This dissertation identifies key determinants of outbound cross-border mergers and acquisitions (M&As) by emerging Asian acquirers during 2001-2012. Using a zero-inflated model that takes into account different mechanisms governing country pairs that never engage in cross-border M&As and country pairs that actively participate in cross-border M&As, I uncover unique patterns for emerging Asian acquirers. Emerging Asian acquirers originate from countries with lower corporate tax rates than those countries where their targets are located. Furthermore, the negative impact of an international double tax burden is significantly larger than that found in previous studies. While country governance differences and geographical and cultural differences are important determinants of international M&As, relative valuation effects are muted. Coefficients of these determinants vary substantially, depending on whether targets are located in developing or advanced nations. Also, determinants differ considerably between active and non-active players in cross-border M&As. Moreover, comparisons of empirical models illustrate that estimating a non-linear model and taking into account both the bounded nature and non-normal distributions of fractional response variables lead to different inferences from those drawn from a linear model estimated by the ordinary least squares method. Overall, emerging Asian acquirers approach the deals differently from patterns documented in developed markets. So, when evaluating foreign business combinations or devising policies, managers or policymakers should consider these differences.
| Identifer | oai:union.ndltd.org:unt.edu/info:ark/67531/metadc700107 |
| Date | 08 1900 |
| Creators | Punurai, Somrat |
| Contributors | Conover, James Allen, 1961-, Tieslau, Margie A., Mantecon, Tomas, Iyer, Govind S. |
| Publisher | University of North Texas |
| Source Sets | University of North Texas |
| Language | English |
| Detected Language | English |
| Type | Thesis or Dissertation |
| Format | viii, 171 pages : color illustrations, Text |
| Coverage | East & Southeast Asia, Central Asia, South Asia |
| Rights | Public, Punurai, Somrat, Copyright, Copyright is held by the author, unless otherwise noted. All rights reserved. |
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