Technology-acquiring cross-border M&As by emerging market firms: role of bilateral trade openness

Hyungseok David Yoon · Joosung Joseph Lee

29 citations0/0 files storedTechnology Analysis and Strategic Management

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International Business and FDI Corporate Finance and Governance Innovation and Knowledge Management

Abstract

This paper investigates the role of bilateral trade openness in technology-acquiring cross-border mergers and acquisitions (M&As) by emerging market firms (EMFs). The cross-border M&A, patents, and financial data from January 2000 to December 2013 have been utilised for empirical analyses. By analysing cumulative abnormal returns of the acquirer EMFs from Brazil, Russia, China, India, and Mexico, the value-creating nature of technology-acquiring cross-border M&As has been confirmed. In addition, the number of the patents owned by the target firms showed a positive and significant effect on the stock performance of cross-border acquirers. Finally, the bilateral trade openness significantly and positively moderated the relation between the innovation capability of the target firms and EMFs’ stock performance.

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References

2005Understanding Interaction Models: Improving Empirical Analyses 2007International expansion of emerging market enterprises: A springboard perspective 2001New Evidence and Perspectives on Mergers 2007The determinants of Chinese outward foreign direct investment 2001Technological acquisitions and the innovation performance of acquiring firms: a longitudinal study 1986Valuation effects of security offerings and the issuance process 1992The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly 2004Cross-country determinants of mergers and acquisitions

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2019Integration modes, global networks, and knowledge diffusion in overseas M&As by emerging market firms 2023Mergers and acquisitions and environmental conditions: a systematic literature review to investigate their linkage

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