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- W3161764465 abstract "This paper examines how deviation from firms’ target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5,746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with co-insurance theory, we find that over-deviated firms engage in foreign acquisition deals to relieve their financial constraints and to mitigate their financial distress risk. We also note that foreign acquisitions enhance over-deviated firms’ value and performance, measured by Tobin’s q and return on assets (ROA) respectively. These findings support the view that over-deviated firms pursue the most value-enhancing acquisitions. Overall, this paper suggests that co-insurance effects, value creation and performance improvements are the main incentives for over-deviated firms’ involvement in foreign acquisitions." @default.
- W3161764465 created "2021-05-24" @default.
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- W3161764465 date "2018-01-01" @default.
- W3161764465 modified "2023-10-03" @default.
- W3161764465 title "Why Do Over-Deviated Firms from Target Leverage Undertake Foreign Acquisitions?" @default.
- W3161764465 doi "https://doi.org/10.2139/ssrn.3206223" @default.
- W3161764465 hasPublicationYear "2018" @default.
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