differences by country in the way that firms are governed and financed. The nationality effect is the subject of this paper. It is argued that takeovers by Anglo-Saxon multinationals pose significant challenges to employees and their representatives, primarily because the system of corporate governance in Anglo-Saxon countries pressurises management into a ‘cost-minimisation’ approach to managing labour. This Anglo-Saxon aspect of the nationality effect is likely to be widespread, mainly because most international acquisitions are undertaken by Anglo-Saxon multinationals but also because the purchase of firms in Britain and America is a key mechanism through which European multinationals are undergoing a process of ‘Anglo-Saxonisation’.

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Orefice, Gianluca, Nicholas Sly, and Farid Toubal. "Cross-Border Merger and Acquisition Activity and Wage Dynamics." ILR Review 74, no. 1 (March 29, 2019): 131–62. http://dx.doi.org/10.1177/0019793919839031.

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Using detailed administrative data that link French firms and workers over the years 2002 to 2007, the authors document declines in worker-level wages ahead of the time their employer is acquired by a foreign firm that are more than offset by gains in wages that emerge after cross-border acquisition. Specifically, relative wages fall by an estimated 7.5% in the years just before foreign acquisition, and they rise by approximately 12.5% in the years afterward. Changes in workers’ earnings are evident in both wages and in-kind payments given to workers. Moreover, the authors provide theoretical foundations for the conditional mean independence assumption that underlies commonly applied empirical techniques.

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Yan, Jing. "Do Merger Laws Deter Cross-Border Mergers and Acquisitions?" Australian Economic Papers 57, no. 3 (June 26, 2018): 376–93. http://dx.doi.org/10.1111/1467-8454.12118.

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Ratajczak-Mrozek, Milena. "The SME perspective on motives and success factors in cross-border mergers." IMP Journal 9, no. 2 (July 6, 2015): 136–62. http://dx.doi.org/10.1108/imp-04-2015-0015.

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Purpose – The purpose of this paper is to address two research questions. First: what causes an small and medium enterprises (SME) to engage in a merger with a multinational group and thereby change its relationships and to start functioning in a hierarchical structure which may be viewed as being the integration of a weaker entity by a stronger and bigger one? And second: what causes the successful continuation of a cross-border merger project from the perspective of an SME? Design/methodology/approach – The concept of the network position is adopted to undertake a longitudinal study of an IT company from Poland. Findings – From the perspective of the SME, its own perceived important network position resulting from the resources it possesses, the ability to decide how they are utilised, as well as relationships strongly supported by trust and a good atmosphere are key motives and success factors for the merger. Originality/value – By adapting the IMP research perspective and the concept of network position to the analysis of mergers the additional aspects of the merger process which are usually not raised in relevant traditional mergers and acquisitions literature are revealed. A merger is not just the sourcing of resources, but also interdependencies and taking joint decisions with regard to them; not just economic aspects, but also social aspects of relationships (trust and atmosphere); not just the sharing of resources between merged entities, but also the constant influence of other relationships and interactions on these resources.

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Hitt, Michael A., and Vincenzo Pisano. "The Cross‐Border Merger and Acquisition Strategy: A Research Perspective." Management Research: Journal of the Iberoamerican Academy of Management 1, no. 2 (July 2003): 133–44. http://dx.doi.org/10.1108/15365430380000522.

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Maung, Min, Myles Shedden, Yuan Wang, and Craig Wilson. "The investment environment and cross-border merger and acquisition premiums." Journal of International Financial Markets, Institutions and Money 59 (March 2019): 19–35. http://dx.doi.org/10.1016/j.intfin.2018.11.011.

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Reddy, K. S., En Xie, and Yuanyuan Huang. "The causes and consequences of delayed/abandoned cross-border merger & acquisition transactions." Journal of Organizational Change Management 29, no. 6 (October 3, 2016): 917–62. http://dx.doi.org/10.1108/jocm-10-2015-0183.

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Purpose Drawing attention to the significant number of unsuccessful (abandoned) cross-border merger and acquisition (M&A) transactions in recent years, the purpose of this paper is to analyze three litigated cross-border inbound acquisitions that associated with an emerging economy – India, such as Vodafone-Hutchison and Bharti Airtel-MTN deals in the telecommunications industry, and Vedanta-Cairn India deal in the oil and gas exploration industry. The study intends to explore how do institutional and political environments in the host country affect the completion likelihood of cross-border acquisition negotiations. Design/methodology/approach Nested within the interdisciplinary framework, the study adopts a legitimate method in qualitative research, that is, case study method, and performs a unit of analysis and cross-case analysis of sample cases. Findings The critical analysis suggests that government officials’ erratic nature and ruling political party intervention have detrimental effects on the success of Indian-hosted cross-border deals with higher bid value, listed target firm, cash payment, and stronger government control in the target industry. The findings emerge from the cross-case analysis of sample cases contribute to the Lucas paradox – why does not capital flow from rich to poor countries and interdisciplinary M&A literature on the completion likelihood of international takeovers. Practical implications The findings have several implications for multinational managers who typically involve in cross-border negotiations. The causes and consequences of sample cases would help develop economy firms who intend to invest in emerging economies. The study also offers some implications of M&A for telecommunications and extractive industries. Originality/value Although a huge amount of extant research investigates why M&A fail to create value to the shareholders during the public announcement and post-merger stages, there is a significant dearth of research on the causes and consequences of delayed or abandoned national and international deals. The paper fills this knowledge gap by discussing an in-depth cross-case analysis of Indian-hosted cross-border acquisitions.

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Changqi, Wu, and Xie Ningling. "Determinants of Cross-Border Merger & Acquisition Performance of Chinese Enterprises." Procedia - Social and Behavioral Sciences 2, no. 5 (2010): 6896–905. http://dx.doi.org/10.1016/j.sbspro.2010.05.040.

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Zulheri. "COMPETITION MERGER REVIEW FOR CROSS-BORDER MERGERS AND ACQUISITIONS IN INDONESIA." Indonesia Law Review 7, no. 3 (December 31, 2017): 395. http://dx.doi.org/10.15742/ilrev.v7n3.374.

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Ray, Gordon D. "Navigating the human landscape in cross-border mergers and acquisitions." Strategic Direction 32, no. 9 (September 12, 2016): 11–14. http://dx.doi.org/10.1108/sd-07-2016-0097.

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Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Developing individual relationships to drive multilateral, open communication, has the greatest power to connect all levels of an organization to a unifying strategy. This should be a primary consideration in both the due diligence and implementation stages of a cross-border merger/acquisition to ensure a successful transition. The organization considering/executing the merger/acquisition should look inward first, to its own practices, to make necessary adjustments and establish a foundation for integration. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

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SUI, Yuanyuan, and Adelina DUMITRESCU . PECULEA. "Financial risk identification and control of cross border merger and acquisition enterprises." Audit Financiar 14, no. 144 (December 2016): 1368. http://dx.doi.org/10.20869/auditf/2016/144/1368.

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Dwi Sawitri, Made Nita, and Ida Bagus Panji Sedana. "Effect of Macro Economic Factors On Cross Border Merger And Acquisition Activities." International Journal of Economics and Management Studies 8, no. 4 (April 25, 2021): 8–16. http://dx.doi.org/10.14445/23939125/ijems-v8i4p102.

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Bany-Ariffin, A. N., Mohamad Hisham, and Carl B. McGowan. "Macroeconomic factors and firm’s cross-border merger and acquisitions." Journal of Economics and Finance 40, no. 2 (November 9, 2014): 277–98. http://dx.doi.org/10.1007/s12197-014-9304-4.

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Chhabra, Ankita, and Manish Popli. "Uncertainty Avoiding Behavior and Payment Mode Decisions in Cross- border Merger and Acquisition." Academy of Management Proceedings 2017, no. 1 (August 2017): 15371. http://dx.doi.org/10.5465/ambpp.2017.15371abstract.

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Fuad, Mohammad, and Ajai S. Gaur. "Merger waves, entry-timing, and cross-border acquisition completion: A frictional lens perspective." Journal of World Business 54, no. 2 (February 2019): 107–18. http://dx.doi.org/10.1016/j.jwb.2018.12.001.

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Rahim, Kamal Fahrulrazy, Noryati Ahmad, Ismail Ahmad, and Fahmi Abdul Rahim. "Determinants of Cross Border Merger and Acquisition in Advanced Emerging Market Acquiring Firms." Procedia Economics and Finance 7 (2013): 96–102. http://dx.doi.org/10.1016/s2212-5671(13)00223-2.

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Brakman, Steven, Harry Garretsen, Charles Van Marrewijk, and Arjen Van Witteloostuijn. "Cross-Border Merger & Acquisition Activity and Revealed Comparative Advantage in Manufacturing Industries." Journal of Economics & Management Strategy 22, no. 1 (January 9, 2013): 28–57. http://dx.doi.org/10.1111/jems.12007.

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Duppati, Geeta Rani, and Stuart Locke. "Cross border mergers and acquisitions: post acquisition performance of Indian corporate." International Journal of Business Competition and Growth 4, no. 3/4 (2015): 135. http://dx.doi.org/10.1504/ijbcg.2015.075274.

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Jacoub, Yutrizal, Dedi Budiman Hakim, Sri Hartoyo, and Perdana Wahyu Santosa. "KARAKTERISTIK BANK TARGET AKUISISI ASING (CROSS-BORDER) DAN DOMESTIK PADA PERBANKAN INDONESIA." MIX JURNAL ILMIAH MANAJEMEN 10, no. 2 (May 27, 2020): 224. http://dx.doi.org/10.22441/mix.2020.v10i2.006.

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The aims of this paper were to study the difference in the characteristic of acquisition target bank for cross-border and domestic over the period of 2002 – 2017 in Indonesia banking industry. There were 41 transactions of merger and acquisition during the period, and hence there was 31 ownership of private local banks have been transferred to foreign/cross-border investor. The data was obtained from Otoritas Jasa Keuangan (OJK) consists of financial publication reports of 24 banks sample and also annual reports of those banks. The methods used were descriptive statistics and independent sample test for both parametric and non-parametric data. The results show that: i) There is a significant difference on the profitability (ROE), asset size, cost efficiency, quality of loans, and liquidity between both groups of the target banks; ii) Whereas ROA and capitalization (CAR) are not different for both group of the target banks; iii) Target banks for cross border acquisition is public bank which is different with non-public banks for domestic acquisition.

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Ossorio, Mario. "Cross-border acquisitions and family businesses." EuroMed Journal of Business 14, no. 2 (July 1, 2019): 78–91. http://dx.doi.org/10.1108/emjb-05-2018-0033.

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Purpose The purpose of this paper is to shed light on the propensity of family firms to join a cross-border acquisition as acquirers. Design/methodology/approach The present study analyzes a sample of 270 acquisitions in the period 2015–2017 whose acquiring firms are represented by family and nonfamily listed European firms. Findings The results point out that family firms are less likely to make a cross-border acquisition than nonfamily counterparts. Research limitations/implications Mergers and acquisitions (M&A) activity is cyclical by nature, represented by waves of concentrated intensity rather than necessarily by constant activity over time. Therefore, the main limitation is represented by the period analyzed (2015–2017), which restricts the possibility of seizing a greater number of transactions. Practical implications If careful evaluation leads to the consideration of M&A as the optimal mode of entry into a certain foreign market, family firms should broaden the pool from which managers are selected in order to access more qualified staff, who are able to face international M&As. Originality/value In recent years, a growing body of literature has focused on the effects of family ownership on the propensity of making an M&A, on the method of payment chosen by an acquired family firm, and on the reaction of the market at the announcement of a family business’ M&A. However, despite of the relevance of the entry modes of firms’ internationalization strategies, scant attention has been devoted to cross-border M&As conducted by family firms, which occur when a family firm acquires a firm located in a foreign country. In order to fill the research gap, this work investigates the likelihood of a family firm’s acquisition of a foreign target.

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Yapici, Nilufer, and Bryant Ashley Hudson. "Generating a Scandal: Non-market Activity to Stop a Cross-Border Merger and Acquisition." Journal of International Management 26, no. 3 (September 2020): 100759. http://dx.doi.org/10.1016/j.intman.2020.100759.

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Liu, Kun, Shiyi Wu, and Na Guo. "Governmental governance of host countries and cross-border merger and acquisition performance: Evidence from listed enterprises in China." PLOS ONE 16, no. 8 (August 23, 2021): e0256494. http://dx.doi.org/10.1371/journal.pone.0256494.

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With globalization, the cases of Chinese enterprises’ cross-border mergers and acquisitions (M&A) are increasing rapidly. The institutional environment of the host country has become an important factor influencing M&A performance, which has a profound impact on the success or failure of cross-border M&A. Based on this, for our study, we selected cases of cross-border M&A of listed companies in China from 2007 to 2018 as research samples to empirically test the impact of the host country’s governance capacity on the cross-border M&A performance of acquirers. It was found that the host country’s governance capacity has a negative effect on the M&A performance in the short term, but in the long term, it can effectively improve the cross-border M&A performance of acquirers. At the same time, specific to the relationship between the governmental governance capacity of six different dimensions and long-term M&A performance, the government effectiveness, regulation quality, and rule of law have the most significant promotional effect on long-term M&A performance. This implies that acquirers should focus on the long-term impact of governmental governance capacity on M&A, and consciously lean toward countries with strong governance capacity in order to obtain long-term value growth when arranging overseas M&A activities. The conclusion of this paper provides a reliable basis on which for companies to achieve sustainable growth in complex economic activities.

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Hsu, Ching-Chiu, Jeong-Yang Park, and Yong Kyu Lew. "Resilience and risks of cross-border mergers and acquisitions." Multinational Business Review 27, no. 4 (December 9, 2019): 427–50. http://dx.doi.org/10.1108/mbr-05-2019-0035.

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Purpose In cross-border mergers and acquisitions (M&As), acquirers often fail to achieve the expectations they held when they made the M&A deals. This paper aims to propose that the risks of cross-border M&As can be mitigated by building and cultivating organizational resilience as a prime means of risk management. Design/methodology/approach The research examines risks associated with cross-border M&A and how such risks can be mitigated by developing resilience. It presents dual cases of acquisitions of the biggest branded mobile phone manufacturer in Taiwan. Findings The authors find that the acquirer faces multiple risks in cross-border M&A transactions, including financial, strategic and organizational, and process risks that arise from misalignment between the goal of the M&As and the post-acquisition performance of the target firms. Originality/value The research provides theoretical insights on organizational resilience and how it can mitigate the specific risks involved in cross-border M&As, thereby developing coherent organizational resilience processes.

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Gnomblerou, Edna. "Merger and Acquisition and Firm Performance: An Analysis of Proton-Geely." Advances in Social Sciences Research Journal 7, no. 8 (August 27, 2020): 484–505. http://dx.doi.org/10.14738/assrj.78.8822.

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This study draws attention to a merger and acquisition case that involves Geely and Proton respectively, Chinese and Malaysian firms. The article mainly focuses on the financial performance of Geely before and after the acquisition. To achieve this, the paper adopted a qualitative research method by using archival data sources to analyze the single case of the acquisition of Proton by Geely. The sampling area is Asia being China and Malaysia describing a cross-border transaction in emerging markets. The paper performed ratio analysis to investigate the different indicators of Geely’s financial performance before and after the acquisition. After documenting and analyzing this case, the paper argues that Geely performed well before and after the acquisition. The analysis can serve as evidence of a better financial performance of Chinese firms after cross-national M&A transactions. As a qualitative research, this article benefits not only from the bibliometric analysis done through past research and official reports related to the case but also from the quality and validity required for a case study analysis. This study is an original attempt at presenting the case study of Geely’s acquisition of Proton from the lens of the acquiring firm’s performance before and after the acquisition. However, due to the limited information provided by financial ratios, the findings of the paper are not exhaustive.

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Bae, Yunjae, Kyungsuk Lee, and Taewoo Roh. "Acquirer’s Absorptive Capacity and Firm Performance: The Perspectives of Strategic Behavior and Knowledge Assets." Sustainability 12, no. 20 (October 12, 2020): 8396. http://dx.doi.org/10.3390/su12208396.

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In this study, we underline the importance of the relationship between absorptive capacity and an acquiring firm’s post-merger performance following the acquisition of a target firm’s knowledge through cross-border mergers and acquisitions (CBMAs). We analyzed CBMAs between developed countries to highlight how realized absorptive capacity plays a crucial part in a firm’s achievement of CBMA sustainability. Using United States CBMA transactions with other developed countries during 2000–2014, our findings suggest that an acquiring firm’s greater absorptive capacity leads to better post-merger performance. More interestingly, compared to for domestic M&As, the direct effect between absorptive capacity and post-merger performance was found to be more positively related in CBMA transactions, even when we applied propensity-score matching (PSM) and Heckman’s selection model to the same estimation. In addition, we introduce four moderating variables that could either intensify or lessen a firm’s effort to seek external knowledge for organizational growth. In terms of an acquiring firm’s strategic behavior, we find that paying in cash and past CBMA experiences positively influence a firm’s post-merger performance. For a target firm’s knowledge assets, we show that when a target firm possesses more strategic assets, they reinforce the acquiring firm’s post-merger performance, and when the target firm is in a high-tech industry, the acquiring firm’s post-merger performance is weakened. Our study contributes to the CBMA literature by incorporating the concept of a knowledge-based view and by empirically testing the different effects of absorptive capacity between domestic M&A and CBMA and how both strategic behavior and a target firm’s knowledge assets affect a firm’s post-merger performance related to CBMA sustainability.

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Ahsan, Faisal Mohammad, Ashutosh Kumar Sinha, and Mohammad Fuad. "Cross-Border Acquisition Motives and Merger Waves in Emerging Economies: A Study of Indian Firms." Academy of Management Proceedings 2018, no. 1 (August 2018): 11424. http://dx.doi.org/10.5465/ambpp.2018.11424abstract.

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Lee, Young-Hwan, Seon-Hye Jeong, and Jingzhu Chen. "A Study on the Firm Performance Factor of Cross-border Merger and Acquisition in China." Journal of Digital Convergence 13, no. 1 (January 28, 2015): 125–34. http://dx.doi.org/10.14400/jdc.2015.13.1.125.

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Suh, Byung-Wan, and Seung-Ik Baek. "A Case Study of Post-Merger IT Integration Methodology on Cross-Border Mergers and Acquisitions." Journal of the Korea society of IT services 10, no. 4 (December 31, 2011): 67–81. http://dx.doi.org/10.9716/kits.2011.10.4.067.

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Chen, Yu, Herbert Werle, and Roger Moser. "Critical success factors in Chinese cross-border mergers and acquisitions." Nankai Business Review International 9, no. 4 (November 5, 2018): 457–71. http://dx.doi.org/10.1108/nbri-03-2017-0012.

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PurposeThis paper aims to explore the critical success factors (CSFs) in Chinese cross-border Mergers and Acquisitions (M&As) to improve the odds of Chinese overseas acquisition success.Design/methodology/approachFor the multidisciplinary analysis purpose, a SCOPE model is developed to integrate the five key dimensions of Strategic (S), Cultural (C), Organizational (O), Process (P) and External (E) CSFs. Because of the exploratory nature of the research, a case study approach has been applied.FindingsBased on the two in-depth case studies of Lenovo’s acquisition of Medion and Sany’s acquisition of Putzmeister in Germany, eight CSFs along the five key dimensions have been identified. Apart from the identified CSFs, the two other factors of robust due diligence and M&A project organizational structure fit are worthy of noting.Research limitations/implicationsThe first limitation relates to the weaknesses of case study research method. The findings derived from the two selected M&A cases cannot be generalized to all the contexts of Chinese cross-border M&As. The second limitation relates to the subjective nature of judgments made by the participants in our empirical study. The identified CSFs were based on the perceptions of the interviewed managers.Practical implicationsThe research is of high practical importance for Chinese companies doing or considering cross-border M&As. The CSFs identified in this research can direct managerial priorities toward those few areas which should receive careful attention and control to achieve the M&A success.Originality/valueNo much empirical research has addressed Chinese cross-border M&As from a CSF perspective. This research helps to fill this research gap and provides new insights for the Chinese companies to increase the success rate in their cross-border M&A projects.

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Liu, Yipeng, Christina Öberg, Shlomo Yedidia Tarba, and Yijun Xing. "Brand management in mergers and acquisitions." International Marketing Review 35, no. 5 (September 10, 2018): 710–32. http://dx.doi.org/10.1108/imr-01-2017-0011.

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Purpose The purpose of this paper is to focus on emerging market companies that internationalize into advanced economies by means of acquisitions and to investigate brand management during post-acquisition integration from a multi-level perspective and to identify how a brand management strategy can be constructed. It takes into account the influences of country-of-origin image, corporate brand and brand portfolio to obtain a granular view of post-acquisition brand management. Design/methodology/approach A multiple case study approach was adopted. By using case studies and storytelling qualitative research methods, the empirical setting was related to the acquisitions undertaken by Chinese companies in Germany. Findings The authors identified three mechanisms for brand management in the post-acquisition integration of emerging market companies – namely, transferring, dynamically redeploying and categorizing – that underpin the interconnection and combined influence of country-of-origin image at the national level, corporate brand at the organizational level and brand portfolio at the product level. Practical implications Brand has been viewed as a strategic asset in Chinese cross-border mergers and acquisitions (M&As). Brand management is a dynamic process that involves learning and interaction between the acquirer and target. The research offers a practical guideline for both acquirers and targets in managing brand in the context of acquisitions undertaken by emerging market companies in advanced economies. Originality/value The findings provide important insights into the brand management strategies adopted in Chinese cross-border M&As in particular, and emerging market companies venturing into advanced economies in general. The interlinking of country, company and product levels introduces new ideas to the brand literature related to acquisitions, and the setting of Chinese companies acquiring German ones constitutes an important contribution to the understanding of the different ways in which companies from emerging economies may pursue branding strategies in the context of cross-border M&As.

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Nangia, V. K., Rajat Agarawal, Vinay Sharma, and K. Srinivasa Reddy. "Conglomerate diversification through cross-continent acquisition: Vedanta weds Cairn India." Emerald Emerging Markets Case Studies 1, no. 1 (January 1, 2011): 1–15. http://dx.doi.org/10.1108/20450621111127430.

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Subject area corporate policy and strategy – mergers and acquisitions. Study level/applicability Post graduation (MBA and other management degrees). It includes courses on Strategic Management, Business Environment and International Business. Case overview Markets are becoming highly connective, accessible and communicative and reaching maturity at a very high phase. Acquisition is a choice to enhance the emerging and diversified markets. This case paper presents insights on Vedanta – Cairn India cross-border acquisition deal in Indian oil and exploration industry. This case synchronizes the gap between strategic planning and outcome of actions. The study exclusively evidences the reaction of stocks of all attached parties against acquisition announcement and compares with market performance. Expected learning outcomes Strategic mapping of business negotiations, while in-organic choices, further the impact of economic, political, legal and regulatory factors on cross-border mergers and acquisitions (M&A), deliberate deal financing mechanism and leadership diplomacy. It proposes from the viewpoint of corporate in-organic alternatives and to strengthen the upcoming research field of strategy & policy. Supplementary materials Global M&A market, shareholding pattern, income statement and balance sheet of Cairn India Ltd, financial figures of Vedanta Resources, tabular data on stock and index performance, deal structure and teaching note.

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Choi, Yoona, and Sarbari Bordia. "The Effect of Linguistic Distance on Cross-Border Merger and Acquisition (M&A) Deal Duration." Academy of Management Proceedings 2020, no. 1 (August 2020): 15305. http://dx.doi.org/10.5465/ambpp.2020.15305abstract.

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Du, Min, Frank Kwabi, and Tianle Yang. "State ownership, prior experience and performance: a comparative analysis of Chinese domestic and cross-border acquisitions." International Journal of Accounting & Information Management 29, no. 3 (July 16, 2021): 472–91. http://dx.doi.org/10.1108/ijaim-01-2021-0027.

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Purpose Drawing on three theoretical frameworks, this paper aims to examine the effects of state-owned enterprises (SOEs) and the interaction between SOEs and prior acquisition experience of Chinese domestic and cross-border acquirers. Design/methodology/approach Using a sample of 4,116 firms consisting of 3,939 domestic mergers and acquisitions (M&As) and 177 cross-border M&As over the period 2004–2017, this study adopts both accounting- and market-based performance measures, namely, return on assets, return on equity and buy-and-hold abnormal return to analyse the effects of SOEs and the interaction between SOEs and prior acquisition experience on acquirers’ performance. Findings First, this paper finds SOEs to exert a positive influence on acquirer performance, contrary to agency theory but in line with the resource-based view. However, the positive relationship between SOEs and performance appears more pronounced for domestic M&A compared to cross-border M&As. Second, this study also finds prior acquisition experience and the combined effect of SOE and prior acquisition experience to have a positive and significant bearing on performance. Research limitations/implications The limitation of this study is the lack of cross-border M&A data with all the relevant information compared to domestic M&A. Thus, the cross-border M&A sample appears lower compared to the domestic M&A sample. Practical implications The results imply that the moderating role of prior acquisition experience on the relationship between SOEs and performance appears to be crucial for cross-border M&A performance compared to domestic M&A. Originality/value The findings of this study show SOEs increase performance, contrary to the widely held view based on agency theory that SOEs are inefficient.

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Xie, Zaiyang, Runhui Lin, Jie Mi, and Na Li. "Improving Enterprises’ Cross-Border M&A Sustainability in the Globalization Age—Research on Acquisition and Application of the Foreign Experience." Sustainability 11, no. 11 (June 6, 2019): 3180. http://dx.doi.org/10.3390/su11113180.

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The advancement of globalization has encouraged an increasing number of enterprises to go abroad and take cross-border mergers and acquisitions (M&A) to expand their overseas market and improve core competitiveness, although many acquirers fail to gain value from post-acquisition integration. On the basis of organizational learning theory, this paper explores the effect of executives’ foreign experience on cross-border M&A sustainability, and examines how the externally acquired knowledge can be effectively applied to cross-border M&A practice. Taking a sample of Chinese listed companies that have completed cross-border M&As during 2008–2016, our research proposes an integrated framework of foreign experiential knowledge, and discusses the process of acquisition and application of this experiential knowledge into cross-border M&As. Empirical research findings show that, compared with the general foreign experience, the specific foreign experience based on target country significantly improves cross-border M&A sustainability, and executives with host-specific work experience plays a more important role than that of education experience. Further research found that long-tenured executives positively moderate the effect of foreign experiential knowledge on cross-border M&A sustainability, while the pay gap for executives, which hampers internal coherence, plays a negative moderating role. This research provides a new insight into the promotion of the sustainable development of enterprise cross-border M&A in the globalization age.

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Rahim, Nurhazrina Mat, Ruhani Ali, and Ei Yet Chu. "Corporate Governance Spillover through Bootstrapping and ASEAN Bidder CBMA Success." Asian Academy of Management Journal of Accounting and Finance 17, no. 1 (June 30, 2021): 261–79. http://dx.doi.org/10.21315/aamjaf2021.17.1.9.

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This study aims to examine whether the difference in country-level corporate governance between ASEAN bidding and the target country could explain the performance change (Tobin’s Q) following a Cross-border merger and acquisition (CBMA); hence, the CBMA success. Using 142 CBMAs involving ASEAN firms as the bidder over the period 2002 to 2013, the study found that the difference in country-level corporate governance could result in corporate governance spillover through bootstrapping. This has resulted in the improvement of ASEAN bidder corporate governance and positively affected the CBMA success. However, the improvement must be large enough to outweigh the high acquisition cost.

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Tewari, Manish, Pradip Banerjee, and Soumen De. "Valuation effects of cultural disparity on cross border mergers: The evidence from India." International Journal of Finance & Banking Studies (2147-4486) 8, no. 4 (October 26, 2019): 21–40. http://dx.doi.org/10.20525/ijfbs.v8i4.551.

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The object of this study is to explore the effect of cultural distance on both the long run and short run performance of cross border mergers and acquisitions undertaken by Indian acquiring firms. We utilize buy and hold returns (BHAR), cumulative abnormal returns (CAR) and cross-sectional regression analysis in our study. Adopting the traditional Hofstede measure of cultural distance and other pertinent variables, commonly used to measure cultural differences, we document a negative and statistically significant influence of cultural distance on Indian cross-border M&As and corroborate some of other findings reported in prior research. Also, we find that the BHAR is nevertheless higher when the acquisitions are friendly, paid for 100% cash, and the acquiring firm is large, older and belongs to a business group. The inclusion of the variable ‘business group’ along with industry relatedness and acquirer size provides valuable insights into the Indian cross border acquisition landscape, wherein business groups dominate to a great extent.

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Parente, Ronaldo, Keith James Kelley, Yannick Thams, and Marcelo J. Alvarado-Vargas. "Cross-border mergers and acquisitions: links between acquiring firm capabilities and resources and target country location." Multinational Business Review 28, no. 3 (May 29, 2020): 355–79. http://dx.doi.org/10.1108/mbr-02-2019-0010.

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Purpose Drawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages. Design/methodology/approach Using a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance. Findings It is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations. Originality/value This paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.

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Wang, Alan, Yu-Hong Liu, and Yu-Chen Chang. "An Analysis of Gains to US Acquiring REIT Shareholders in Domestic and Cross-Border Mergers before and after the Subprime Mortgage Crisis." Sustainability 10, no. 12 (December 4, 2018): 4586. http://dx.doi.org/10.3390/su10124586.

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This paper examines the abnormal returns of acquiring real estate investment trusts (REITs) around the announcement of acquisitions before and after the subprime mortgage crisis. Based on 182 domestic and cross-border US REIT acquisition announcements from 2005 to 2010, the acquiring trusts experienced a 0.73% abnormal return, on average. When the sample was divided into pre-crisis, crisis, and after-crisis subsamples, the acquiring trusts enjoyed the largest abnormal returns (1.86%) for domestic acquisitions during the crisis period. Before the crisis, when the acquisition was cross-border, the target was private, or the transaction was cash-financed, the acquiring trust experienced larger abnormal returns. During the crisis period, the acquiring trust gained larger abnormal returns when the transaction value was larger. After the crisis period, the acquiring trust achieved less abnormal returns in cross-border mergers. For both pre- and after-crisis periods, the shareholders of the acquirer enjoyed larger abnormal returns when the mergers were cash-financed, regardless of whether the target was public or privately held. Neither the blockholder monitoring nor the signaling hypothesis can explain such value gains. The structural changes in the acquirer’s abnormal returns are possibly due to the increased risk aversion of the market participants following the crisis.

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Zakaria, Rimi, Whitney Douglas Fernandez, and William D. Schneper. "Resource availability, international acquisition experience, and cross-border M&A target search." Multinational Business Review 25, no. 3 (September 18, 2017): 185–205. http://dx.doi.org/10.1108/mbr-03-2017-0016.

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Purpose The purpose of this study is to explain how factors relating to resource availability affect managerial risk-taking with regard to the geographic and institutional proximity of cross-border merger and acquisition (M&A) targets. The paper further considers the impact of organizational learning by testing the moderating effect of the acquiring firms’ prior international M&A experience. Design/methodology/approach This study uses linear regression with robust standard errors to account for dependence among clustered observations at the firm level. The authors used country and industry fixed-effects specifications to account for unobserved heterogeneity. Findings The results suggest that when internal and external resources are more abundant, firms pursue cross-border M&As that are more geographically and institutionally distant. The findings further indicate that a firm’s prior international M&A experience positively moderates the aforementioned relationships.. Research limitations/implications Extending the behavioral theory of the firm beyond organizational slack resources, the results highlight the importance of taking a multi-level, open-systems perspective of the strategic impact of resource availability. The authors’ theory and findings also provide a more nuanced view of the critical role organizational learning plays in the relationship between resource availability and organizational outcomes. Originality/value This is the first study to the authors’ knowledge that develops and tests a theoretical model exploring the impact of both internal (organizational slack) and external (environmental munificence at both the industry and home-country levels) resource availability, as well as prior organizational experience on an important multinational business practice.

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Hečková, Jaroslava, Miroslav Frankovský, Zuzana Birknerová, and Alexandra Chapčáková. "Cross-border Mergers and Acquisitions in the Context of Perception of the Factors of Their Implementation in the Pre- and-Post-Merger-and-Acquisition Process." Politická ekonomie 66, no. 5 (October 1, 2018): 609–32. http://dx.doi.org/10.18267/j.polek.1213.

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Ding, Ling, Di Cao, Taohua Ouyang, and Jin-xi Wu. "Promoting the Development of Enterprise Niche: Case Study on China’s Organizational Ambidexterity." Sustainability 10, no. 10 (October 22, 2018): 3806. http://dx.doi.org/10.3390/su10103806.

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This paper aims to take the longitudinal development history of the Lenovo Cross-border complex nested R&D organization as the research object, to explore the development rules of enterprise niche. Strategic positioning is the core issue of enterprise management, and enterprise niche is the core issue of strategic positioning. This study elaborates on the three stages of enterprise R&D organizational ambidexterity promoting enterprise niche evolution, discusses the process model of space development, and reveals the life cycle of enterprise niche. It reveals the deep reason for promoting enterprise niche to develop—the ambidexterity of complex nested organization. The conclusion helps to promote the successful space development of enterprise niches through Cross-border merger and acquisition, and to enhance global sustainable development for the companies from emerging markets such as China.

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DIKOVA, DESISLAVA, PADMA RAO SAHIB, and ARJEN VAN WITTELOOSTUIJN. "THE EFFECT OF ACQUISITION EXPERIENCE, INSTITUTIONAL CONTEXT AND NATIONAL CULTURE ON CROSS-BORDER MERGER ABANDONMENT AND COMPLETION." Academy of Management Proceedings 2006, no. 1 (August 2006): U1—U6. http://dx.doi.org/10.5465/ambpp.2006.27168699.

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Lee, Sung-Jun, Soojin Kim, and Joongwha Kim. "A Comparative Study of Cross-Border and Domestic Acquisition Performances in the South Korean M&A Market: Testing the Two Competing Theories of Culture." Sustainability 11, no. 8 (April 17, 2019): 2307. http://dx.doi.org/10.3390/su11082307.

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To gain a sustainable competitive advantage through cross-border mergers and acquisitions (M&As), acquiring firms need to correctly anticipate the consequences of national cultural differences. By comparing the cultural antecedents as well as the performances of domestic M&As (DMA) and cross-border M&As (CMA) in the Korean M&A market from 1999 to 2007, this study aims to gauge whether CMAs can be a viable option for a sustainable growth strategy. This paper tests two conflicting hypotheses (H) regarding the effects of cultural differences. From the perspective of the essentialist (“classic”) concept of culture, DMAs will outperform CMAs (H1) because culture clashes may take place less often in DMAs than in CMAs. However, from the perspective of the social constructivist concept of culture, the post-merger performance will be dependent upon the stability and legitimacy of the intergroup status relations between the acquiring and acquired firms regardless of whether it is DMA or CMA (H2). This study also scrutinizes the moderating effects of the level of integration on these two hypothesized relationships (H3 and H4). The results of this paper demonstrate that the social constructivist concept of culture overall provides a better theoretical explanation.

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Journal articles on the topic 'Cross-border Merger and Acquisition'

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