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Cross-country determinants of ownership choices in cross-border acquisitions: Evidence from emerging markets

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  • Dang, Man
  • Henry, Darren
  • Nguyen, Manh Toan
  • Hoang, Viet Anh

Abstract

We examine the cross-country determinants of bidder ownership choices regarding (i) government quality, (ii) economic freedom, (iii) international trade, (iv) financial development, and (v) cultural distance, in cross-border acquisitions of emerging markets-located targets. The sample comprises 16,806 acquisitions across 41 emerging markets in the 2000–2015 period. We find that the likelihood of a planned (and completed) minority acquisition relative to a majority or full acquisition is higher if the target operates in a country with poorer government quality, inferior economic freedom, stronger restrictions on international trade, lower financial development, and greater cultural distance with the bidder country. Differences in these institutional attributes between bidder and target countries similarly are informative of bidder acquisition decisions. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning, including risk, benefits and acquisition likelihood. The findings provide potential mechanisms for countries to further increase foreign investment through cross-border acquisitions.

Suggested Citation

  • Dang, Man & Henry, Darren & Nguyen, Manh Toan & Hoang, Viet Anh, 2018. "Cross-country determinants of ownership choices in cross-border acquisitions: Evidence from emerging markets," Journal of Multinational Financial Management, Elsevier, vol. 44(C), pages 14-35.
    • Handle: RePEc:eee:mulfin:v:44:y:2018:i:c:p:14-35
    DOI: 10.1016/j.mulfin.2018.01.001
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    More about this item

    Keywords

    Ownership choices; Cross-country determinants; Target firms; Emerging markets; Imperfect market conditions;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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