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The Resource Acquisitions by Emerging Multinational Corporations : Motivation and Performance of Transactions in Western Europe and North America

Acquisitions by Emerging Multinational Corporations : Motivation and Performance of Transactions in Western Europe and North America

Label
Acquisitions by Emerging Multinational Corporations : Motivation and Performance of Transactions in Western Europe and North America
Title
Acquisitions by Emerging Multinational Corporations
Title remainder
Motivation and Performance of Transactions in Western Europe and North America
Creator
Subject
Language
eng
Member of
Cataloging source
MiAaPQ
Literary form
non fiction
Nature of contents
dictionaries
Series statement
Schriften zum europäischen Management
Acquisitions by Emerging Multinational Corporations : Motivation and Performance of Transactions in Western Europe and North America
Label
Acquisitions by Emerging Multinational Corporations : Motivation and Performance of Transactions in Western Europe and North America
Link
http://libproxy.rpi.edu/login?url=https://ebookcentral.proquest.com/lib/rpi/detail.action?docID=4926927
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Copyright
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Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Foreword -- Content -- List of Figures and Tables -- List of Abbreviations -- Acknowledgements -- 1 Introduction -- 1.1 Motivation -- 1.2 Research objectives -- 1.3 Structure of the dissertation -- 2 Fundamentals of mergers & acquisitions -- 2.1 Introduction -- 2.2 Terminological basis of M&A -- 2.2.1 Definition of the term M&A -- 2.2.2 Categories of M&A -- 2.3 Waves of M&A activity -- 2.4 Phases of an M&A transaction -- 2.4.1 Preparatory phase -- 2.4.2 Transaction phase -- 2.4.3 Integration phase -- 2.5 Performance of M&A transactions -- 2.5.1 Perspectives on M&A performance -- 2.5.2 Definition of M&A performance -- 2.5.2.1 Dimension of success -- 2.5.2.2 Timeframe -- 2.5.2.3 Performance benchmark -- 2.5.3 Methods for M&A performance research -- 2.5.3.1 Case- and survey-based research -- 2.5.3.2 Financial statement-based research -- 2.5.3.3 Event study-based research -- 2.5.4 Summary of prior findings of event study-based research on M&A performance -- 2.5.4.1 General findings on M&A performance -- 2.5.4.2 Specific findings on cross-border M&A performance -- 2.6 Summary -- 3 Emerging multinational corporations and their cross-border M&A activity -- 3.1 Introduction -- 3.2 Emerging markets and emerging multinational corporations -- 3.2.1 Emerging markets -- 3.2.1.1 Definition of the term 'emerging market' -- 3.2.1.2 Classification of emerging markets -- 3.2.1.3 Key drivers behind the rapid economic development in emerging markets -- 3.2.1.3.1 Institutional transformation -- 3.2.1.3.2 Technological transformation -- 3.2.1.3.3 Organizational transformation -- 3.2.1.4 Indicators of the rapid economic development in emerging markets -- 3.2.1.5 The 'decoupling hypothesis' of economic development in emerging markets -- 3.2.2 Emerging multinational corporations -- 3.2.2.1 Definition of the term 'emerging multinational corporation'
  • 3.2.2.2 Classification of EMNCs -- 3.2.2.3 Unifying conditions and resulting behavioral characteristics of EMNCs -- 3.3 Internationalization of EMNCs -- 3.3.1 Waves of EMNC internationalization -- 3.3.2 Choice of entry mode in EMNC internationalization -- 3.3.2.1 Historic trend of OFDI by entry mode -- 3.3.2.2 Potential reasons behind EMNCs' increasing preference of M&A over greenfield OFDI -- 3.4 Prior research on the performance of EMNCs' domestic and cross-border M&A transactions -- 3.4.1 Case- and survey-based research -- 3.4.2 Financial statement-based research -- 3.4.3 Event study-based research -- 3.4.4 Summary of prior research findings on EMNCs' M&A performance -- 3.5 Summary -- 4 Theoretical frameworks and hypotheses generation -- 4.1 Introduction -- 4.2 Theoretical frameworks -- 4.2.1 Theories of the firm -- 4.2.1.1 Institutional economics -- 4.2.1.2 Industrial organization economics -- 4.2.1.3 Resource-based view -- 4.2.1.4 Behavioral economics -- 4.2.2 Theories of M&A motives -- 4.2.2.1 Rational M&A motives -- 4.2.2.1.1 Strategic M&A motives -- 4.2.2.1.2 Financial M&A motives -- 4.2.2.1.3 Personal M&A motives -- 4.2.2.2 Irrational M&A motives -- 4.2.2.2.1 Processual M&A motives -- 4.2.2.2.2 Macroeconomic M&A motives -- 4.2.3 Theories of the multinational enterprise -- 4.2.3.1 Eclectic paradigm -- 4.2.3.2 Theories of EMNCs -- 4.2.3.2.1 Extended eclectic paradigm -- 4.2.3.2.2 LLL framework and the springboard perspective -- 4.2.4 Summary of M&A motives -- 4.3 Hypotheses generation -- 4.3.1 Acquirer motivational determinants -- 4.3.2 Acquirer-related determinants -- 4.3.2.1 Acquirer free cash flows -- 4.3.2.2 Acquirer leverage -- 4.3.2.3 Acquirer firm size -- 4.3.2.4 Acquirer market valuation and quality of management -- 4.3.3 Target-related determinants -- 4.3.3.1 Target public status
  • 4.3.3.2 Target geographic and cultural distance from acquirer -- 4.3.3.3 Target industry relatedness to acquirer -- 4.3.3.4 Target high tech industry affiliation -- 4.3.4 Transaction-related determinants -- 4.3.4.1 Transaction method of payment -- 4.3.4.2 Transaction premium -- 4.3.4.3 Transaction competition -- 4.3.4.4 Transaction size -- 4.4 Summary -- 5 The event study as a research method for measuring M&A performance -- 5.1 Introduction -- 5.2 Calculation of abnormal returns -- 5.2.1 Identification of the 'event' and 'event window' -- 5.2.2 Definition of sample firms and market index -- 5.2.3 Simulation of a 'normal' share price reaction -- 5.2.3.1 Statistical models -- 5.2.3.2 Economic models -- 5.2.4 Aggregation of abnormal returns -- 5.3 Statistical testing methodologies -- 5.3.1 Univariate analysis -- 5.3.1.1 Parametric tests -- 5.3.1.2 Non-parametric tests -- 5.3.2 Multivariate analysis -- 5.4 Underlying assumptions behind and issues with the event study method -- 5.4.1 Theoretical prerequisites -- 5.4.1.1 Market efficiency -- 5.4.1.2 Unanticipated events -- 5.4.1.3 Lack of confounding events -- 5.4.2 Technical issues -- 5.4.2.1 Illiquid trading -- 5.4.2.2 Event-date uncertainty -- 5.5 Summary -- 6 Acquisition motivation and performance of EMNCs in Western Europe and North America -- 6.1 Introduction -- 6.2 Sample selection and description -- 6.2.1 Selection methodology -- 6.2.2 Sample description -- 6.2.2.1 Sample transactions by year -- 6.2.2.2 Sample transactions by acquirer geography -- 6.2.2.3 Sample transactions by target geography -- 6.2.2.4 Sample transactions by industry groups -- 6.3 Analysis of EMNC acquirers' M&A motives -- 6.3.1 Analysis methodology -- 6.3.2 Review of acquisition motives -- 6.4 Statistical pre-analysis of internal validity -- 6.4.1 Quality of the market model regression
  • 6.4.2 Normal distribution of abnormal returns -- 6.5 Analysis of EMNC acquirers' acquisition performance -- 6.5.1 Acquisition performance by acquirer geography -- 6.5.2 Acquisition performance by target geography -- 6.5.3 Acquisition performance by acquisition announcement period -- 6.6 Univariate analysis of determinants of EMNC acquirers' acquisition performance -- 6.6.1 Acquirer motivational determinants -- 6.6.1.1 Natural resource seeking motivation -- 6.6.1.2 Upstream knowledge seeking motivation -- 6.6.1.3 Downstream knowledge seeking motivation -- 6.6.1.4 End-customer market seeking motivation -- 6.6.1.5 Global value consolidation seeking motivation -- 6.6.2 Acquirer-related determinants -- 6.6.2.1 Acquirer free cash flows -- 6.6.2.2 Acquirer leverage -- 6.6.2.3 Acquirer firm size -- 6.6.2.4 Acquirer market valuation and quality of management -- 6.6.3 Target-related determinants -- 6.6.3.1 Target public status -- 6.6.3.2 Target geographic and cultural distance from acquirer -- 6.6.3.3 Target industry relatedness to acquirer -- 6.6.3.4 Target high tech industry affiliation -- 6.6.4 Transaction-related determinants -- 6.6.4.1 Transaction method of payment -- 6.6.4.2 Transaction premium -- 6.6.4.3 Transaction competition -- 6.6.4.4 Transaction size -- 6.7 Multivariate analysis of determinants of EMNC acquirers' acquisition performance -- 6.7.1 Pre-analysis of correlation matrix -- 6.7.2 Analysis of results of multivariate analysis -- 6.8 Summary of findings -- 6.8.1 Findings on EMNC acquirers' M&A motives -- 6.8.2 Findings on EMNC acquirers' acquisition performance -- 6.8.3 Findings on determinants of EMNC acquirers' acquisition performance -- 7 Thesis conclusion -- 7.1 Findings and contributions of the dissertation -- 7.1.1 Academic relevance -- 7.1.1.1 Literature review of prior findings on EMNCs' acquisition performance
  • 7.1.1.2 Motivation analysis for EMNC acquirers from multiple emerging markets -- 7.1.1.3 Acquisition performance analysis for EMNC acquirers from multiple emerging markets -- 7.1.1.4 Applicability of the event study method for research on EMNCs' acquisition performance -- 7.1.2 Practical relevance -- 7.2 Limitations of the dissertation -- 7.3 Future research on EMNCs' acquisitions into developed markets -- Appendix -- Publication bibliography
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1 online resource (451 pages)
Form of item
online
Isbn
9783658191122
Media category
computer
Media MARC source
rdamedia
Media type code
c
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remote

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