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Determinants of early movers in cross-border merger and acquisition wave in an emerging market: A study of Indian firms

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Abstract

A series of changes in India’s financial institutional regime led to waves of cross-border mergers and acquisitions (M&A) deals spanning various industries. In this article, we explore firm-level determinants that distinguish between early movers and followers in these waves. We tested our hypotheses using data for the 2001–2011 period. Analysis found support for our hypotheses that prior experience (with alliances), firm size, and international embeddedness of business group influence timing of firms’ cross-border M&A. Findings support the springboarding perspective that emerging market (EM) firms engage in preemptive acquisitions to gain first-mover advantage.

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Notes

  1. This set includes 168 countries from Africa, Asia, Latin America, and Oceania (Source: http://unctad.org).

  2. http://www.unctadstat.unctad.org

  3. Many large acquisitions are financed by leveraged buyout route with the help of special purpose vehicle; hence these acquisitions that are supported by borrowing abroad are not reflected in the official statistics of OFDI (Kathuria, 2010).

  4. SDC Thomson Mergers and Acquisition database.

  5. OEM/ODM/OBM: Original Equipment/Design/Brand Manufacturing (UNCTAD, 2005).

  6. We did not consider the alliances having status as pending, renegotiated, rumored, or seeking to form.

  7. Free cash flow is operationalized as operating income before depreciation minus interest expense on debt, income taxes, and preferred and common dividends. The authors are grateful to an anonymous reviewer for suggesting this.

  8. We have created this interaction terms by using debt/equity ratio as measure of slack. Owing to less number of data points, we could not use FCFF with the sector dummy variable.

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    Manish Popli & Ashutosh Kumar Sinha

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Popli, M., Sinha, A.K. Determinants of early movers in cross-border merger and acquisition wave in an emerging market: A study of Indian firms. Asia Pac J Manag 31, 1075–1099 (2014). https://doi.org/10.1007/s10490-014-9378-8

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