Acquisitions by emerging multinational corporations: motivation and performance of transactions in Western Europe and North America
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Wiesbaden
Springer Gabler
[2018]
|
| Schriftenreihe: | Schriften zum europäischen Management
Research |
| Schlagworte: | |
| Online-Zugang: | http://www.springer.com/ Inhaltsverzeichnis Klappentext |
| Beschreibung: | XXVI, 429 Seiten Diagramme 21 cm x 14.8 cm |
| ISBN: | 9783658191115 3658191112 |
Internformat
MARC
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| 245 | 1 | 0 | |a Acquisitions by emerging multinational corporations |b motivation and performance of transactions in Western Europe and North America |c Johannes Distler |
| 264 | 1 | |a Wiesbaden |b Springer Gabler |c [2018] | |
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| 490 | 0 | |a Schriften zum europäischen Management | |
| 490 | 0 | |a Research | |
| 502 | |b Dissertation |c Universität Bayreuth |d 2016 | ||
| 650 | 0 | 7 | |a Multinationales Unternehmen |0 (DE-588)4075092-9 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Mergers and Acquisitions |0 (DE-588)4205916-1 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Emerging Market |0 (DE-588)4398432-0 |2 gnd |9 rswk-swf |
| 651 | 7 | |a Nordamerika |0 (DE-588)4042483-2 |2 gnd |9 rswk-swf | |
| 651 | 7 | |a Westeuropa |0 (DE-588)4079215-8 |2 gnd |9 rswk-swf | |
| 653 | |a Mergers & Acquisitions | ||
| 653 | |a Emerging Markets | ||
| 653 | |a Emerging Market Multinationals | ||
| 653 | |a Internationales Management | ||
| 653 | |a Ereignisstudie | ||
| 653 | |a Event Study | ||
| 653 | |a Metaanalyse | ||
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| 689 | 0 | 1 | |a Nordamerika |0 (DE-588)4042483-2 |D g |
| 689 | 0 | 2 | |a Mergers and Acquisitions |0 (DE-588)4205916-1 |D s |
| 689 | 0 | 3 | |a Multinationales Unternehmen |0 (DE-588)4075092-9 |D s |
| 689 | 0 | 4 | |a Emerging Market |0 (DE-588)4398432-0 |D s |
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Datensatz im Suchindex
| _version_ | 1804177817594757120 |
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| adam_text | Content
List of Figures and Tables .......................................... XIII
Abbreviations ........................................................ XXI
Acknowledgements.......................................................XXV
1 Introduction......................................................... 1
1.1 Motivation ..................................................... 1
1.2 Research objectives .............................................3
1.3 Structure of the dissertation ...................................7
2 Fundamentals of mergers acquisitions ...............................9
2.1 Introduction................................................... 9
2.2 Terminological basis of M A .....................................9
2.2.1 Definition of the term M A .............................. 10
2.2.2 Categories of M A ....................................... 13
2.3 Waves of M A activity ......................................... 18
2.4 Phases of an M A transaction .................................. 24
2.4.1 Preparatory phase ........................................25
2.4.2 Transaction phase ........................................29
2.4.3 Integration phase........................................ 39
2.5 Performance of M A transactions ................................46
2.5.1 Perspectives on M A performance ........................ 47
2.5.2 Definition of M A performance ............................49
2.5.2.1 Dimension of success .............................49
2.5.2.2 Timeframe ........................................50
2.5.2.3 Performance benchmark ............................51
2.5.3 Methods for M A performance research......................54
2.5.3.1 Case- and survey-based research ..................54
VII
VIH Content
2.5.3.2 Financial statement-based research ...............56
2.5.3.3 Event study-based research .......................57
2.5.4 Summary of prior findings of event study-based research
on M A performance .......................................60
2.5.4.1 General findings on M A performance...............60
2.5.4.2 Specific findings on cross-border M A performance .. 61
2.6 Summary .........................................................62
3 Emerging multinational corporations and their cross-border
M A activity ........................................................65
3.1 Introduction.....................................................65
3.2 Emerging markets and emerging multinational corporations ........66
3.2.1 Emerging markets .........................................67
3.2.1.1 Definition of the term‘emerging market*...........67
3.2.L2 Classification of emerging markets ................71
3.2.1.3 Key drivers behind the rapid economic
development in emerging markets....................74
3.2.1.3.1 Institutional transformation ........... 74
3.2.1.3.2 Technological transformation ............76
3.2.1.3.3 Organizational transformation ...........78
3.2.1.4 Indicators of the rapid economic development
in emerging markets................................79
3.2.1.5 The ‘decoupling hypothesis* of economic
development in emerging markets....................83
3.2.2 Emerging multinational corporations.......................85
3.2.2.1 Definition of the term ‘emerging multinational
corporation* ......................................85
3.2.2.2 Classification of EMNCs ......................... 89
3.2.2.3 Unifying conditions and resulting behavioral
characteristics of EMNCs ..........................93
3.3 Internationalization of EMNCs ...................................98
3.3.1 Waves of EMNC internationalization .......................99
3.3.2 Choice of entry mode in EMNC internationalization .......103
3.3.2.1 Historic trend of OFDI by entry mode ........... 103
3.3.2.2 Potential reasons behind EMNCs* increasing
preference of M A over greenfield OFDI............106
3.4 Prior research on the performance of EMNCs* domestic and
cross-border M A transactions................................. 108
3.4.1 Case-and survey-based research ......................... Ill
Content IX
3.4.2 Financial statement-based research ...................... 117
3.4.3 Event study-based research ...............................124
3.4.4 Summary of prior research findings on EMNCsJ M A
performance...............................................140
3.5 Summary ........................................................ 141
4 Theoretical frameworks and hypotheses generation ..................... 143
4.1 Introduction.................................................... 143
4.2 Theoretical frameworks ......................................... 144
4.2.1 Theories of the firm..................................... 145
4.2.1.1 Institutional economics ......................... 145
4.2.1.2 Industrial organization economics ............. 147
4.2.1.3 Resource-based view ............................. 150
4.2.1.4 Behavioral economics ............................ 153
4.2.2 Theories of M A motives ................................. 156
4.2.2.1 Rational M A motives ............................ 157
4.2.2.1.1 Strategic M A motives....................157
4.2.2.1.2 Financial M A motives .................. 162
4.2.2.1.3 Personal M A motives.................... 167
4.2.2.2 Irrational M A motives .......................... 169
4.2.2.2.1 Processual M A motives ................. 170
4.2.2.2.2 Macroeconomic M A motives .............. 171
4.2.3 Theories of the multinational enterprise..................172
4.2.3.1 Eclectic paradigm ............................... 174
4.2.3.2 Theories of EMNCs ............................... 177
4.2.3.2.1 Extended eclectic paradigm ............. 178
4.2.3.2.2 LLL framework and the springboard
perspective ............................. 181
4.2.4 Summary of M A motives .................................. 183
4.3 Hypotheses generation........................................... 186
4.3.1 Acquirer motivational determinants ...................... 187
4.3.2 Acquirer-related determinants ........................... 189
4.3.2.1 Acquirer free cash flows..........................190
4.3.2.2 Acquirer leverage ............................... 192
4.3.2.3 Acquirer firm size .............................. 194
4.3.2.4 Acquirer market valuation and quality of
management ........................................196
4.3.3 Target-related determinants ..............................199
4.3.3.1 Target public status............................. 199
X Content
433,2 Target geographic and cultural distance from
acquirer..........................................200
4.3.33 Target industry relatedness to acquirer...........205
433.4 Target high tech industry affiliation ............207
43.4 Transaction-related determinants .........................210
43.4.1 Transaction method of payment .................. 210
43.4.2 Transaction premium ..............................212
43.43 Transaction competition .......................... 214
43.4.4 Transaction size ................................ 216
4.4 Summary ........................................................219
5 The event study as a research method for measuring
M A performance ...................................................221
5.1 Introduction....................................................221
5.2 Calculation of abnormal returns ................................223
5.2.1 Identification of the event’ and event window’............223
5.2.2 Definition of sample firms and market index...............227
5.23 Simulation of a normal’ share price reaction..............231
5.23.1 Statistical models ..............................234
5.23.2 Economic models .................................237
5.2.4 Aggregation of abnormal returns...........................240
53 Statistical testing methodologies ..............................242
5.3.1 Univariate analysis ......................................243
53.1.1 Parametric tests.................................246
53.1.2 Non-parametric tests ............................250
53.2 Multivariate analysis.....................................253
5.4 Underlying assumptions behind and issues with the event
study method ...................................................258
5.4.1 Theoretical prerequisites ................................259
5.4.1.1 Market efficiency................................259
5.4.1.2 Unanticipated events ............................261
5.4.13 Lack of confounding events ..................... 262
5.4.2 Technical issues .........................................265
5.4.2.1 Illiquid trading ................................265
5.4.2.2 Event-date uncertainty...........................266
5.5 Summary ...................................................... 267
Content X!
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6 Acquisition motivation and performance of EMNCs
in Western Europe and North America....................................269
6.1 Introduction........................................................269
6.2 Sample selection and description ...................................270
6.2.1 Selection methodology.........................................270
6.2.2 Sample description ...........................................272
6.2.2.1 Sample transactions by year ........................272
6.2.2.2 Sample transactions by acquirer geography..........274
6.2.2.3 Sample transactions by target geography ...........276
6.2.2.4 Sample transactions by industry groups.............278
6.3 Analysis of EMNC acquirers M A motives .............................279
6.3.1 Analysis methodology .........................................280
6.3.2 Review of acquisition motives.................................282
6.4 Statistical pre-analysis of internal validity ......................285
6.4.1 Quality of the market model regression .....................285
6.4.2 Normal distribution of abnormal returns.......................286
6.5 Analysis of EMNC acquirers acquisition performance..................292
6.5.1 Acquisition performance by acquirer geography ................297
6.5.2 Acquisition performance by target geography...................299
6.5.3 Acquisition performance by acquisition announcement
period .......................................................302
6.6 Univariate analysis of determinants of EMNC acquirers’
acquisition performance ............................................305
6.6.1 Acquirer motivational determinants ...........................306
6.6.1.1 Natural resource seeking motivation ..................306
6.6.1.2 Upstream knowledge seeking motivation ................308
6.6.1.3 Downstream knowledge seeking motivation............. 310
6.6.1.4 End-customer market seeking motivation ...............313
6.6.1.5 Global value consolidation seeking motivation.......315
6.6.2 Acquirer-related determinants ............................... 317
6.6.2.1 Acquirer free cash flows............................. 317
6.6.2.2 Acquirer leverage ....................................319
6.6.2.3 Acquirer firm size ...................................322
6.6.2 A Acquirer market valuation and quality of
management ...........................................324
6.6.3 Target-related determinants ..................................326
6.63.1 Target public status..................................326
6.6.3.2 Target geographic and cultural distance
from acquirer.........................................328
XII
Content
6.6.3.3 Target industry relatedness to acquirer.............331
6.6.3.4 Target high tech industry affiliation ..............333
6.6.4 Transaction ֊related determinants ..........................335
6.6.4.1 Transaction method of payment ......................336
6.6.4.2 Transaction premium ................................338
6.6.4.3 Transaction competition ............................341
6.6.4.4 Transaction size ...................................343
6.7 Multivariate analysis of determinants of EMNC acquirers’
acquisition performance ..........................................345
6.7.1 Pré֊analysis of correlation matrix .........................347
6.7.2 Analysis of results of multivariate analysis................347
6.8 Summary of findings ..............................................350
6.8.1 Findings on EMNC acquirers’ M A motives ....................350
6.8.2 Findings on EMNC acquirers’ acquisition performance ________351
6.8.3 Findings on determinants of EMNC acquirers’ acquisition
performance ................................................352
7 Thesis conclusion......................................................359
7.1 Findings and contributions of the dissertation ...................359
7.1.1 Academic relevance .........................................360
7.1.1.1 Literature review of prior findings on EMNCs’
acquisition performance ............................360
7.1.1.2 Motivation analysis for EMNC acquirers from
multiple emerging markets ..........................361
7.1.1.3 Acquisition performance analysis for EMNC
acquirers from multiple emerging markets ...........362
7.1.1.4 Applicability of the event study method for
research on EMNCs’ acquisition performance .........363
7.1.2 Practical relevance ........................................366
7.2 Limitations of the dissertation ..................................367
7.3 Future research on EMNCs’ acquisitions into developed
markets ..........................................................369
Appendix ............
Publication bibliography
371
387
Acquisitions by Emerging Multinational Corporations
This thesis analyzes the motivation and performance of403 acquisitions made
by emerging multinational corporations (EMNCs) in Western Europe and North
America between 1994 and 2013. The findings indicate that most EMNCs were
motivated to acquire in order to obtain access to the upstream and downstream
know-how of their target firms. In addition, the thesis’ event study results
demonstrate that EMNCs on average generated value for their shareholders
with their acquisitions over short periods around acquisition announcement.
This result is particularly significant since similar studies on buying firms from
developed markets have frequently come to the conclusion that acquirers destroy
shareholder value.
Contents
• Prior research on EMNCs and their M A activity
• Event studies as a research method for measuring M A performance
• Acquisition motivation and performance of EMNCs in Western Europe
and North America
Target Groups
• Researchers and students in international management with an interest
in emerging multinational corporations
• Executives and advisors involved in M A transactions of EMNCs
|
| any_adam_object | 1 |
| author | Distler, Johannes |
| author_GND | (DE-588)1140613170 |
| author_facet | Distler, Johannes |
| author_role | aut |
| author_sort | Distler, Johannes |
| author_variant | j d jd |
| building | Verbundindex |
| bvnumber | BV044480145 |
| classification_rvk | QP 450 |
| ctrlnum | (OCoLC)1004327799 (DE-599)DNB1136584781 |
| dewey-full | 330 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Nordamerika (DE-588)4042483-2 gnd Westeuropa (DE-588)4079215-8 gnd |
| geographic_facet | Nordamerika Westeuropa |
| id | DE-604.BV044480145 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:54:06Z |
| institution | BVB |
| institution_GND | (DE-588)1043386068 |
| isbn | 9783658191115 3658191112 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029880358 |
| oclc_num | 1004327799 |
| open_access_boolean | |
| owner | DE-703 DE-473 DE-BY-UBG DE-N2 DE-355 DE-BY-UBR DE-945 DE-384 DE-12 |
| owner_facet | DE-703 DE-473 DE-BY-UBG DE-N2 DE-355 DE-BY-UBR DE-945 DE-384 DE-12 |
| physical | XXVI, 429 Seiten Diagramme 21 cm x 14.8 cm |
| publishDate | 2018 |
| publishDateSearch | 2018 |
| publishDateSort | 2018 |
| publisher | Springer Gabler |
| record_format | marc |
| series2 | Schriften zum europäischen Management Research |
| spelling | Distler, Johannes Verfasser (DE-588)1140613170 aut Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America Johannes Distler Wiesbaden Springer Gabler [2018] © 2018 XXVI, 429 Seiten Diagramme 21 cm x 14.8 cm txt rdacontent n rdamedia nc rdacarrier Schriften zum europäischen Management Research Dissertation Universität Bayreuth 2016 Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Emerging Market (DE-588)4398432-0 gnd rswk-swf Nordamerika (DE-588)4042483-2 gnd rswk-swf Westeuropa (DE-588)4079215-8 gnd rswk-swf Mergers & Acquisitions Emerging Markets Emerging Market Multinationals Internationales Management Ereignisstudie Event Study Metaanalyse (DE-588)4113937-9 Hochschulschrift gnd-content Westeuropa (DE-588)4079215-8 g Nordamerika (DE-588)4042483-2 g Mergers and Acquisitions (DE-588)4205916-1 s Multinationales Unternehmen (DE-588)4075092-9 s Emerging Market (DE-588)4398432-0 s DE-604 Springer Fachmedien Wiesbaden (DE-588)1043386068 pbl Erscheint auch als Online-Ausgabe, eBook 978-3-658-19112-2 X:MVB http://www.springer.com/ Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029880358&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029880358&sequence=000002&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Distler, Johannes Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America Multinationales Unternehmen (DE-588)4075092-9 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Emerging Market (DE-588)4398432-0 gnd |
| subject_GND | (DE-588)4075092-9 (DE-588)4205916-1 (DE-588)4398432-0 (DE-588)4042483-2 (DE-588)4079215-8 (DE-588)4113937-9 |
| title | Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America |
| title_auth | Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America |
| title_exact_search | Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America |
| title_full | Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America Johannes Distler |
| title_fullStr | Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America Johannes Distler |
| title_full_unstemmed | Acquisitions by emerging multinational corporations motivation and performance of transactions in Western Europe and North America Johannes Distler |
| title_short | Acquisitions by emerging multinational corporations |
| title_sort | acquisitions by emerging multinational corporations motivation and performance of transactions in western europe and north america |
| title_sub | motivation and performance of transactions in Western Europe and North America |
| topic | Multinationales Unternehmen (DE-588)4075092-9 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Emerging Market (DE-588)4398432-0 gnd |
| topic_facet | Multinationales Unternehmen Mergers and Acquisitions Emerging Market Nordamerika Westeuropa Hochschulschrift |
| url | http://www.springer.com/ http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029880358&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029880358&sequence=000002&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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