دانلود رایگان مقاله اختلاف اقتصاد ملی و تفکیک پذیری مالکیت مرزی

ABSTRACT

This paper explores the effects of national economic disparity on the completion or abandonment of cross-border acquisitions by combining behavioral perspectives of risky decision making and theories of organizational learning. Using a sample of 2445 cross-border acquisitions announced between 1985 and 2008, we show that an acquisition is less likely to be completed when the acquirer is from a more developed country vis-a-vis the target than when the acquirer is from a less developed country. Furthermore, the higher the economic development level of the acquirer’s country relative to that of the target, the less likely the deal is to be completed. We also find that the time elapsed between the acquisition announcement and completion dates is shorter as the economic development level of the acquirer’s country relative to that of the target is higher.

6. Discussion and conclusion

We explored the effects of the parties’ national economic status on the completion decision of a cross-border acquisition, focusing on the intermediate, public takeover period between the public announcement and its final resolution. Building upon the behavioral perspectives of risky decisions and theories of organizational learning, we proposed a model that predicts the completion likelihood based on the attitude toward risk and completion duration based on the ability to manage complicated deals. Our findings revealed that an acquisition by a firm from a more developed economy is less likely to be completed (i.e., more likely to be abandoned), whereas an acquisition by a firm from a less developed economy is more likely to be completed. Such results are consistent with our theoretical conjecture that greater predictability of expected return from the acquirer’s viewpoint may lead decision makers to exhibit risk aversion, and vice versa. These tendencies become stronger as the economic difference increases.