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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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Multinational Restructuring

Multinational Restructuring

Chapter:
(p.429) 20 Multinational Restructuring
Source:
International Finance
Author(s):

PENGCHENG ZHU

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0020

Multinational corporations use cross-border mergers and acquisitions (M&As) as an important restructuring strategy. Multiple motivations exist for cross-border M&As. Most studies focus on returns related to short-term announcements of acquiring and target firms in cross-border M&As and find significant variations in the performance outcomes. The results are mainly driven by market segmentation, the competitiveness of the corporate control market, and advantages associated with intangible assets. Long-term studies on cross-border M&As are limited and show mixed impact on acquiring and targeting firm performance. Information asymmetry, cultural barriers, and cross-country corporate governance all contribute to the complexity of the cross-border M&A activities. This chapter reviews the impact of these factors on acquisition performance.

Keywords:   cross-border mergers and acquisitions, performance, corporate governance, cultural difference, information asymmetry

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