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    Emerging market multinational enterprises’ cross-border mergers and acquisitions: acquisition motives, deal accomplishment, and acquisition performance

    Jiang, Yunwen (2022) Emerging market multinational enterprises’ cross-border mergers and acquisitions: acquisition motives, deal accomplishment, and acquisition performance. PhD thesis, Birkbeck, University of London.

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    Abstract

    Cross-border mergers and acquisitions (CBMAs) are the primary tools for firms to acquire resources overseas when they lack needed resources at home. First popular among developed market multinational enterprises (DMNEs), then the world witnessed how CBMA has become the vehicle for emerging market multinational enterprises (EMNEs) to realize their ambitions by expanding internationally, especially in the past two decades. Inevitably, each CBMA process goes through three stages before being finalized: the stage of pre-acquisition (acquisition motives), the intermediate stage of completing or abandoning the deal (deal accomplishment), and the final stage of post-acquisition integration (acquisition performance). However, the uniqueness of acquirers from emerging markets is noticed in terms of firm-specific assets, international experience, and formal and informal institutional environments, differentiating them from their counterparts from developed markets. Therefore, this thesis looks into these three essential stages of CBMA conducted by EMNEs and develops theoretical frameworks answering the following questions: 1) What factors influence EMNEs’ CBMA motives, and what are the mechanisms? 2) What determines whether a CBMA deal conducted by EMNEs is closed or not, and how? 3)What differentiates DMNEs and EMNEs in the process of post-acquisition integration, and for EMNEs, how is post-acquisition performance influenced? This thesis contributes to the current literature by discussing factors that matter in the three-stage process of CBMAs undertaken by EMNEs. In each stage, EMNE acquirers’ particular traits are considered in the theoretical framework building block and examined empirically in response to the call for exclusive lenses for EMNEs.

    Metadata

    Item Type: Thesis
    Copyright Holders: The copyright of this thesis rests with the author, who asserts his/her right to be known as such according to the Copyright Designs and Patents Act 1988. No dealing with the thesis contrary to the copyright or moral rights of the author is permitted.
    Depositing User: Acquisitions And Metadata
    Date Deposited: 25 Aug 2022 15:36
    Last Modified: 01 Nov 2023 15:43
    URI: https://eprints.bbk.ac.uk/id/eprint/48999
    DOI: https://doi.org/10.18743/PUB.00048999

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