| Trường DC | Giá trị | Ngôn ngữ |
|---|---|---|
| dc.contributor.author | Hoang, Viet Anh | |
| dc.contributor.other | Dang, Man | |
| dc.contributor.other | Nguyen, Ngoc Vu | |
| dc.contributor.other | Nguyen, Ngoc Thang | |
| dc.contributor.other | Darren Henry | |
| dc.date.accessioned | 2023-11-01T10:23:54Z | - |
| dc.date.available | 2023-11-01T10:23:54Z | - |
| dc.date.issued | 2021 | |
| dc.identifier.isbn | 1986-0020 | |
| dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58655 | - |
| dc.description | Economic Investment | |
| dc.description.abstract | Purpose – The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers’ target status choice in cross-border mergers and acquisitions across 41 emerging markets. Design/methodology/approach – The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers’ target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only. Findings – This research found that the like lihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning. Originality/value – Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms’ acquisition bidding planning and target choice decision-making. | |
| dc.description.tableofcontents | 1. Introduction; 2. Hypothesis development; 3. Data and sample description; 4. Regression results; 5. Conclusion | |
| dc.format.extent | Khổ 21 x 29.7 | |
| dc.language.iso | en | |
| dc.publisher | Kinh Tế Quốc Dân | |
| dc.subject | Country-level characteristics | |
| dc.subject | Target status decision | |
| dc.subject | Cross-border mergers and acquisitions | |
| dc.subject | Emerging markets | |
| dc.subject | Imperfect factor markets | |
| dc.title | What drives target status decision in emerging markets acquisitions? | |
| dc.type | Journal of Economics and Development | |
| dc.identifier.barcode | 10-1108_JED-05-2020-0059 | |
| dc.relation.reference | Alexandridis, G., Mavrovitis, C.F. and Travlos, N.G. (2011), “How have M&As changed? Evidence from the sixth merger wave”, The European Journal of Finance, Vol. 18 No. 8, pp. 663-688. Andriosopoulos, D. and Yang, S. (2015), “The impact of institutional investors on mergers and acquisitions in the United Kingdom”, Journal of Banking and Finance, Vol. 50, pp. 547-561. Bae, S.C., Chand, K. and Kim, D. (2013), “Determinants of target selection and acquirer returns: evidence from cross–border acquisitions”, International Review of Economics and Finance, Vol. 27, pp. 552-565. Bhagat, S., Malhotra, S. and Zhu, P. (2011), “Emerging country cross-border acquisitions: characteristics: acquirer returns and cross-sectional determinants”, Emerging Markets Review, Vol. 12, pp. 250-271. Buchanan, B., Le, Q. and Rishi, M. (2012), “Foreign direct investment and institutional quality: some empirical evidence”, International Review of Financial Analysis, Vol. 30 No. 5, pp. 81-96. Capron, L. and Shen, J.C. (2007), “Acquisition of private vs. public firms: private information, target selection, and acquirer returns”, Strategic Management Journal, Vol. 28, pp. 891-911. Dang, M., Henry, D., Nguyen, M.T. and Hoang, V.A. (2018), “ Cross-country determinants of ownership c h o i c e s i n c r o s s - b o r d e r a c q u i s i t i o nsi: evidence from emerging markets”, Journal of Multinational Financial Management, Vol. 44, pp. 14-35. Deng, P. and Yang, M. (2015), “Cross-border mergers and acquisitions by emerging market firms: a comparative investigation”, International Business Review, Vol. 24, pp. 157-172. Feito-Ruiz, I., Fern andez, A.I. and Men endez-Requejo, S. (2014), “Determinants of the acquisition of listed versus unlisted firms in different legal and institutional environments”, Applied Economics, Vol. 46, pp. 2814-2832. Fuller, K., Netter, J. and Stegemoller, M. (2002), “What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions”, Journal of Finance, Vol. 57 No. 4, pp. 1763-1793. Gries, T., Kraft, M. and Meierrieks, D. (2009), “Linkages between financial deepening, trade openness and economic development: causality evidence from Sub-Saharan, Africa”, World Development, Vol. 37, pp. 1849-1860. Hofstede, G. (1994), “The business of international business is culture”, International Business Review, Vol. 3 No. 1, pp. 1-14. John, K., Freund, S., Nguyen, D. and Vasudevan, G. (2010), “Investor protection and cross-border acquisitions of private and public targets”, Journal of Corporate Finance, Vol. 16 No. 3, pp. 259-275. Kang, Y. and Jiang, F. (2012), “FDI location choice of Chinese multinationals in East and Southeast Asia: traditional economic factors and institutional perspective”, Journal of World Business, Vol. 47 No. 1, pp. 45-53. Kaufmann, D., Kraay, A. and Mastruzzi, M. (2009), “Governance matters VIII: aggregate and individual governance indicators 1996–2008”, Working Paper 4280, World Bank Policy Research, Washington, DC. Kim, W. (2012), “Investor protection and the mode of acquisition: implications for ownership dilution and formation of pyramids”, Financial Management, Vol. 41, pp. 55-93. Kogut, B. and Singh, H. (1988), “The effect of national culture on the choice of entry mode”, Journal of International Business Studies, Vol. 19 No. 3, pp. 411-432. Lebedev, S., Peng, M.W., Xie, E. and Stevens, C.E. (2015), “Mergers and acquisitions in and out of emerging economies”, Journal of World Business, Vol. 50, pp. 651-662. Li, T., Xue, Y., Lu, J. and Li, A. (2018), “Cross-border mergers and acquisitions and the role of free trade agreements”, Emerging Markets Finance and Trade, Vol. 54 No. 5, pp. 1096-1111. Morosini, P., Shane, S. and Singh, H. (1998), “National cultural distance and cross-border acquisition performance”, Journal of International Business Studies, Vol. 29 No. 1, pp. 137-158. Shen, J.C. and Reuer, J.J. (2005), “Adverse selection in acquisitions of small manufacturing firms: a comparison of private and public targets”, Small Business Economics, Vol. 24 No. 4, pp. 393-407. Tao, F., Liu, X., Gao, L. and Xia, E. (2017), “Do cross-border mergers and acquisitions increase shortterm market performance? The case of Chinese firms”, International Business Review, Vol. 26, pp. 189-202. Weber, Y., Shenkar, O. and Raveh, A. (1996), “National and corporate culture fit in mergers/ acquisitions: an exploratory study”, Management Science, Vol. 42 No. 8, pp. 1215-1227 | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) | |
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| Trường DC | Giá trị | Ngôn ngữ |
|---|---|---|
| dc.contributor.author | Hoang, Viet Anh | |
| dc.contributor.other | Dang, Man | |
| dc.contributor.other | Nguyen, Ngoc Vu | |
| dc.contributor.other | Nguyen, Ngoc Thang | |
| dc.contributor.other | Darren Henry | |
| dc.date.accessioned | 2023-11-01T10:23:54Z | - |
| dc.date.available | 2023-11-01T10:23:54Z | - |
| dc.date.issued | 2021 | |
| dc.identifier.isbn | 1986-0020 | |
| dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58655 | - |
| dc.description | Economic Investment | |
| dc.description.abstract | Purpose – The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers’ target status choice in cross-border mergers and acquisitions across 41 emerging markets. Design/methodology/approach – The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers’ target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only. Findings – This research found that the like lihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning. Originality/value – Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms’ acquisition bidding planning and target choice decision-making. | |
| dc.description.tableofcontents | 1. Introduction; 2. Hypothesis development; 3. Data and sample description; 4. Regression results; 5. Conclusion | |
| dc.format.extent | Khổ 21 x 29.7 | |
| dc.language.iso | en | |
| dc.publisher | Kinh Tế Quốc Dân | |
| dc.subject | Country-level characteristics | |
| dc.subject | Target status decision | |
| dc.subject | Cross-border mergers and acquisitions | |
| dc.subject | Emerging markets | |
| dc.subject | Imperfect factor markets | |
| dc.title | What drives target status decision in emerging markets acquisitions? | |
| dc.type | Journal of Economics and Development | |
| dc.identifier.barcode | 10-1108_JED-05-2020-0059 | |
| dc.relation.reference | Alexandridis, G., Mavrovitis, C.F. and Travlos, N.G. (2011), “How have M&As changed? Evidence from the sixth merger wave”, The European Journal of Finance, Vol. 18 No. 8, pp. 663-688. Andriosopoulos, D. and Yang, S. (2015), “The impact of institutional investors on mergers and acquisitions in the United Kingdom”, Journal of Banking and Finance, Vol. 50, pp. 547-561. Bae, S.C., Chand, K. and Kim, D. (2013), “Determinants of target selection and acquirer returns: evidence from cross–border acquisitions”, International Review of Economics and Finance, Vol. 27, pp. 552-565. Bhagat, S., Malhotra, S. and Zhu, P. (2011), “Emerging country cross-border acquisitions: characteristics: acquirer returns and cross-sectional determinants”, Emerging Markets Review, Vol. 12, pp. 250-271. Buchanan, B., Le, Q. and Rishi, M. (2012), “Foreign direct investment and institutional quality: some empirical evidence”, International Review of Financial Analysis, Vol. 30 No. 5, pp. 81-96. Capron, L. and Shen, J.C. (2007), “Acquisition of private vs. public firms: private information, target selection, and acquirer returns”, Strategic Management Journal, Vol. 28, pp. 891-911. Dang, M., Henry, D., Nguyen, M.T. and Hoang, V.A. (2018), “ Cross-country determinants of ownership c h o i c e s i n c r o s s - b o r d e r a c q u i s i t i o nsi: evidence from emerging markets”, Journal of Multinational Financial Management, Vol. 44, pp. 14-35. Deng, P. and Yang, M. (2015), “Cross-border mergers and acquisitions by emerging market firms: a comparative investigation”, International Business Review, Vol. 24, pp. 157-172. Feito-Ruiz, I., Fern andez, A.I. and Men endez-Requejo, S. (2014), “Determinants of the acquisition of listed versus unlisted firms in different legal and institutional environments”, Applied Economics, Vol. 46, pp. 2814-2832. Fuller, K., Netter, J. and Stegemoller, M. (2002), “What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions”, Journal of Finance, Vol. 57 No. 4, pp. 1763-1793. Gries, T., Kraft, M. and Meierrieks, D. (2009), “Linkages between financial deepening, trade openness and economic development: causality evidence from Sub-Saharan, Africa”, World Development, Vol. 37, pp. 1849-1860. Hofstede, G. (1994), “The business of international business is culture”, International Business Review, Vol. 3 No. 1, pp. 1-14. John, K., Freund, S., Nguyen, D. and Vasudevan, G. (2010), “Investor protection and cross-border acquisitions of private and public targets”, Journal of Corporate Finance, Vol. 16 No. 3, pp. 259-275. Kang, Y. and Jiang, F. (2012), “FDI location choice of Chinese multinationals in East and Southeast Asia: traditional economic factors and institutional perspective”, Journal of World Business, Vol. 47 No. 1, pp. 45-53. Kaufmann, D., Kraay, A. and Mastruzzi, M. (2009), “Governance matters VIII: aggregate and individual governance indicators 1996–2008”, Working Paper 4280, World Bank Policy Research, Washington, DC. Kim, W. (2012), “Investor protection and the mode of acquisition: implications for ownership dilution and formation of pyramids”, Financial Management, Vol. 41, pp. 55-93. Kogut, B. and Singh, H. (1988), “The effect of national culture on the choice of entry mode”, Journal of International Business Studies, Vol. 19 No. 3, pp. 411-432. Lebedev, S., Peng, M.W., Xie, E. and Stevens, C.E. (2015), “Mergers and acquisitions in and out of emerging economies”, Journal of World Business, Vol. 50, pp. 651-662. Li, T., Xue, Y., Lu, J. and Li, A. (2018), “Cross-border mergers and acquisitions and the role of free trade agreements”, Emerging Markets Finance and Trade, Vol. 54 No. 5, pp. 1096-1111. Morosini, P., Shane, S. and Singh, H. (1998), “National cultural distance and cross-border acquisition performance”, Journal of International Business Studies, Vol. 29 No. 1, pp. 137-158. Shen, J.C. and Reuer, J.J. (2005), “Adverse selection in acquisitions of small manufacturing firms: a comparison of private and public targets”, Small Business Economics, Vol. 24 No. 4, pp. 393-407. Tao, F., Liu, X., Gao, L. and Xia, E. (2017), “Do cross-border mergers and acquisitions increase shortterm market performance? The case of Chinese firms”, International Business Review, Vol. 26, pp. 189-202. Weber, Y., Shenkar, O. and Raveh, A. (1996), “National and corporate culture fit in mergers/ acquisitions: an exploratory study”, Management Science, Vol. 42 No. 8, pp. 1215-1227 | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) | |
