Mergers and Acquisitions for Business Sustainability in Emerging Markets During a Vague Era: A Literature Analysis

IF 0.7 Q4 BUSINESS
J. L. Ogendo, Jared Ariemba
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引用次数: 1

Abstract

Mergers and acquisitions are the most popular modes of external corporate growth. Business sustainability, which seeks present returns without compromising the ability to earn returns in the future, has come under serious challenges in an environment of uncertainty. While academic literature suggests that in periods of fundamental uncertainty, there is a decline of mergers and acquisitions, this paper analyses an emerging body of research that suggests that merger and acquisition deals in a vague era actually deliver more value compared to those made in normal economic conditions, which most empirical studies do not deliver much value for the acquirer. This paper therefore suggests that firms in emerging markets can use mergers and acquisitions during a downturn to deliver superior value to shareholders. It also argues that mergers and acquisitions are a corporate governance issue, because it is at the board level that the overall strategy of the firm is implemented, including the various growth options of the firm. However, further research on merger and acquisitions during a vague era need to be conducted in various regions of emerging markets.
模糊时代下新兴市场企业可持续性的并购:文献分析
并购是企业外部成长最普遍的模式。在不确定的环境中,寻求当前回报而不损害未来赚取回报能力的业务可持续性受到了严重挑战。虽然学术文献表明,在基本面不确定的时期,并购会减少,但本文分析了一个新兴的研究机构,该研究表明,与正常经济条件下的并购交易相比,模糊时代的并购交易实际上带来了更多的价值,而大多数实证研究并没有为收购方带来太多价值。因此,本文建议新兴市场的公司可以在经济低迷时期利用并购来为股东带来更高的价值。它还认为,并购是一个公司治理问题,因为公司的整体战略是在董事会层面实施的,包括公司的各种增长选择。然而,在一个模糊的时代,并购的进一步研究需要在新兴市场的各个地区进行。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
AD-minister
AD-minister BUSINESS-
自引率
55.60%
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审稿时长
5 weeks
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