{"title":"新兴市场企业在发达市场的投资:一个原产国的视角","authors":"Rama Krishna Reddy , Sung- Jin Park , Scott Mooty","doi":"10.1016/j.mulfin.2022.100748","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100748"},"PeriodicalIF":2.9000,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Emerging market firm investments in advanced markets: A country of origin perspective\",\"authors\":\"Rama Krishna Reddy , Sung- Jin Park , Scott Mooty\",\"doi\":\"10.1016/j.mulfin.2022.100748\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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.</p></div>\",\"PeriodicalId\":47268,\"journal\":{\"name\":\"Journal of Multinational Financial Management\",\"volume\":\"65 \",\"pages\":\"Article 100748\"},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2022-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Multinational Financial Management\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1042444X22000196\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Multinational Financial Management","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1042444X22000196","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Emerging market firm investments in advanced markets: A country of origin perspective
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.
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.
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