The effects of industry relatedness and takeover motives on cross-border acquisition completion

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This study builds on behavioral perspectives about risky decision-making and aims to identify the industry- and firm-level factors that affect decision makers' expected returns, perceived risk, and attitude toward risk. Together, these three criteria lead to the ultimate completion or abandonment of a cross-border acquisition after a public announcement. By using data from 1985-2008, this study presents empirical results from cross-border acquisitions. The results show that a cross-border acquisition deal is more likely to succeed when the degree of relatedness between an acquirer's and a target's businesses is high. The findings also show that acquisitions with strategic rather than financial motives are more likely to succeed. (C) 2016 Elsevier Inc. All rights reserved
Publisher
ELSEVIER SCIENCE INC
Issue Date
2016-11
Language
English
Article Type
Article
Keywords

M-AND-A; HORIZONTAL ACQUISITIONS; MERGER BIDS; DETERMINANTS; PERFORMANCE; FIRMS; RISK; DECISION; EXPERIENCE; DISTANCE

Citation

JOURNAL OF BUSINESS RESEARCH, v.69, no.11, pp.4787 - 4792

ISSN
0148-2963
DOI
10.1016/j.jbusres.2016.04.031
URI
http://hdl.handle.net/10203/213848
Appears in Collection
MT-Journal Papers(저널논문)
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