Defying gravity: The determinants of China's outbound mergers and acquisitions.
We find that the determinants of China's outbound M&As depart dramatically from the literature. First, China's M&A volume with a target country is not affected by geographic distance, currency appreciation, or stock market return. Second, Chinese acquirers pick an unconventional uphill battle by pri...
| Publicado en: | Contemporary Economic Policy Vol. 41; no. 4; pp. 714 - 733 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Oct2023
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=171313084&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 171313084 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 10743529 CEY jtl: Contemporary Economic Policy issn: 10743529 maglogo: Y pubinfo: dt: Oct2023 vid: 41 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 171313084 10.1111/coep.12609 ppf: 714 ppct: 19 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 1.1MB tig: atl: Defying gravity: The determinants of China's outbound mergers and acquisitions. aug: au: Cheng, Zhongming Lin, Shengle affil: Academy of Financial Research, Wenzhou University, Wenzhou Zhejiang,, China Lam Family College of Business, San Francisco State University, San Francisco California,, USA su: China Emerging markets Mergers & acquisitions Investor protection Rate of return on stocks Developed countries Gravity Bank mergers sug: subj: Emerging markets China Other Depository Credit Intermediation Savings Institutions Personal and commercial banking industry Commercial Banking Mergers & acquisitions Investor protection Rate of return on stocks Developed countries Gravity Bank mergers keyword: cross border determinants emerging markets investor protection laws mergers and acquisitions partial acquisition cross border determinants emerging markets investor protection laws mergers and acquisitions partial acquisition ab: We find that the determinants of China's outbound M&As depart dramatically from the literature. First, China's M&A volume with a target country is not affected by geographic distance, currency appreciation, or stock market return. Second, Chinese acquirers pick an unconventional uphill battle by primarily targeting countries with greater cultural distance, stronger investor protection laws, and higher per capita income. We also document that China's outbound M&As have a higher than normal percentage of deals being partial acquisitions. We argue that emerging markets can differ remarkably from developed countries in the considerations and modes of outbound M&As. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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