Value Creation and Destruction in Cross - Border Acquistions : An Empirical Analysis of Foreign Acquisitions of U. S. Firms  

Oleh:

Seth, Anju ; Song, Kean P. ; Pettit, R. Richardson

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 23 no. 10 (2002), page 921-940.
Topik: value creation; international acquisitions; cross - border acquisitions; value creation; value destruction; managerial motives

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We conduct an investigation of the sources of gains and losses in cross - border acquisitions in light of different motives for undertaking these transactions : synergy - seeking, managerialism and hubris. We find that the data are conssitent with the expectation that multiple sources of value creation intangible assets and financial diversification. Gains accrue to bidder firm shareholders oly for the least fungible of these sources of gains, i.e. reverse internalization. For value - destroying acquisitions that are expected to be driven by managerialism, we find that the data are consistent with only one of the sources of value destruction that we examine, i.e. risk reduction. In these acquisitions, the evidence also suggests that the relative size of the target to the bidder mitigates the negative effects of risk reduction. Our results underscroe the importance of considering the implications of alternative behavioural assumption in empirical strategy content research.

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