International investors' reactions to cross-border acquisitions by emerging market multinationals

被引:45
|
作者
Ning, Lutao y [1 ]
Kuo, Jing-Ming [2 ]
Strange, Roger [3 ]
Wang, Boya [4 ]
机构
[1] Univ London, Sch Business & Management, London E1 4NS, England
[2] Univ Southampton, Southampton Management Sch, Southampton SO17 1BJ, Hants, England
[3] Univ Sussex, Sch Business Management & Econ, Brighton BN1 9RF, E Sussex, England
[4] Univ Cambridge, CBR, Judge Business Sch, Cambridge CB2 1AG, England
关键词
China; Corporate governance; Cross-border mergers and acquisitions; Emerging economies; FDI; Multinational enterprises; MULTIPLE LARGE SHAREHOLDERS; M-AND-AS; CORPORATE GOVERNANCE; UNITED-STATES; FOREIGN ACQUISITIONS; SUPERVISORY BOARD; GLOBAL DIVERSIFICATION; OWNERSHIP STRUCTURE; FIRM PERFORMANCE; BUSINESS GROUPS;
D O I
10.1016/j.ibusrev.2013.12.003
中图分类号
F [经济];
学科分类号
02 ;
摘要
How do international investors react to announcements of cross-border mergers and acquisitions (CM&As) by emerging market multinational enterprises (EMNEs)? Using a unique and manually-constructed firm-level dataset, this paper examines the stock price reactions to CM&A announcements made over the period 1991-2010 by Chinese MNEs listed on the Hong Kong Stock Exchange and the wealth impacts of their corporate governance. Our empirical findings confirm a positive stock price reaction on average, and suggest that international investors react positively to the presence of large shareholders, but negatively to the presence of institutional shareholders. There is a negative impact if the largest shareholder is either the State or the corporate founder. We suggest that this is because the international investors perceive potential principal-principal conflicts in such ownership/control constellations and discount equity prices accordingly. We also find that Board size and independence have positive effects on the price reaction, but that large supervisory boards engender negative reactions. (C) 2013 Elsevier Ltd. All rights reserved.
引用
收藏
页码:811 / 823
页数:13
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