Influences of Firm- and Macro-Level Determinants on the Probability of Cross-Border Mergers and Acquisitions

Language: English

Published by GRIN Verlag Jul 2015, 2015

3668020728 / 9783668020726

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Seller: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, GermanyBuchWeltWeit Ludwig Meier e.K.

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Softcover

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This item is printed on demand - it takes 3-4 days longer - Neuware -Master's Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 8,5, Erasmus University Rotterdam (Rotterdam School of Management), language: English, abstract: While the influences of macro-level determinants on cross-border transactions have been investigated in several studies before, firm-level determinants have mostly been excluded in those studies. This study finds that firm-level determinants have a substantial influence on the probability a firm's decision to acquire a company in a foreign country. The result is even more pronounced in transactions where the acquirer's and the target's business operations are related to each other. In unrelated transactions, it was found that acquirers are more influenced by domestic and foreign stock market valuations as well as the relative value of their currency. This seems to proof the fire-sale theory as well as the risk reduction through diversification theory. It is concluded that unrelated transactions are more opportunistic, while related transactions are based on firm-specific business strategic reasons. A firm's amount of excess cash has been included as a firm-level determinant into the probit model of this study. This variable is fairly new to this kind of studies and its results offer deeper insights into the relationship between transaction probability, determinants and relatedness. This study extents the existing body of academic literature on cross-border mergers and acquisitions by investigating firm- as well as macro-level determinants, while simultaneously taking the relatedness between the transaction parties into account. In order to verify the results, further research into this area is strongly encouraged. 76 pp. Englisch.…

Seller Inventory # 9783668020726

Title
Influences of Firm- and Macro-Level Determinants on the Probability of Cross-Border Mergers and Acquisitions
Author
Ricardo Falter
Publisher
GRIN Verlag Jul 2015
Publication year
2015
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
3668020728
ISBN 13
9783668020726
Item weight
124 grams
Dimensions
210x148x6 mm

BuchWeltWeit Ludwig Meier e.K.

Bergisch Gladbach, Germany

5-star seller

AbeBooks seller since January 11, 2012

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BuchWeltWeit Ludwig Meier e.K.

Germany