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Financial pre-factors for post-performance of cross-border mergers & acquisitions

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  • Ying Zhang
  • Marcel Ausloos

Abstract

We study mergers and acquisitions (M&A) when one company is Chinese and another company is outside China. Previous studies are still much lacking considerations on financial factors affecting subsequent performance of such multinational (or ‘cross-border’) M&A. Here, a few (5) influencing factors are tested through a multiple linear regression model for 100 listed companies over [2016–2018]. We examine the role of (i) the mode of payment, (ii) cultural differences, (iii) industry differences, (iv) company scale and (v) the shareholding ratio. The research denotes that the payment method and the shareholding ratio of the largest shareholder have both a positive correlation with the performance in the year of the M&A and in the following one, – whatever the industries differences and companies sizes.

Suggested Citation

  • Ying Zhang & Marcel Ausloos, 2021. "Financial pre-factors for post-performance of cross-border mergers & acquisitions," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 19(2), pages 147-161, April.
    • Handle: RePEc:taf:jocebs:v:19:y:2021:i:2:p:147-161
    DOI: 10.1080/14765284.2021.1905480
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