Determinants of Global Merger and Acquisition (M&A) Deals Completion

• 발행기관: 한국무역연구원
• 저자명: Byoung-Sop Han Eun-Kyoung Park Tae-Koo Kang
• 간행물 정보: 『무역연구』제12권 제3호, 23~44쪽, 전체 22쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2016.06.30

영문 초록

This study examined the determinants of global merger and acquisition (M&A) deals completion by using organizational learning theory and the concept of experience. The paper used a sample of 2,370 Chinese firms from 2,187 global M&A deals extracted from the Zephyr M&A database. By applying the Logit regression analysis, the paper revealed a number of significant results. It was confirmed that the M&A experience has transfer effect across different countries. Moreover, the M&A experiences in China and other parts of the world have either a negative effect on the probability of deal completion, or no effect at all. However, M&A experience in a particular country shows a significant positive relationship with subsequent M&A in that country. Such effect of experience within a particular country is also observed with regard to the prior overall M&A experience of Chinese firms. Accordingly, the experience and learning effect of an M&A deal may occur within a country rather than across countries. Further, with regard to the control variables, M&A deals with a greater number of advisors show a higher deal-completion rate, while deals with a greater number of participating firms present the opposite pattern.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Background and Hypotheses

Ⅲ. Research Methods

Ⅳ. Empirical Analysis

Ⅴ. Conclusion

키워드

Chinese Firms Deal Completion Experience Effect Merger and Acquisition