Skip to main content
SpringerLink
Log in

Cross-border M&As: Theory and Strategic Process

  • Chapter
Cross-border Mergers and Acquisitions

Abstract

The best ways to enter an international market and develop a company’s presence abroad are fundamental strategic decisions that firms choose, or should choose, after careful consideration of the company’s objectives and resources. Internationalization strategies have a long-term horizon and firms have to identify a methodology that weighs the trade-offs between different possible alternatives in order to maximize efficiency in the long term (Anderson and Gatignon, 1986) and the firm’s value. These assessments should be complemented by additional, more in-depth investigations into the environmental and industry costs and risks.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
eBook
USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Acharya, V. V., Franks, J., Servaes, H., 2007. Private equity: Boom and bust?, Journal of Applied Corporate Finance 19 (4), pp. 44–53.

    Article  Google Scholar 

  • Aggarwal, R. K., Samwick, A. A., 2003. Why do managers diversify their firms? Agency reconsidered, The journal of Finance 58 (1), pp. 71–118.

    Article  Google Scholar 

  • Agndal, H., Chetty, S., 2007. The impact of relationships on changes in internationalization strategies of SMEs, European Journal of Marketing 41 (11–12), pp. 1449–1474.

    Article  Google Scholar 

  • Anderson, E. M., Weitz, B., 1992. The use of pledges to build and sustain commitment in distribution channels, Journal of Marketing Research 29 (1), pp. 18–34.

    Article  Google Scholar 

  • Anderson, E. M., Gatignon, H., 1986. Modes of foreign entry: A transaction costs analysis and propositions, Journal of International Business Studies 17 (3), pp. 1–26.

    Article  Google Scholar 

  • Andrade, G., Mitchell, M. L., Stafford, E., 2001. New evidence and perspectives on mergers, Journal of Economic Perspectives 15 (2), pp. 103–120.

    Article  Google Scholar 

  • Angwin, D., Stern, P., Bradley, S., 2004. Agent or steward: The target CEO in a hostile takeover—can a condemned agent be redeemed?, Long Range Planning 37 (3), pp. 239–257.

    Article  Google Scholar 

  • Atsmon, Y., Kloss, M., Smit, S., 2012. Parsing the growth advantage of emerging-market companies, McKinsey Quarterly 3, pp. 10–14.

    Google Scholar 

  • Autio, E., Sapienza, H. J., Almeida, J. G., 2000. Effects of age at entry, knowledge intensity, and imitability on international growth, Academy of Management Journal 43 (5), pp. 909–924.

    Article  Google Scholar 

  • Barkema, H. G., Vermeulen, F., 1998. International expansion through start-up or acquisition: A learning perspective, Academy of Management Journal 41 (1), pp. 7–26.

    Article  Google Scholar 

  • Bartlett, C. A., Ghoshal, S., 2000. Going global: lessons from late movers, Harvard Business Review 78 (2), pp. 132–142.

    Google Scholar 

  • Bijlsma-Frankema, K., 2001. On managing cultural integration and cultural change processes in mergers and acquisitions, Journal of European Industrial Training 25 (2–4), pp. 192–208.

    Article  Google Scholar 

  • Blankenburg Holm, D., Eriksson, K., Johanson, J., 1999. Creating value through mutual commitment to business network relationships, Strategic Management Journal 20 (5), pp. 467–486.

    Article  Google Scholar 

  • Boeh, K. K., 2011. Contracting costs and information asymmetry reduction in cross-border M&A, Journal of Management Studies 48 (3), pp. 568–590.

    Article  Google Scholar 

  • Boone, A. L., Mulherin, J. H., 2008. Do auctions induce a winner’s curse? New evidence from the corporate takeover market, Journal of Financial Economics 89 (1), pp. 1–19.

    Article  Google Scholar 

  • Brouthers, K. D., Brouthers, L. E., 2000. Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences, Strategic Management Journal 21 (1), pp. 89–97.

    Article  Google Scholar 

  • Buckley, P. J., Ghauri, P. N., 2002. International mergers and acquisitions: A reader, London: Thomson.

    Google Scholar 

  • Buono, A. F., Bowditch, J. L., 1989. The human side of mergers and acquisitions: Managing collisions between people and organizations, San Francisco: Jossey-Bass.

    Google Scholar 

  • Burns, N. A., Francis, B., Hasan, I., 2007. Cross-listing and legal bonding: Evidence from mergers and acquisitions, Journal of Banking & Finance 31 (4), pp. 1003–1031.

    Article  Google Scholar 

  • Campling, J. T., Michelson, G., 1998. A strategic choice-resource dependence analysis on union mergers in the British and Australian broadcasting and film industries, Journal of Management Studies 35 (11), pp. 579–600.

    Article  Google Scholar 

  • Cannella, A. A., Hambrick, D. C., 1993. Effects of executive departures on the performance of acquired firms, Strategic Management Journal 14 (2), pp. 137–152.

    Article  Google Scholar 

  • Carow, K., Heron, R., Saxton, T., 2004. Do early birds get the returns? An empirical investigation of early-mover advantages in acquisitions, Strategic Management Journal 25 (6), pp. 563–585.

    Article  Google Scholar 

  • Casciaro, T., Piskorski, J. M., 2005. Power imbalance, mutual dependence, and constraint absorption: A closer look at resource dependence theory, Administrative Science Quarterly 50 (2), pp. 167–199.

    Google Scholar 

  • Cassiman, B., Colombo, M., Garrone, P., Veugelers, R., 2005. The impact of M&A on the R&D process: An empirical analysis of the role of technological and market relatedness, Research Policy 34 (2), pp. 195–220.

    Article  Google Scholar 

  • Chang, S. J., 1995. International expansion strategy of Japanese firms: Capability building through sequential entry, Academy of Management Journal 38(2), pp. 383–407.

    Article  Google Scholar 

  • Chang, S. J., Rosenzweig, P. M., 2001. The choice of entry mode in sequential foreign direct investment, Strategic Management Journal 22 (8), pp. 747–776.

    Article  Google Scholar 

  • Chatterjee, S., 1992. Sources of value in takeovers: Synergy or restructuring—implications for target and bidder firms, Strategic Management Journal 13 (4), pp. 267–286.

    Article  Google Scholar 

  • Child, J., Rodrigues, S. B., 2005. The internationalization of Chinese firms: A case for theoretical extension? Management and Organization Review 1 (3), pp. 381–410.

    Article  Google Scholar 

  • Cho, K. R., Padmanabhan, P., 1995. Acquisition versus new venture: The choice of foreign establishment mode by Japanese firms, Journal of International Management 1 (3), pp. 255–285.

    Google Scholar 

  • Cording, M., Christman, P., King, D. R., 2008. Reducing causal ambiguity in acquisition integration: Intermediate goals as mediators of integration decisions and acquisition performance, Academy of Management Journal 51 (4), pp. 744–767.

    Google Scholar 

  • Covin, J. G., Slevin, D. P., 1988. The influence of organizational structure on the utility of an entrepreneurial top management style, Journal of Management Studies 25 (3), pp. 217–234.

    Article  Google Scholar 

  • Datta, D. K., 1991. Organizational fit and M&A performance: Effects of post-M&A integration, Strategic Management Journal 12 (4), pp. 281–297.

    Article  Google Scholar 

  • Dobbs, R., Gupta, R., 2009. An Indian approach to global M&A: An interview with the CFO of Tata Steel, McKinsey Quarterly 33, pp. 1–8.

    Google Scholar 

  • Dow, D., Larimo, J., 2011. Disentangling the roles of international experience and distance in establishment mode choice, Management International Review 51 (3), pp. 321–355.

    Article  Google Scholar 

  • Dunning, J. H., 1977. Trade, location of economic activity and the MNE: A search for an eclectic approach. In: Ohlin, B., Hesselborn, P. O., Wijkman, P. M., (Eds.), The international allocation of economic activity, London: Macmillan, pp. 395–418.

    Chapter  Google Scholar 

  • Dunning, J. H., 1993. Multinational enterprises and the global economy, Wokingham, Berkshire: Addison Wesley.

    Google Scholar 

  • Dunning, J. H., 1998. Location and the multinational enterprise: A neglected factor, Journal of International Business Studies 29 (1), pp. 45–66.

    Article  Google Scholar 

  • Dunning, J. H., 2000. The eclectic paradigm as an envelope for economic and business theories of MNE activity, International Business Review 9 (1), pp. 163–190.

    Article  Google Scholar 

  • Eckbo, B. E., 1983. Horizontal mergers, collusion, and stockholder wealth, Journal of Financial Economics 11 (1–4), pp. 241–273.

    Article  Google Scholar 

  • Eriksson, K., Johanson, J., Majkgard, A., Sharma, D. D., 1997. Experiential knowledge and cost in the internationalization process, Journal of International Business Studies 28 (2), pp. 337–360.

    Article  Google Scholar 

  • Fan, J. P. H., 2000. Price uncertainty and vertical integration: An examination of petrochemical firms, Journal of Corporate Finance 6 (4), pp. 345–376.

    Article  Google Scholar 

  • Finkelstein, S., 1997. Inter-industry merger patterns and resource dependence: A replication and extension of Pfeffer (1972), Strategic Management Journal 18 (10), pp. 787–810.

    Article  Google Scholar 

  • Gandellini, G., Pezzi, A., Venanzi, D., 2013. Strategy for action II: Strategy formulation, development, and control, Milan: Springer.

    Book  Google Scholar 

  • Garfinkel, J. A., Hankins, K. W., 2011. The role of risk management in mergers and merger waves, Journal of Financial Economics 101 (3), pp. 515–532.

    Article  Google Scholar 

  • Gatignon, H., Anderson, E. M., 1988. The multinational corporation’s degree of control over foreign subsidiaries: An empirical test of a transaction cost explanation, Journal of Law, Economics, & Organization 4 (2), pp. 305–336.

    Google Scholar 

  • Gaughan, P. A., 2007. Mergers, acquisitions, and corporate restructurings, Fourth Edition, Hoboken, NJ: John Wiley & Sons.

    Google Scholar 

  • Ghemawat, P., 2001. Distance still matters: The hard reality of global expansion, Harvard Business Review 79 (8), pp. 137–147.

    Google Scholar 

  • Ghoshal, S., 1987. Global strategy: An organizing framework, Strategic Management Journal 8 (5), pp. 425–440.

    Article  Google Scholar 

  • Golbe, D. L., White, L. J., 1988. A time series analysis of mergers and acquisitions in the US economy. In: Auerbach, A. J., (Ed.), Corporate takeovers: Causes and consequences, Chicago: University of Chicago Press, pp. 265–302.

    Google Scholar 

  • Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., Chittoor, R., 2010. Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms, Journal of International Business Studies 41, pp. 397–418.

    Article  Google Scholar 

  • Harford, J., 2005. What drives merger waves? Journal of Financial Economics 77 (3), pp. 529–560.

    Article  Google Scholar 

  • Hayn, C., 1989. Tax attributes as determinants of shareholder gains in corporate acquisitions, Journal of Financial Economics 23 (1), pp. 121–153.

    Article  Google Scholar 

  • Hayward, M. L. A., Hambrick, D. D., 1997. Explaining the premiums paid for large acquisitions: evidence of CEO hubris, Administrative Science Quarterly 42 (2), pp. 103–127.

    Article  Google Scholar 

  • Heeley, M. B., King, D. R., Covin, J. G., 2006. Effects of firm R&D investment and environment on acquisition likelihood, Journal of Management Studies 43 (12), pp. 1513–1535.

    Article  Google Scholar 

  • Higgins, R. C., Schall, L. D., 1975. Corporate bankruptcy and conglomerate merger, The Journal of Finance 30 (1), pp. 93–113.

    Article  Google Scholar 

  • Hillman, A. J., Withers, M. C., Collins, B. J., 2009. Resource dependence theory: A review, Journal of Management 35 (6), pp. 1404–1427.

    Article  Google Scholar 

  • Hitt, M. A., Ireland, R. D., Camp, S. M., Sexton, D. L., 2001. Strategic entrepreneurship: Entrepreneurial strategies for wealth creation, Strategic Management Journal 22 (6–7), pp. 479–491.

    Article  Google Scholar 

  • Hitt, M. A., Tyler, B. B., 1991. Strategic decision models: Integrating different perspectives, Strategic Management Journal 12 (5), pp. 327–351.

    Article  Google Scholar 

  • Hitt, M. A., Hoskisson, R. E., Johnson, R. A., Moesel, D. D., 1996. The market for corporate control and firm innovation: Effects of participation, strategy, size, and internal controls, Academy of Management Journal 39 (5), pp. 1084–1119.

    Article  Google Scholar 

  • Hoang, H., Rothaermel, F. T., 2005. The effect of general and partner-specific alliance experience on joint R&D project performance, Academy of Management Journal 48 (2), pp. 332–345.

    Article  Google Scholar 

  • Hofstede, G., 1980. Culture’s consequences: International differences in work-related values, Beverly Hills, CA: Sage Publications.

    Google Scholar 

  • Holmstrom, B., Kaplan, S. N., 2001. Corporate governance and merger activity in the United States: Making sense of the 1980s and 1990s, Journal of Economic Perspectives 15 (2), pp. 121–144.

    Article  Google Scholar 

  • Homburg, C., Bucerius, M., 2005. A marketing perspective on mergers and acquisitions: How marketing integration affects postmerger performance, Journal of Marketing 69 (1), pp. 95–113.

    Article  Google Scholar 

  • Homburg, C., Bucerius, M., 2006. Is speed of integration really a success factor of mergers and acquisitions? An analysis of the role of internal and external relatedness, Strategic Management Journal 27 (4), pp. 347–367.

    Article  Google Scholar 

  • Hunter, W.C., Jagtiani, J., 2003. An analysis of advisor choice, fees, and effort in mergers and acquisitions, Review of Financial Economics 12 (1), pp. 65–81.

    Article  Google Scholar 

  • Jensen, M. C., 1986. Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76 (2), pp. 323–329.

    Google Scholar 

  • Jensen, M. C., 1993. The modern industrial revolution, exit, and the failure of internal control systems, The Journal of Finance 48 (3), pp. 831–880.

    Article  Google Scholar 

  • Jensen, M. C., Meckling, W. H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3 (4), pp. 305–360.

    Article  Google Scholar 

  • Johanson, J., Vahlne, J. E., 1977. The internationalization process of the firm. A model of knowledge development and increasing foreign market commitments, Journal of International Business Studies 8 (1), pp. 23–32.

    Article  Google Scholar 

  • Johanson, J., Vahlne, J. E., 1990. The mechanism of internationalization, International Marketing Review 7 (4), pp. 11–24.

    Article  Google Scholar 

  • Johanson, J., Vahlne, J. E., 2009. The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership, Journal of International Business Studies 40 (9), pp. 1411–1431.

    Article  Google Scholar 

  • Johanson, J., Wiedersheim-Paul, E, 1975. The internationalization of the firm: Four Swedish cases, Journal of Management Studies 12 (3), pp. 305–322.

    Article  Google Scholar 

  • Jovanovic, B., Rousseau, P. L., 2002. The Q-theory of mergers, American Economic Review 92 (2), pp. 198–204.

    Article  Google Scholar 

  • Jovanovic, B., Rousseau, P. L., 2001. Mergers and technological change: 1885–1998, Vanderbilt University, Working paper, No. 01–W16.

    Google Scholar 

  • Kaplan, S. N., 1989. Management buyouts: Evidence on taxes as a source of value, The Journal of Finance 44 (3), pp. 611–632.

    Article  Google Scholar 

  • Kedia, S., Ravid, S. A., Pons, V., 2011. When do vertical mergers create value?, Financial Management 40 (4), pp. 845–877.

    Article  Google Scholar 

  • Kim, W. C., Mauborgne, R., 1998. Procedural justice, strategic decision making, and the knowledge economy, Strategic Management Journal 19 (4), pp. 323–338.

    Article  Google Scholar 

  • Knight, G. A., Cavusgil, S. T., 2004. Innovation, organizational capabilities, and the born-global firm, Journal of International Business Studies 35 (2), pp. 124–141.

    Article  Google Scholar 

  • Kogut, B., 1991. Joint ventures and the option to expand and acquire, Management Science 37 (1), pp. 19–33.

    Article  Google Scholar 

  • Kogut, B., Singh, H., 1988. The effect of national culture on the choice of entry mode, Journal of International Business Studies 19 (3), pp. 411–432.

    Article  Google Scholar 

  • Kostova, T., 1999. Transnational transfer of strategic organizational practices: A contextual perspective, Academy of Management Review 24 (2), pp. 308–324.

    Google Scholar 

  • Kumar, N., 2009. How emerging giants are rewriting the rules of M&A, Harvard Business Review 87, pp. 115–121.

    Google Scholar 

  • Larimo, J., 2003. Form of investment by Nordic firms in world markets, Journal of Business Research 56 (10), pp. 791–803.

    Article  Google Scholar 

  • Larsson, R., Finkelstein, S., 1999. Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization, Organization Science 10 (1), pp. 1–26.

    Article  Google Scholar 

  • Lee, T. J., Caves, R. E., 1998. Uncertain outcomes of foreign investment: Determinants of the dispersion of profits after large acquisitions, Journal of International Business Studies 29 (4), pp. 563–581.

    Article  Google Scholar 

  • Lehn, K., Poulsen, A. B., 1989. Free cash flow and stockholder gains in going private transactions, The Journal of Finance 44 (3), pp. 771–787.

    Article  Google Scholar 

  • Loewendahl, H., 2001. Bargaining with multinationals: The investment of Siemens and Nissan in North-East England, Houndsmills, UK: Palgrave.

    Book  Google Scholar 

  • Lowenstein, L., 1985. Management buyouts, Columbia Law Review 85 (4), pp. 730–784.

    Article  Google Scholar 

  • Lu, J. W., Beamish, P. W, 2004. International diversification and firm performance: The S-Curve hypothesis, Academy of Management Journal 47 (4), pp. 598–609.

    Article  Google Scholar 

  • Luo, Y., Tung, R. L., 2007. International expansion of emerging market enterprises: A springboard perspective, Journal of International Business Studies 38 (4), pp. 481–498.

    Article  Google Scholar 

  • Madhok, A., 1997. Cost, value and foreign market entry mode: The transaction and the firm, Strategic Management Journal 18 (1), pp. 39–61.

    Article  Google Scholar 

  • Madhok, A., Keyhani, M., 2012. Acquisitions as entrepreneurship: Asymmetries, opportunities, and the internationalization of multinationals from emerging economies, Global Strategy Journal 2 (1), pp. 26–40.

    Article  Google Scholar 

  • Makri, M., Hitt, M. A., Lane, P. J., 2010. Complementary technologies, knowledge relatedness, and invention outcomes in high technology mergers and acquisitions, Strategic Management Journal 31 (6), pp. 602–628.

    Google Scholar 

  • Markides, C. C., Ittner, C. D., 1994. Shareholder benefits from corporate international diversification: Evidence from US international acquisitions, Journal of International Business Studies 25 (2), pp. 343–366.

    Article  Google Scholar 

  • Mathews, J. A., 2006. Dragon multinationals: New players in 21st century globalization, Asia Pacific Journal of Management 23 (1), pp. 5–27.

    Article  Google Scholar 

  • McDougall, P. P., Oviatt, B. M., 2000. International entrepreneurship: The intersection of two research paths, Academy of Management Journal 43 (5), pp. 902–906.

    Article  Google Scholar 

  • McNaughton, R., 2000. Determinants of time-span to foreign market entry, Journal of Euromarketing 9 (2), pp. 99–112.

    Article  Google Scholar 

  • Mester, L. J., 1987. Efficient production of financial services: Scale and scope economies, Business Review, January/February, Federal Reserve Bank of Philadelphia, pp. 15–25.

    Google Scholar 

  • MIGA, 2006. Investment promotion agency performance review 2006 Washington, DC: The World Bank-Multilateral Investment Guarantee Agency.

    Google Scholar 

  • Mitchell, M. L., Mulherin, J. H., 1996. The impact of industry shocks on takeover and restructuring activity, Journal of Financial Economics 41 (2), pp. 193–229.

    Article  Google Scholar 

  • Moeller, S. B., Schlingemann, F. P., Stulz, R. M., 2005. Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave, The Journal of Finance 60 (2), pp. 757–782.

    Article  Google Scholar 

  • Moon, H., Roehl, T., 2001. Unconventional foreign direct investment and the imbalance theory, International Business Review 10 (2), pp. 197–215.

    Article  Google Scholar 

  • Morck, R., Yeung, B., 1991. Why investors value multinationality?, The Journal of Business 64 (2), pp. 165–187.

    Article  Google Scholar 

  • Morck, R., Yeung, B., 1992. Internalization: An event study test, Journal of International Economics 33 (1–2), pp. 41–56.

    Article  Google Scholar 

  • Nadolska, A., Barkema, H. G., 2007. Learning to internationalize: The pace and success of foreign acquisitions, Journal of International Business Studies 38 (7), pp. 1170–1186.

    Article  Google Scholar 

  • Narula, R., Dunning, J. H., 2000. Industrial development, globalization, and multinational enterprises: New realities for developing countries, Oxford Development Studies 28 (2), pp. 141–167.

    Article  Google Scholar 

  • OECD, 1997. Globalization and small and medium enterprises (SMEs), Paris: Organization for Economic Cooperation and Development.

    Google Scholar 

  • Olie, R., 1994. Shades of culture and institutions in international mergers, Organization Studies 15 (3), pp. 381–405.

    Article  Google Scholar 

  • Oviatt, B. M., McDougall, P. P., 1994. Toward a theory of international new ventures, Journal of International Business Studies 25 (1), pp. 45–64.

    Article  Google Scholar 

  • Palmer, D., Barber, B. M., 2001. Challengers, elites, and owning families: A social class theory of corporate acquisitions in the 1960s, Administrative Science Quarterly 46 (1), pp. 87–120.

    Article  Google Scholar 

  • Porter, M. E., 2000. Location, competition and economic development: Local clusters in a global economy, Economic Development Quarterly 14 (1), pp. 15–34.

    Article  Google Scholar 

  • Puranam, P., Singh, H., Chaudhuri, S., 2009. Integrating acquired capabilities: When structural integration is (un)necessary, Organization Science 20 (2), pp. 313–328.

    Article  Google Scholar 

  • Ramachandran, J., Pant, A., 2010. The liabilities of origin: An emerging economy perspective on the costs of doing business abroad. In: Devinney, T., Pedersen, T., Tihanyi, L., (Eds.), The past, present, and future of international business and management, Bingley, UK: Emerald, pp. 231–265.

    Chapter  Google Scholar 

  • Ramamurti, R., Singh, J. V., 2009. Emerging multinationals in emerging markets, Cambridge: Cambridge University Press.

    Book  Google Scholar 

  • Renneboog, L., Simons, T., 2005. Public-to-private transactions: LBOs, MBOs, MBIs and IBOs, ECGI, Finance Working Paper, No. 94.

    Google Scholar 

  • Reuer, J. J., Shenkar, O., Ragozzino, R., 2004. Mitigating risk in international mergers and acquisitions: The role of contingent payouts, Journal of International Business Studies 35 (1), pp. 19–32.

    Article  Google Scholar 

  • Rhodes-Kropf, M., Viswanathan, S., 2004. Market valuation and merger waves, The Journal of Finance 59 (6), pp. 2685–2718.

    Article  Google Scholar 

  • Rhodes-Kropf, M., Robinson, D. T., Viswanathan, S., 2005. Valuation waves and merger activity: The empirical evidence, Journal of Financial Economics 77 (3), pp. 561–603.

    Article  Google Scholar 

  • Roll, R., 1986. The hubris hypothesis of corporate takeovers, The Journal of Business 59 (2), pp. 197–216.

    Article  Google Scholar 

  • Rothaermel, F. T, Hitt, M. A., Jobe, L. A., 2006. Balancing vertical integration and strategic outsourcing: effects on product portfolio, product success, and firm performance, Strategic Management Journal 27 (11), pp.1033–1056.

    Article  Google Scholar 

  • Sapienza, H. J., Autio, E., George, G., Zahra, S. A., 2006. A capabilities perspective on the effects of early internationalization on firm survival and growth, Academy of Management Review 31 (4), pp. 914–933.

    Article  Google Scholar 

  • Servaes, H., Zenner, M., 1996. The role of investment banks in acquisitions, Review of Financial Studies 9 (3), pp. 787–815.

    Article  Google Scholar 

  • Seth, A., 1990. Value creation in acquisition: A re-examination of performance issues, Strategic Management Journal 11 (1), pp. 99–111.

    Article  Google Scholar 

  • Seth, A., Song, K. P., Pettit, R., 2000. Synergy, managerialism or hubris? An empirical examination of motives for foreign acquisitions of US firms, Journal of International Business Studies 31 (3), pp. 387–405.

    Article  Google Scholar 

  • Shimizu, K., Hitt, M. A., Vaidyanath, D., Pisano, V., 2004. Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future, Journal of International Management 10 (3), pp. 307–353.

    Article  Google Scholar 

  • Shleifer, A., Vishny, R. W., 2003. Stock market driven acquisitions, Journal of Financial Economics 70 (3), pp. 295–311.

    Article  Google Scholar 

  • Shrivastava, P., 1986. Is strategic management ideological?, Journal of Management 12 (3), pp. 363–377.

    Article  Google Scholar 

  • Sirower, M. L., 1997. The synergy trap: How companies lose the acquisition game, New York: The Free Press.

    Google Scholar 

  • Slangen, A., Hennart, J. F., 2007. Greenfield or acquisition entry: A review of the empirical foreign establishment mode literature, Journal of International Management 13 (4), pp. 403–429.

    Article  Google Scholar 

  • Stillman, R., 1983. Examining antitrust policy towards horizontal mergers, Journal of Financial Economics 11 (1–4), pp. 225–240.

    Article  Google Scholar 

  • Strömberg, P., 2007. The new demography of private equity, Swedish Institute for Financial Research, Working paper.

    Google Scholar 

  • UNCTAD, 2000. World Investment Report, New York: United Nations.

    Google Scholar 

  • UNCTAD, 2012. World Investment Report, New York: United Nations.

    Google Scholar 

  • Van Agtmael, A. W., Errunza, V. R., 1982. Foreign portfolio investments in emerging securities markets, Columbia Journal of World Business 17 (2), pp. 58–63.

    Google Scholar 

  • Vermeulen, F., Barkema, H. G., 2001. Learning through acquisitions, Academy of Management Journal 44 (3), pp. 457–476.

    Article  Google Scholar 

  • Welch, L. S., Benito, G. R. G., Petersen, B., 2007. Foreign operation methods: Theory, analysis, strategy, Cheltenham: Edward Elgar.

    Google Scholar 

  • Zaheer, S., 1995. Overcoming the liability of foreignness, Academy of Management Journal 38 (2), pp. 341–363.

    Article  Google Scholar 

  • Zahra, S. A., Ireland, R. D., Hitt, M. A., 2000. International expansion by new venture firms: International diversity, mode of market entry, technological learning, and performance, Academy of Management Journal 43 (5), pp. 925–950.

    Article  Google Scholar 

  • Zander, U., Zander, L., 2010. Opening the grey box: Social communities, knowledge, and culture in acquisitions, Journal of International Business Studies 41 (1), pp. 27–37.

    Article  Google Scholar 

  • Zejan, M. C., 1990. New ventures or acquisitions: The choice of Swedish multinational enterprises, Journal of Industrial Economics 38 (3), pp. 349–355.

    Article  Google Scholar 

  • Zhao, H., Luo, Y., Suh, T., 2004. Transaction cost determinants and ownership-based entry mode choice: A meta-analytical review, Journal of International Business Studies 35 (6), pp. 524–544.

    Article  Google Scholar 

Download references

Authors
  1. Ottorino Morresi
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Alberto Pezzi
    View author publications

    You can also search for this author in PubMed Google Scholar

Copyright information

© 2014 Ottorino Morresi and Alberto Pezzi

About this chapter

Cite this chapter

Morresi, O., Pezzi, A. (2014). Cross-border M&As: Theory and Strategic Process. In: Cross-border Mergers and Acquisitions. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137357625_2

Download citation

Publish with us

Policies and ethics

Search

Navigation