Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success

Cross-border mergers and acquisitions (CBMAs) are deemed the preferred internationalisation mode with a high preference towards CBMAs by firms, particularly from the ASEAN member countries. Nevertheless, the issue of CBMA success emerges due to high deal failure and non-value creation by firms invol...

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Main Author:	Rahim, Nurhazrina Mat
Format:	Thesis
Language:	English
Published:	2019
Subjects:	HF5001-6182 Business
Online Access:	http://eprints.usm.my/48839/1/NURHAZRINA%20BINTI%20MAT%20RAHIM-%20THESIS%20CUT.pdf
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id	my-usm-ep.48839
record_format	uketd_dc
spelling	my-usm-ep.488392021-04-12T05:16:20Z Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success 2019-02 Rahim, Nurhazrina Mat HF5001-6182 Business Cross-border mergers and acquisitions (CBMAs) are deemed the preferred internationalisation mode with a high preference towards CBMAs by firms, particularly from the ASEAN member countries. Nevertheless, the issue of CBMA success emerges due to high deal failure and non-value creation by firms involved in CBMAs. Thus, it impelled the needs to examine the determinants of CBMA success. The main characteristic of CBMA which is cross-country transaction could risk CBMA success due to country characteristics. Hence, this study chose to focus on the country-specific factors (i.e. country-level corporate governance, exchange rate volatility, cultural distance, geographic distance, and the level of economic development) as determinants of a CBMA success. The scrutinisation of 246 CBMAs involving ASEAN target firms and 348 CBMAs comprising ASEAN bidding firms reveals that the CBMA success rate of ASEAN target firms is slightly higher than ASEAN bidding firms. The long-term market-based performance (Tobin’s Q) of ASEAN target firms improved following CBMA whereas for ASEAN bidding firms, the performance deteriorated. The result from multiple regression analysis was conclusive; country-level corporate governance could affect the success of CBMA for ASEAN firms. The acquisition of ASEAN target firm by a bidder from a country with inferior corporate governance standard could risk the CBMA success due to the negative spillover. Meanwhile, for ASEAN bidder, the possibility of CBMA success increases through positive spillover provided that the governance gap is large and the ownership participation is not too high. 2019-02 Thesis http://eprints.usm.my/48839/ http://eprints.usm.my/48839/1/NURHAZRINA%20BINTI%20MAT%20RAHIM-%20THESIS%20CUT.pdf application/pdf en public phd doctoral Universiti Sains Malaysia Pusat Pengajian Siswazah Perniagaan
institution	Universiti Sains Malaysia
collection	USM Institutional Repository
language	English
topic	HF5001-6182 Business
spellingShingle	HF5001-6182 Business Rahim, Nurhazrina Mat Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success
description	Cross-border mergers and acquisitions (CBMAs) are deemed the preferred internationalisation mode with a high preference towards CBMAs by firms, particularly from the ASEAN member countries. Nevertheless, the issue of CBMA success emerges due to high deal failure and non-value creation by firms involved in CBMAs. Thus, it impelled the needs to examine the determinants of CBMA success. The main characteristic of CBMA which is cross-country transaction could risk CBMA success due to country characteristics. Hence, this study chose to focus on the country-specific factors (i.e. country-level corporate governance, exchange rate volatility, cultural distance, geographic distance, and the level of economic development) as determinants of a CBMA success. The scrutinisation of 246 CBMAs involving ASEAN target firms and 348 CBMAs comprising ASEAN bidding firms reveals that the CBMA success rate of ASEAN target firms is slightly higher than ASEAN bidding firms. The long-term market-based performance (Tobin’s Q) of ASEAN target firms improved following CBMA whereas for ASEAN bidding firms, the performance deteriorated. The result from multiple regression analysis was conclusive; country-level corporate governance could affect the success of CBMA for ASEAN firms. The acquisition of ASEAN target firm by a bidder from a country with inferior corporate governance standard could risk the CBMA success due to the negative spillover. Meanwhile, for ASEAN bidder, the possibility of CBMA success increases through positive spillover provided that the governance gap is large and the ownership participation is not too high.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Rahim, Nurhazrina Mat
author_facet	Rahim, Nurhazrina Mat
author_sort	Rahim, Nurhazrina Mat
title	Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success
title_short	Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success
title_full	Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success
title_fullStr	Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success
title_full_unstemmed	Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success
title_sort	country-specific determinants of asean firms cross-border mergers and acquisitions (cbmas) success
granting_institution	Universiti Sains Malaysia
granting_department	Pusat Pengajian Siswazah Perniagaan
publishDate	2019
url	http://eprints.usm.my/48839/1/NURHAZRINA%20BINTI%20MAT%20RAHIM-%20THESIS%20CUT.pdf
_version_	1747821969234984960

Country-Specific Determinants Of Asean Firms Cross-Border Mergers And Acquisitions (Cbmas) Success

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