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1.
This article analyzes the determinants of cross-border M&As in the Latin American region during the period 1998-2004. Using a unique dataset of 868 Mergers and Acquisitions (M&A) events, the study focuses attention on the effect of macroeconomic and investor protection conditions in the countries where the companies reside over the likelihood of these companies participating in a cross-border M&A transaction. The study considers the effect of company-specific variables in the likelihood of going cross-border. Univariate analysis and logistic regressions strongly support the idea that better economic and business-friendly conditions in the countries where the target operates, increase the likelihood of cross-border merger. Results show that not only is the business environment in the target country important but also in the bidder country. Lower levels of property rights protection in the acquirer country negatively affect the likelihood of a cross-border deal. Finally, the likelihood of a cross-border merger increases when the target faces higher cost of funding than the acquirer's.  相似文献   

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This study examines the effects of greenfield foreign direct investment (FDI) and cross-border mergers and acquisitions (M&As) on government size in host countries of FDI. Using panel data for up to 130 countries for the period from 2003 to 2011, the study specifically tests the compensation hypothesis, suggesting that by increasing economic insecurity, economic openness leads to larger government size. It is found that greenfield FDI increases labour market volatility and thereby economic insecurity while M&As are not significantly associated with labour market volatility. The main results of this study are that greenfield FDI has a robust positive effect on government size, while M&As have no statistically significant effect on government size in the total sample of developed and developing countries, as well as in the sub-samples of developed and developing countries.  相似文献   

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This research study provides an empirical examination of the impact of national cultural distance, organizational cultural differences, communication, and planned employee retention on the effectiveness of negotiation process in the cross-border mergers & acquisitions (M&As). We developed and tested a conceptual framework of negotiation process in order to provide a framework for analysis of the key components of the negotiation process in the cross border M&A. The findings indicate that communication positively influence antecedent and concurrent phase of negotiation process. In addition, national cultural distance and organizational cultural differences negatively influence the effectiveness of concurrent phase. We also found that national cultural distance moderates the relationship between communication and effectiveness of concurrent phase of the negotiation process, as such that the positive effect of communication is lower when national cultural distance is higher. Furthermore, we found that planned employee retention positively affect the effectiveness of concurrent phase. Finally, the effectiveness of concurrent phase positively influence the effectiveness of consequent phase i.e. M&A agreement. The contribution of this study lies in providing new insights on negotiation-associated factors for incumbent executives, in order to enable them to better plan and implement cross-border mergers and acquisition deals.  相似文献   

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This paper studies the combined effect of affiliation with prestigious universities, underwriters, and venture capitalists on the valuation of biotech ventures at IPO and their post-IPO performance. We argue that affiliation to a prestigious university provides the affiliated firm with a quality signal in the scientific domain. The pure quality signaling effect of the affiliation is isolated from the substantive benefits it provides by performing a difference-in-difference approach based on the scientific reputation of scientists in firms' upper echelons. The signal is stronger the weaker is the scientific reputation of scientists of the focal IPO-firm and is additive to those provided by prestigious venture capitalists and underwriters. Results for a sample of 254 European biotech ventures that went through an IPO between 1990 and 2009 confirm our predictions.  相似文献   

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The global liberalisation of national regulated financial services’ sectors has opened up a wave of international mergers and acquisitions processes. To succeed with such processes, a positive relationship needs to be developed between involved parties. But actors within and outside involved companies in international mergers and acquisitions may have conflicting interests, not least because of national resistance to changes in domestic financial sectors. In order to study the discourse among such actors, this paper presents a theoretical view based on business relationships, highlighting the concept of legitimacy. The aim is to analyse how different actors communicate in and through the media, in order to legitimise their own actions or to delegitimise the actions of their opponents in the relationship development process. The empirical investigation is a longitudinal study of an acquisition process between two insurance companies from Sweden and South Africa. A discourse analysis shows that the relationship development process is not only a matter of rational arguments. It is rather a struggle between actors drawing on discourses that change over time, as a means to affect perceptions of legitimate behaviours to reach the preferred outcome.  相似文献   

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基于节省签订合约成本的研究视角,区分企业横向并购和纵向并购,检验企业纵向并购的内在动机对长期并购绩效的影响。结果发现:专用性资产是企业纵向并购的必要条件,进一步投资则是企业纵向并购的内在动机;相比于横向并购,纵向并购有着更好的长期并购绩效,且随着观测时期的加长而愈加显著。通过中介效应模型检验发现:进一步投资对纵向并购的长期并购绩效具有显著正向影响。纵向并购在节省由专用性资产导致的高昂签订合约成本的同时,不可避免会产生新的组织成本,而进一步投资带来的收益抵消新的成本是企业纵向并购的内在动机,并会带来好的长期并购绩效,但需要在并购一段时间后才能逐渐体现。本文结论的政策含义是强调并购动机与并购绩效的相关性,而以降低交易成本为目的的并购更倾向于有更好的长期绩效,这也是相关并购政策发挥作用的重要前提。  相似文献   

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This paper develops a model of cross-border M&A activity that features firm-level productivity shocks and endogenous export activity. We show that foreign firms will be relatively more attracted to targets in the domestic country that had high productivity levels that induced them to invest in large export networks several years prior to acquisition, but subsequently experienced a negative productivity shock (i.e., cherries for sale). From the theory we derive a dynamic panel binary choice empirical model to predict cross-border M&A activity, and find strong evidence for our hypotheses connecting the evolution of firm-level productivity to the ultimate targets of cross-border acquisitions using French firm-level data.  相似文献   

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宋贺  常维 《商业研究》2020,(2):9-20
近年来,伴随着并购市场的快速发展及股权投资退出渠道的多元化,风险投资参与的并购决策事件大幅增多。本文以我国创业板上市企业完成的并购事件为研究样本,系统研究风险投资对企业并购频次、并购支付方式及多元化并购行为等方面的影响及其作用机制。结果发现,风险投资能够通过抑制管理层过度自信进而降低并购方的频繁并购行为;得益于风险投资对并购中信息不对称的缓解,目标方接受有风险投资背景的企业以非现金方式作为并购支付对价的概率更高;此外,风险投资通过提升企业内部控制有效性,使得有风险投资背景的企业更偏好于进行同行业并购,以优化企业并购目标选择及实现企业规模效应。  相似文献   

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本文以2003-2018年A股上市公司为样本,利用企业首次跨国并购行为作为准自然实验,运用基于匹配的双重差分方法,衡量跨国并购对企业创新效率的影响。研究结果表明,实施跨国并购能够提高企业的创新效率,而创新促进效应是否能够持续依赖于后续研发投入的多少。进一步研究发现,市场获取型并购企业通过加大实用新型、外观设计方面的研发力度,有效地推动了企业创新效率的提升。本文结论对改进和完善企业跨国并购策略、支持企业充分利用国际市场开展资源配置、推动企业创新效率的提升具有重要的启示意义。  相似文献   

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2020年5月28日,新中国成立以来第一部“法典”《中华人民共和国民法典》(以下简称《民法典》)面世并将自2021年1月1日起施行。《民法典》分七编,其中第三编为合同编,合同编以《中华人民共和国合同法》(以下简称《合同法》)为基础,进行了百余处修改。合同编在修改时汲取了司法解释的经验,首次以法律的形式明确了“预约合同”的定义及其法律责任。略留遗憾的是,对于“预约合同能否强制履行”这一争议性问题,合同编未予明确。本文从投资并购项目的预约合同纠纷视角进行分析,可见目前最高院和大部分地方法院倾向于不支持通过预约强制缔结本约,这意味着投资并购项目的交易双方在项目推进过程中需审慎选择交易文件的形式。  相似文献   

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Journal of Business Ethics - Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical...  相似文献   

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What key roles do macroeconomic and financial variables play in the foreign direct investment (FDI) decision of firms? This question is addressed in this paper using a large panel data set of cross-border Merger & Acquisition (M&A) deals for the period 1990-1999. Various econometric specifications are built around the simple “gravity model” commonly used in the trade literature. Interestingly, financial variables and other institutional factors seem to play a significant role in M&A flows. In particular, the size of financial markets, as measured by the stock market capitalization to GDP ratio, has a strong positive association with domestic firms investing abroad. This result points to the importance of domestic financial conditions in stimulating international investment during the boom years of 1990s, and accords with the significant drop in cross-border M&As in recent years.  相似文献   

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本文对中国转轨背景下民营企业的政治关系与民营企业的首次公开发行市场准入关系进行了实证分析,实证研究结果发现:在股票发行核准制下,一方面,第一大股东的所有权属性对拟发行人是否通过发行审核没有显著影响,我国资本市场准入的所有制歧视有所缓解;另一方面,民营企业的政治关系影响民营企业首次公开发行市场的准入,具有政治关系的拟发行人更可能通过股票发行审核。  相似文献   

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