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| 1 |
ID:
143776
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| Summary/Abstract |
Mixed results from studies on Chinese cross-border mergers and acquisitions (M&As) have been a puzzle for both academia and business professionals over the years. Do these M&As create value when Chinese firms acquire foreign target firms suffering heavy losses and even on the verge of bankruptcy? This article explores the wealth effect of M&As conducted by Chinese firms as well as the relevant factors from the asset-seeking perspective. The authors use 180 M&A cases conducted by listed firms in China between 2002 and 2012 as samples and examine their wealth effects in a method of event study. The results show that these M&A activities have produced significant positive wealth effects during the event window of [–10, 10]. The authors then study the key factors affecting wealth effects. The findings reveal that an acquiring firm’s strength via research and development (R&D) and M&A experience generates significant positive impacts on the wealth effect. The findings also reveal that an innovation orientation and development stage of host countries helps create positive wealth effects; vertical M&As are particularly favored by the market since they can gain easier access to R&D, marketing channels or mineral resources.
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| 2 |
ID:
150496
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| 3 |
ID:
143360
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| Summary/Abstract |
Using new firm-level data from the Emerging Multinationals' Events and Networks DATAbase (EMENDATA), this paper investigates the effects on Chinese firms of Outward FDI (OFDI) into advanced European countries. Propensity score matching is combined with a difference-in-difference (DiD) estimator to reduce the problem of self-selection of treated firms in foreign markets, and to eliminate time-invariant and unobservable differences between those firms and the controls. The results provide robust evidence supporting the view that China's OFDI so far have had a positive impact on domestic activities in enhancing firms' productivity and scales of operation, measured by sales and employment. When we distinguish among investments on the basis of entry mode, accounting for endogeneity in the selection process, acquisitions facilitate early access to intangible assets, but are detrimental to financial performance, while greenfield investments have a stronger impact on the scale and productivity of Chinese multinationals investing in Europe.
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| 4 |
ID:
150930
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| 5 |
ID:
142452
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| 6 |
ID:
138165
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| Summary/Abstract |
A great deal of political economy scholarship has focused on how countries can attract foreign direct investment (FDI), and the effects of FDI on growth and political stability. A related topic that has received almost no attention, however, is that of divergent political reactions to inflows of FDI in the countries receiving investments. This is an oversight, because inward FDI flows are not equally welcomed by the host country and, in fact, often encounter strong political opposition. We study this phenomenon by examining political opposition to attempts by Chinese companies at mergers and acquisitions (M&As) with US firms. This is especially important given rapidly expanding Chinese M&A activity. We hypothesise that although most legal barriers to foreign M&As are based on national security considerations, objections on these grounds are often vehicles through which to channel other grievances, and that economic distress and reciprocity are also key drivers of political opposition. To test this theory, we constructed an original dataset of 569 transactions that occurred between 1999 and 2014 involving Chinese acquirers and American targets. We find that there is more likely to be opposition to Chinese M&A attempts in security sensitive industries, economically distressed industries, and sectors in which US companies faced restrictions in China’s M&A markets.
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| 7 |
ID:
101690
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| Publication |
2010.
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| Summary/Abstract |
While globalization advocates have argued that market liberalization and economic integration will strengthen human rights by promoting economic development and facilitating the diffusion of rights-supportive norms and values, critics contend that the same processes threaten to undermine human rights through economic exploitation and the repressive actions of pro-growth governments. To contribute to this debate, the authors examine the relationship between one aspect of economic globalization, foreign direct investment, and human rights performance. But the authors go beyond existing studies of the human rights impact of foreign direct investment, which generally lump all forms of FDI into a single aggregate indicator, by focusing on one specific form of FDI, transnational mergers and acquisitions (M&As). This is a particularly important area to explore given the human rights literature's emphasis on multinational corporations as both potential violators of human rights and catalysts for improvements in human rights performance. This study examines the impact of cross-border M&As, which have become an increasingly prominent form of foreign direct investment over the last 25 years, on human rights performance globally from 1981 through 2006. The results of the statistical analysis show that transnational mergers and acquisitions have a positive impact on human rights conditions across several indicators, including physical integrity rights, empowerment rights, workers' rights, and women's economic rights. This positive impact of cross-border M&As is particularly pronounced in developing countries.
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