The long-run performance of cross-border acquirers: An analysis of synergy sources

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2021-06-01 DOI:10.1016/j.mulfin.2021.100694

Junming Hsu, Tung-Hsiao Yang, Yi-Chi Tsai

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引用次数: 2

Abstract

This study examines the long-run stock performance of US firms conducting cross-border mergers and acquisitions and explores possible synergy sources by investigating three sets of factors: country differences, merger characteristics, and acquirers' operational variables. The results show that US cross-border acquirers underperform in the long run, a situation that does not significantly change according to country differences. Acquisitions of horizontal and private targets outperform those of non-horizontal and public targets, respectively, but underperform their non-acquiring matching firms. By contrast, acquirers with post-merger decreases in costs of goods sold (CGS) outperform their acquiring peers and non-acquiring matching sample. These results suggest that cross-border acquirers need to select targets that can drive down CGS and be cautious of merging non-horizontal and public firms, in order to create synergy gains and avoid value destruction.

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跨国收购者的长期绩效:协同效应来源分析

本研究考察了进行跨国并购的美国公司的长期股票表现，并通过考察三组因素:国家差异、并购特征和收购方的运营变量来探索可能的协同效应来源。研究结果表明，从长期来看，美国跨国收购者表现不佳，这种情况不会因国家差异而发生显著变化。横向和私有目标的收购分别优于非横向和公开目标的收购，但低于其非收购的匹配公司。相比之下，并购后销售成本(CGS)下降的收购者表现优于并购后的同行和未并购的匹配样本。这些结果表明，为了创造协同收益，避免价值破坏，跨境收购者需要选择能够压低CGS的目标，并谨慎合并非横向和上市公司。

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.