Mergers and acquisitions in and out of emerging economies

Cross-Border Mergers and Acquisition (CBMAs): A Review on Top Six ASEAN Country CBMA Players

“…Previous study by Harris and Ravenscraft (1991) found that 52% of US firms that involved in CBMA have operations in the US. Moreover, recent study by Ferreira et al (2010), Popli and Sinha (2014), Lebedev et al (2015) and Deng and Yang (2015) supported the fact that overseas experience is seen as advantageous to increase the probability of being involved in CBMAs.…”

“…For instance, bidders were interested in target with high liquidity and low debt to utilise the high debt capacity in reducing their acquisition cost. In addition, target with strong financial performance would attract foreign bidders especially if they are from countries with weak corporate governance standards and this phenomenon is labelled as "cherry-picking" (Kim & Lu, 2013;Lebedev et al, 2015). Kim and Lu (2013) argued that picking a better performing target is important to gain synergies during CBMAs because relevant local information are difficult to obtain in weak governance country.…”

“…This is due to the fact that existing studies either examined CBMA literature involving emerging countries in general (Lebedev, Peng, Xie, & Stevens, 2015) or provide a review of CBMAs transaction involving Asia Pacific Economic Cooperation (APEC) countries (Chen & Findlay, 2003). However, the unique composition of ASEAN countries with different level of market development i.e., developed (Singapore), emerging (Indonesia, Malaysia, Philippines, Thailand) and frontier (Vietnam), preclude the applicability of specific CBMA literature from either developed or emerging countries.…”

Macroeconomic Change, and Cross-Border Mergers and Acquisitions: The Indian Experience, 1991-2010

“…6 See the extensive literature review on cross-border M&A perspectives (Ferreira, Santos, de Almeida, & Reis, 2014;Martynova & Renneboog, 2008;Shimizu, Hitt, Vaidyanath, & Pisano, 2004). Agrawal, 2012Agrawal, , 2014aSrivastava & Prakash, 2014;for Russia: Bertrand & Betschinger, 2012;for Latin America: Pablo, 2009; for mixed-sample of emerging economies: Bhagat, Malhotra, & Zhu, 2011;Deng & Yang, 2015;Lebedev, Peng, Xie, & Stevens, 2015;Nagano & Yuan, 2013;Nicholson & Salaber, 2013;Sun, Peng, Ren, & Yan, 2012;Yang, Jiang, Kang, & Ke, 2009). However, Indian scholars have failed (or, ignored) to show the robust results of the market for CB-M&A over the last two-decade.…”

Intra-national business (IB)

“…They find that within-country diversity in acquirer and target countries has a significant impact on cross-border mergers and acquisitions (M&A) decisions. As researchers now increasingly look at M&As in and out of emerging economies (Lebedev, Peng, Xie, & Stevens, 2015;Mutlu, Wu, Peng, & Lin, 2015), pathbreaking findings reported by Dow et al (2016) provide much needed motivation to investigate intra-national differences behind such decisions.…”