Bilateral M&A activity from the Global South

This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. We document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have...

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Bibliographic Details
Published in:The North American journal of economics and finance 2012-12, Vol.23 (3), p.345-364
Main Authors: Dailami, Mansoor, Kurlat, Sergio, Lim, Jamus Jerome
Format: Article
Language:English
Subjects:
Acquisitions & mergers
Cross border transactions
Economic models
Emerging markets
Mergers and acquisitions
South-South capital flows
Studies
Target company
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Summary:This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. We document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. We find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. We also consider the implications of our model for future M&A originating in the Global South, in light of the global financial crisis of 2008.
ISSN:1062-9408
1879-0860
DOI:10.1016/j.najef.2012.03.006