The Impact Of Foreign Acquisitions On The Investors R D Activities Firm Level Evidence
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The Impact Of Foreign Acquisitions On The Investors R D Activities Firm Level Evidence
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Author : Joel Stiebale
language : en
Publisher:
Release Date : 2013
The Impact Of Foreign Acquisitions On The Investors R D Activities Firm Level Evidence written by Joel Stiebale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper provides empirical evidence on the relationship between cross-border acquisitions and innovation activities at the firm level. In contrast to previous studies that analyze the effects on innovation in target firms, this paper investigates the effects on the investing firms. For the empirical analysis a unique firm-level data set is constructed that combines survey data for German firms with a merger and acquisition database. After a cross-border acquisition, investing firms display a higher rate of domestic expenditures for research and development. After controlling for endogeneity of foreign acquisitions by estimating a two-equation system with limited dependent variables and applying instrument variable techniques it is found that part of this correlation stems from a causal effect. The estimated effects are robust towards alternative identification strategies and are higher in industries with high knowledge intensity. The analysis is complemented by an investigation of the effects on tangible investment spending and by a comparison of the effects of cross-border acquisitions to those of Greenfield foreign direct investments and domestic M&As.
International Corporate Governance Spillovers
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Author : Rui Albuquerque
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-12
International Corporate Governance Spillovers written by Rui Albuquerque and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-12 with Business & Economics categories.
We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
Influences Of Firm And Macro Level Determinants On The Probability Of Cross Border Mergers And Acquisitions
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Author : Ricardo Falter
language : en
Publisher: GRIN Verlag
Release Date : 2015-07-23
Influences Of Firm And Macro Level Determinants On The Probability Of Cross Border Mergers And Acquisitions written by Ricardo Falter and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-23 with Business & Economics categories.
Master's Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 8,5, Erasmus University Rotterdam (Rotterdam School of Management), language: English, abstract: While the influences of macro-level determinants on cross-border transactions have been investigated in several studies before, firm-level determinants have mostly been excluded in those studies. This study finds that firm-level determinants have a substantial influence on the probability a firm’s decision to acquire a company in a foreign country. The result is even more pronounced in transactions where the acquirer’s and the target’s business operations are related to each other. In unrelated transactions, it was found that acquirers are more influenced by domestic and foreign stock market valuations as well as the relative value of their currency. This seems to proof the fire-sale theory as well as the risk reduction through diversification theory. It is concluded that unrelated transactions are more opportunistic, while related transactions are based on firm-specific business strategic reasons. A firm’s amount of excess cash has been included as a firm-level determinant into the probit model of this study. This variable is fairly new to this kind of studies and its results offer deeper insights into the relationship between transaction probability, determinants and relatedness. This study extents the existing body of academic literature on cross-border mergers and acquisitions by investigating firm- as well as macro-level determinants, while simultaneously taking the relatedness between the transaction parties into account. In order to verify the results, further research into this area is strongly encouraged.
Cross Border Acquisitions And Target Firms Performance
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Author :
language : en
Publisher:
Release Date : 2006
Cross Border Acquisitions And Target Firms Performance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Consolidation and merger of corporations categories.
Cross Border Acquisitions And Shareholder Wealth Evidence From Spain
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Author : Martin Renze-Westendorf
language : en
Publisher: diplom.de
Release Date : 2006-08-04
Cross Border Acquisitions And Shareholder Wealth Evidence From Spain written by Martin Renze-Westendorf and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-04 with Business & Economics categories.
Inhaltsangabe:Abstract: Over the last decade product and factor markets have continued to become more integrated, new markets have emerged and the globalization has become an important strategic issue for companies. As a result, international investment opportunities have in-creased while regulatory restrictions on capital markets have been eased and the market for corporate control has become more integrated. Consequently, the international acquisition activity has increased in both absolute and relative terms over the last decades leading to a significant rise of the proportion of international to domestic merger activity, particularly at the end of the 1990s. As more and more companies consider international diversification as a strategic option for their further growth, the question arises which valuation consequences accompany cross-border acquisitions. Furthermore, it is to be analyzed whether these consequences differ systematically from domestic acquisitions and what could be possible value drivers in these cases. Although mergers and acquisitions in general have received wide attention in academic research, studies concerning the wealth effects of cross-border acquisitions are limited. Moreover, existing empirical evidence primarily stems from the US and UK capital markets neglecting generally the European perspective. Spain, Europe s fifth largest economy, has seen a series of considerable cross-border acquisitions in the last decade culminating in the merger of Santander with Abbey National in 2004 for over USD 15bn, making it the tenth largest transaction worldwide in 2004.3 The Spanish M&A market boom of the 1990s was initially driven by a consolidation process in the financial services, utilities and telecoms sectors which mostly were formerly state-owned. As a consequence of the increasing market concentration Spanish companies expanded internationally, creating some of the biggest corporations world-wide and becoming South America s largest foreign investor. These recent developments and the high acquisition activity from Spain into other countries make it worthwhile to shed light on the valuation consequences and their possible explanations by an empirical analysis. Considering the aforementioned, it is the aim of this thesis to answer the question as to whether the foreign acquisition wave of the last decade in Spain really created value and therewith supports the strategic decisions of the management. The analysis should [...]
The Effects Of Foreign Direct Investment On Domestic Firms
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Author : Jozef Konings
language : en
Publisher:
Release Date : 2000
The Effects Of Foreign Direct Investment On Domestic Firms written by Jozef Konings and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business enterprises, Foreign categories.
Global Integration And Technology Transfer
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Author : Bernard M. Hoekman
language : en
Publisher: World Bank Publications
Release Date : 2006-04-27
Global Integration And Technology Transfer written by Bernard M. Hoekman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-27 with Business & Economics categories.
The importance of international technology diffusion (ITD) for economic development can hardly be overstated. Both the acquisition of technology and its diffusion foster productivity growth. Developing countries have long sought to use both national policies and international agreements to stimulate ITD. The 'correct' policy intervention, if any, depends critically upon the channels through which technology diffuses internationally and the quantitative effects of the various diffusion processes on efficiency and productivity growth. Neither is well understood. New technologies may be embodied in goods and transferred through imports of new varieties of differentiated products or capital goods and equipment, they may be obtained through exposure to foreign buyers or foreign investors or they may be acquired through arms-length trade in intellectual property, e.g., licensing contracts. 'Global Integration and Technology Transfer' uses cross-country and firm level panel data sets to analyze how specific activities exporting, importing, FDI, joint ventures impact on productivity performance.
Domestic And Foreign Mergers And Acquisitions
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Author : Alan Spearot
language : en
Publisher:
Release Date : 2007
Domestic And Foreign Mergers And Acquisitions written by Alan Spearot and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The Effects Of Foreign Direct Investment On Domestic Firms
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Author : Jozef Konings (Hoogleraar Monetary and Information economics)
language : en
Publisher:
Release Date : 2000
The Effects Of Foreign Direct Investment On Domestic Firms written by Jozef Konings (Hoogleraar Monetary and Information economics) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
The Effect Of Foreign Direct Investment On Domestic Firms Evidence From Firm Level Panel Data In Emerging Economies
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Author : Jozef Konings
language : en
Publisher:
Release Date : 2000
The Effect Of Foreign Direct Investment On Domestic Firms Evidence From Firm Level Panel Data In Emerging Economies written by Jozef Konings and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
