scholarly journals How Hiring Financial Advisors in Cross-Border Acquisitions in The BRICS is Driven by The Target Country Institutional Image and Home-Target Distance

2020 ◽  
Vol 17 (2) ◽  
Author(s):  
Luciana Orozco de Gouveia ◽  
Manuel Portugal Ferreira ◽  
Heidy Rodriguez Ramos
Keyword(s):  
Target Distance ◽  
Financial Advisors ◽  
Institutional Image ◽  
Cross Border ◽  
Target Country

Organizational characteristics of cross-border mergers and acquisitions

2018 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yu Li ◽  
K.S. Redding ◽  
En Xie
Keyword(s):  
Corporate Finance ◽  
International Business ◽  
Organizational Characteristics ◽  
Group Affiliation ◽  
Content Type ◽  
Case Examples ◽  
Cross Border ◽  
Qualitative Approaches ◽  
The World ◽  
Target Country

PurposeGiven that several publicly announced international merger and acquisition deals have been abandoned in recent years, the purpose of this paper is to present a synthesis of influential articles that examine organizational characteristics of cross-border acquisition transactions. The synthesis is framed through general traits and resources, learning and prior acquisition experience, and top-level management and governance attributes. Specifically, the paper conceptualizes key organizational attributes influencing the propensity of cross-border negotiations, and the most common characteristics and post-deal effects by illustrating several case examples from around the world.Design/methodology/approachOwing to fairness and integrity principles of the literature survey studies, the paper adopts an exploratory review design to present a synthesis of several influential articles published in strategy, international business and corporate finance journals. Since case method and storytelling are the best qualitative approaches to conceptualizing extant theoretical contributions, a number of case examples—successful, delayed and abandoned—from around the world have been discussed by leveraging the case information from archival sources.FindingsDrawing on resource-based view, organizational learning, upper echelons and agency theory perspectives, the paper underscores three observations. First, organizational characteristics such as firm age, firm size, ownership structure, slack resources, marketing resources, technological intensity, export intensity and business group affiliation have different impacts on the propensity of publicly announced cross-border deals. Second, firm’s prior acquisition experience and firm’s acquisition experience in the target country have positive or moderating effects on the success of a cross-border merger. Third, top-level management characteristics such as CEO foreign nationality and CEO international career experience, and governance characteristics such as board size, the number of independent directors and directors with overseas experience, have mixed effects on the incidence of cross-border acquisitions.Practical implicationsThe paper puts forth several recommendations for top-level managers participating in cross-border acquisition negotiations, such as learning from peers in the same industry, learning from predecessors in the target country and learning from failure negotiations in the same industry and other industries.Originality/valueNested within the organizational, international business strategy and corporate finance literature, the paper presents a synthesis of influential publications that study organizational characteristics affecting the propensity of cross-border acquisitions. The cases discussed in this paper are unique examples from around the world.

scholarly journals Research on the Evaluation of Cross-Border E-Commerce Overseas Strategic Climate Based on Decision Tree and Adaptive Boosting Classification Models

2021 ◽  
Vol 12 ◽  
Author(s):  
Yi Lei ◽  
Xiaodong Qiu
Keyword(s):  
Decision Tree ◽  
Index System ◽  
Evaluation Index System ◽  
Classification Models ◽  
Classification Methods ◽  
Adaptive Boosting ◽  
Cross Border ◽  
One Belt One Road ◽  
The One ◽  
Target Country

At present, China’s cross-border e-commerce has ushered in a golden period of development. When developing cross-border e-commerce, enterprises should first assess the market climate of the target country and reasonably select the target country. Based on the PESTEL theory, an evaluation index system is established for China’s cross-border e-commerce overseas strategic climate. Taking “One Belt, One Road” as the opportunity and background, the overseas strategic climate of cross-border e-commerce in 62 countries along the “One Belt, One Road” is selected as the research object, and the Decision Tree and Adaptive Boosting classification methods in machine learning are applied to train and predict the established index system. Finally an overall picture of the overseas strategic climate of the 62 countries is obtained. The results are compared and analysed in depth to identify the most suitable countries for cross-border e-merchants and to provide reference for cross-border e-merchants investors.

Cross-border mergers and acquisitions: links between acquiring firm capabilities and resources and target country location

2020 ◽  
Vol 28 (3) ◽  
pp. 355-379
Author(s):  
Ronaldo Parente ◽  
Keith James Kelley ◽  
Yannick Thams ◽  
Marcelo J. Alvarado-Vargas
Keyword(s):  
Target Firm ◽  
Firm Capabilities ◽  
Content Type ◽  
Cross Border ◽  
Acquiring Firms ◽  
Target Firms ◽  
Innovative Capabilities ◽  
Eclectic Paradigm ◽  
Country Selection ◽  
Target Country

Purpose Drawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages. Design/methodology/approach Using a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance. Findings It is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations. Originality/value This paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.

Acquirer-to-target relatedness and target country unfamiliarity in acquisitions

2017 ◽  
Vol 55 (5) ◽  
pp. 892-914 ◽  
Author(s):  
Ilaria Galavotti ◽  
Donatella Depperu ◽  
Daniele Cerrato
Keyword(s):  
Design Methodology ◽  
International Experience ◽  
Product Diversification ◽  
Moderating Effects ◽  
Content Type ◽  
Sources Of Uncertainty ◽  
Cross Border ◽  
Ordered Logistic Regression ◽  
The Relationship ◽  
Target Country

Purpose The purpose of this paper is to analyze corporate scope decisions in acquisitions with a focus on the relationship between target country unfamiliarity and acquirer-to-target relatedness and on the moderating effects played by product diversification and international experience. Design/methodology/approach Using a dataset of 689 acquisitions completed in the period 2007-2013 by acquirers located in 60 countries, this paper utilizes an ordered logistic regression analysis. Findings With greater target country unfamiliarity, acquirers are encouraged to pursue greater acquirer-to-target relatedness. This finding suggests that acquirers tend to seek a balance between product and international diversification to reduce the sources of uncertainty in their acquisition moves. While past international experience strengthens this relationship, diversification experience has a negative moderating effect and hence encourages acquirers to reduce relatedness at increasing market unfamiliarity. Originality/value The originality of this paper is twofold. First, the authors extend the traditional internationalization-diversification framework to an unfamiliarity-relatedness relationship in the context of acquisitions. Second, the authors propose a construct of target country unfamiliarity in acquisitions that goes beyond the traditional domestic vs cross-border dichotomy by including previous experience in the target country.

The certification role of financial advisors in cross-border M&As

2014 ◽  
Vol 32 ◽  
pp. 143-158 ◽  
Author(s):  
Bill B. Francis ◽  
Iftekhar Hasan ◽  
Xian Sun
Keyword(s):  
Financial Advisors ◽  
Cross Border

Home Bias at Selecting Financial Advisors in Cross-Border M&As

2008 ◽  
Author(s):  
Bill B. Francis ◽  
Iftekhar Hasan ◽  
Xian Sun
Keyword(s):  
Home Bias ◽  
Financial Advisors ◽  
Cross Border
Sign in / Sign up

Export Citation Format

Share Document