PENGCHENG ZHU
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9780199754656
- eISBN:
- 9780199979462
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199754656.003.0020
- Subject:
- Economics and Finance, Financial Economics, International
Multinational corporations use cross-border mergers and acquisitions (M&As) as an important restructuring strategy. Multiple motivations exist for cross-border M&As. Most studies focus on returns ...
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Multinational corporations use cross-border mergers and acquisitions (M&As) as an important restructuring strategy. Multiple motivations exist for cross-border M&As. Most studies focus on returns related to short-term announcements of acquiring and target firms in cross-border M&As and find significant variations in the performance outcomes. The results are mainly driven by market segmentation, the competitiveness of the corporate control market, and advantages associated with intangible assets. Long-term studies on cross-border M&As are limited and show mixed impact on acquiring and targeting firm performance. Information asymmetry, cultural barriers, and cross-country corporate governance all contribute to the complexity of the cross-border M&A activities. This chapter reviews the impact of these factors on acquisition performance.Less
Multinational corporations use cross-border mergers and acquisitions (M&As) as an important restructuring strategy. Multiple motivations exist for cross-border M&As. Most studies focus on returns related to short-term announcements of acquiring and target firms in cross-border M&As and find significant variations in the performance outcomes. The results are mainly driven by market segmentation, the competitiveness of the corporate control market, and advantages associated with intangible assets. Long-term studies on cross-border M&As are limited and show mixed impact on acquiring and targeting firm performance. Information asymmetry, cultural barriers, and cross-country corporate governance all contribute to the complexity of the cross-border M&A activities. This chapter reviews the impact of these factors on acquisition performance.
Geoffrey Jones
- Published in print:
- 2004
- Published Online:
- April 2005
- ISBN:
- 9780199272099
- eISBN:
- 9780191602184
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272093.003.0006
- Subject:
- Economics and Finance, Economic History
This chapter examines the strategies firms have used to exploit and enhance their competitive advantage by crossing borders. It begins with corporate strategies for entering and existing countries. ...
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This chapter examines the strategies firms have used to exploit and enhance their competitive advantage by crossing borders. It begins with corporate strategies for entering and existing countries. It then turns to collaborative strategies with other firms. Finally, the role of subsidiaries in the evolutions of multinationals is considered.Less
This chapter examines the strategies firms have used to exploit and enhance their competitive advantage by crossing borders. It begins with corporate strategies for entering and existing countries. It then turns to collaborative strategies with other firms. Finally, the role of subsidiaries in the evolutions of multinationals is considered.
