Wiley.com
Print this page Share
E-book

Location Strategies and Value Creation of International Mergers and Acquisitions

ISBN: 978-1-119-34093-5
388 pages
February 2017, Wiley-ISTE
Location Strategies and Value Creation of International Mergers and Acquisitions (1119340934) cover image

Description

This title enriches both areas of research, finance and international management to analyze the choice of location and value creation in mergers and acquisitions. Our research answers the following question: What are the determinants of the location and value creation in mergers and acquisitions?
See More

Table of Contents

Acknowledgements ix

General Introduction  xi

Part 1. Location and Performance of Mergers and Acquisitions 1

Introduction to Part 1  3

Chapter 1. Characteristics and Location of Mergers and Acquisitions 5

1.1. Modes of conduct of mergers and acquisitions 6

1.1.1. The characteristics of mergers and acquisitions  6

1.1.2. Mergers and acquisitions as modes of entry on foreign markets 18

1.2. International development by means of mergers and acquisitions  32

1.2.1. Geographic distance and economic growth 33

1.2.2. Quality of institutions and cultural differences  38

1.3. Conclusion 47

Chapter 2. Analysis of the Performance of Mergers and Acquisitions 49

2.1. Theoretical perspectives 50

2.1.1. The perspective of industrial economy  50

2.1.2. The perspectives of informational efficiency and organizational finance 57

2.2. Performance of mergers and acquisitions 68

2.2.1. Measuring the performance of mergers and acquisitions 68

2.2.2. Value creation factors  77

2.3. Conclusion 99

Conclusion to Part 1  103

Part 2. Methodology of the Empirical Study 105

Introduction to Part 2  107

Chapter 3. Research Methodology 109

3.1. Methodological choices 109

3.1.1. Epistemological stance  110

3.1.2. Event studies 113

3.2. Statistical analysis 140

3.2.1. Simple and multiple linear regressions  140

3.2.2. Logistic regressions 145

3.2. Conclusion 151

Chapter 4. Presentation of the Empirical Study  153

4.1. The constitution of the sample  154

4.1.1. The selection of the sample contents 154

4.1.2. Data collection  158

4.2. Descriptive analysis of the sample 171

4.2.1. The main sample 171

4.2.2. A focus on “clustered” announcements  193

4.3. Conclusion 195

Conclusion to Part 2  197

Part 3. Location and Value Creation of Mergers and Acquisitions by French Acquirers  199

Introduction to Part 3  201

Chapter 5. Determinants of Location of Mergers and Acquisitions 203

5.1. Geographic distance and economic growth  207

5.1.1. The impact of geographic distance 208

5.1.2. The role of economic growth  212

5.2. The quality of institutions and cultural differences 216

5.2.1. The influence of the quality of institutions  216

5.2.4. The impact of cultural differences 220

5.2.5. The global research model 224

5.3. Conclusion 227

Chapter 6. Determinants of Value Creation of Mergers and Acquisitions  231

6.1. Value creation and acquirer focus 232

6.1.1. The analysis of the reaction of financial markets  232

6.1.2. Characteristics of the acquirer 244

6.2. Target focus and operation  257

6.2.1. Characteristics of the target 258

6.2.2. Characteristics of the operation 277

6.3. Conclusion 292

Conclusion to Part 3  297

General Conclusion 299

Appendices  315

Appendix 1. 317

Appendix 2. 319

Appendix 3. 321

Appendix 4. 323

Appendix 5. 325

Appendix 6. 327

Appendix 7. 329

Appendix 8. 331

Bibliography  333

Index 363

See More

More in this series

Back to Top