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• W3124366077 abstract "INTRODUCTION International expansion via cross border acquisitions has grown to play an important role in the strategic choices of firms worldwide. Initially acquirers were from developed markets and they targeted both developed and emerging market firms. The scenario has changed over the last decade with acquirers from both emerging and developed markets playing a prominent role in the cross border acquisition market. Acquisitions by emerging market firms have grown from a meager 2% of worldwide cross border deal volumes in 1999 to 29% of worldwide cross border deal values in 2010. The entry of emerging market acquirers has brought it with some interesting dynamics in the acquisition market which are explored. This study falls under the theoretical framework of internationalization strategies. Firms may choose to grow organically by participating in international resource and product markets or they might choose to grow inorganically through international expansion using merger and acquisition strategies. Such strategies might be driven by motives like gaining access to, and internalizing, strategic resources. The study investigates the differences in the characteristics of deals if the acquirer target countries differ in terms of development and hence provide a broad framework within which such differences might impact the payment modes. Four aspects of internationalization strategies are explored in this study, using data on large cross border deals during the 2000 to 2011 time frame. Firstly, it explores whether deal characteristics, namely deal values, valuation multiples and payment modes (cash/stock) differ with the economy of the acquirer and target firm. Rossi and Volpin (2004), argue that premiums are higher for firms from countries where the volume of transactions and the degree of competition is higher and the shareholder protection regime is stricter. The sample includes deals which belong to developed as well as emerging economies, it is hypothesized that deal value, valuation multiples and payment modes for each acquirer target country pair will show significant differences due to differences in financial systems, shareholder protection regimes and regulations. The study finds that mean deal values differ with the economy of the acquirer and target (emerging market/developed market) with higher deal value found in the case of developed market acquirer and targets. Valuation multiples are impacted by whether the acquirers are from developed or emerging economies. This is seen from the result that there is a significant difference in the net income multiple compared across acquirer target pairs where the acquirers in the pairs come from different economies (developed or emerging). The differences in the deal characteristics might change because of economic conditions like recession. Aguiar and Gopinath (2005) study mergers and acquisitions during financial crisis and find evidence for increase in foreign direct investment during the crisis. Acharya, Shin and Yorulamazer (2007) create an empirical model that proposes that distressed firms are acquired at fire sale prices during recession. These motivate the authors to study the impact of recession on deal characteristics. The data period allows the authors to explore whether deal characteristics are impacted by recession during the recession phase of 2001 and 2008-2009. The tests indicate that valuation multiples are not impacted during recession. The third question asked is if the deal characteristics are impacted by the type of acquisition--related or diversified. Jahera, Hand & Lloyd (1985) in their study find that the control premium paid in unrelated acquisitions is higher than premium paid in related acquisitions. The data for this study includes 976 related deals and 391 diversified deals. This study finds that revenue multiples differ between diversified and related industry deals. Finally, the study examines whether the choice of mode of payment is influenced by any of the deal characteristics and economy of the acquirer and the target. …" @default.
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• W3124366077 date "2013-10-01" @default.
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• W3124366077 title "An Analysis of Characteristics of Large Cross-Border Mergers and Acquisitions" @default.
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