Emerging market firm investments in advanced markets: A country of origin perspective

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI:10.1016/j.mulfin.2022.100748

Rama Krishna Reddy , Sung- Jin Park , Scott Mooty

引用次数: 2

Abstract

Drawing on the model of competitive advantages of nations and the concept of emerging market development heterogeneity, we argue the unique home country institutional and resource environments of emerging market firms influence the propensity of those firms to invest in advanced markets via mergers and acquisitions. Using data of 9157 cross-border M&A transactions originating from 60 emerging markets between 2006 and 2018, we find that the level of home country institutional development, capital market development, and the technological readiness of EMFs are positively associated with the propensity to invest and the scale of investment in advanced markets. However, the level of home country factor market development is negatively associated with the likelihood of EMF investment and the scale of investment in advanced markets.

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新兴市场企业在发达市场的投资:一个原产国的视角

根据国家竞争优势模型和新兴市场发展异质性的概念，我们认为新兴市场企业独特的母国制度和资源环境影响了这些企业通过并购投资发达市场的倾向。利用2006 - 2018年间来自60个新兴市场的9157笔跨境并购交易数据，我们发现，母国制度发展水平、资本市场发展水平和新兴市场基金的技术准备程度与发达市场的投资倾向和投资规模呈正相关。然而，母国要素市场的发展水平与EMF投资的可能性和发达市场的投资规模呈负相关。

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

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.