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Article
Publication date: 9 January 2007

Caroline Firstbrook

The aim of this paper is to discuss the trend towards cross‐border mergers and acquisitions (M&A) and review best practices for successful cross‐border M&A transactions (and how

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Abstract

Purpose

The aim of this paper is to discuss the trend towards cross‐border mergers and acquisitions (M&A) and review best practices for successful cross‐border M&A transactions (and how they differ from executing national deals).

Design/methodology/approach

The objectives are achieved through a review of four best practices for successful planning, implementation and execution of cross‐border deals. Also, a March 2006 Accenture/Economist Intelligence Unit survey is used which highlights trends towards cross‐border deals and common pitfalls in the successful execution of deals – in particular the difficulties in addressing cultural issues and local due diligence.

Findings

The paper finds that executives believe in their M&A strategy but doubt their organizational ability to successfully implement and execute and to realize financial gains and cross‐border deals offer a different mix of opportunities and risks, which need to be understood and managed if the deals are to be successful. The key to success lies in understanding exactly what makes cross‐border deal making different, and in developing the skills needed to create value.

Practical implications

There are four key drivers of success in cross‐border M&A: start with a clear and compelling strategy – the most successful cross‐border acquirers begin with a clear view of both the role that cross‐border acquisitions will play in their strategy and the type of companies best equipped to fill that role; do your homework – the greatest risks in cross‐border transactions arise from the failure to understand the culture, regulatory structure or competitive environment – and sometimes all three considerations – in the target market; value your new people – regardless of the rationale for the acquisition, a key asset – many would argue the most important one – in a cross‐border acquisition is people; and execution, execution, execution – successful execution begins early – in some cases, long before the deal is done.

Originality/value

A recent survey (Accenture/Economist Intelligence Unit, March 2006) shows for the first time that among global M&A deals, cross‐border transactions now exceed domestic transactions – and this trend is likely to continue. Yet for many c‐level executives, the prospect of acquiring or merging with a company in an unfamiliar market is daunting – and cross‐border M&A is considered more difficult than executing on domestic deals. This paper is intended to give c‐level executives practical, hands‐on advice for conducting cross‐border M&A as well as publicizing survey results specifically on the cross‐border M&A trend.

Details

Journal of Business Strategy, vol. 28 no. 1
Type: Research Article
ISSN: 0275-6668

Keywords

Article
Publication date: 2 February 2024

Renming Liu, Abu Bakar Abdul Hamid and Noor Inayah Ya'akub

Cross-border e-commerce live streaming morphs into an epidemic shopping scenario, yet there is a paucity of research on impulse purchasing in this context. The purpose of this…

Abstract

Purpose

Cross-border e-commerce live streaming morphs into an epidemic shopping scenario, yet there is a paucity of research on impulse purchasing in this context. The purpose of this study is to empirically investigate the adoption motivation of cross-border e-commerce live streaming and its influence mechanism on intrinsic response and purchase impulse and to highlight the mediating role of browsing behavior.

Design/methodology/approach

Based on the use and gratification lens, a new conceptualization model is established to captivate the theoretical relationships between perceived stimuli, individual attitudes, browsing behavior and impulsive purchases. A questionnaire survey was used to collect cross-sectional data from 427 Malaysian consumers and the estimated framework was validated through AMOS-structural equation modeling technique.

Findings

The findings confirm that perceived interactivity, perceived information usefulness and perceived enjoyment significantly influenced positive attitudes toward live-streaming, which in turn induced impulsive purchases; however, perceived affective gratification did not stimulate positive attitudes. Consumers’ utilitarian browsing had a stronger effect on impulse purchases than hedonic browsing and utilitarian browsing behavior mediated the relationship between positive attitudes and impulse buying; however, hedonic browsing had neither a direct nor a mediating effect on impulsive purchases.

Practical implications

This research enhances the literature on the impact of cross-border e-commerce live streaming, an emerging technology, on consumer behavior and offers managerial implications for e-commerce practitioners to gain insights into consumer impulse purchasing behavior.

Originality/value

The findings revamp conventional knowledge and provide new angles for understanding the formation mechanisms of impulse purchases, motivations for virtual media use and browsing behavior mediating effects in the context of live streaming.

Details

Journal of Systems and Information Technology, vol. 26 no. 1
Type: Research Article
ISSN: 1328-7265

Keywords

Article
Publication date: 30 January 2024

Eunsuk Hong, Jong-Kook Shin and Huan Zou

Extending the springboard perspective with the resource dependence theory, the authors posit that cross-border mergers and acquisitions (M&As) are a new channel for emerging…

Abstract

Purpose

Extending the springboard perspective with the resource dependence theory, the authors posit that cross-border mergers and acquisitions (M&As) are a new channel for emerging economy firms (EEFs) to enhance their technology capabilities. This study aims to examine the impact of cross-border M&As initiated by EEFs on their technology augmentation vis-à-vis matched domestic M&A cases and investigate the factors influencing the difference in post-merger innovation capability.

Design/methodology/approach

This paper estimates the post-acquisition innovation capability of acquirers from emerging economies (EEs) that engage in cross-border M&As. To remove possible selection bias, the authors leverage a difference-in-difference-style approach in combination with a matched sample constructed by pairing each cross-border M&A case with a similar domestic deal. The data set contains 266 cross-border M&As and 266 matched domestic M&A deals between 2003 and 2011, whereby acquirers are based in 6 EEs and targets are in 36 countries consisting of both EEs and advanced economies (AEs).

Findings

The present empirical results show that cross-border M&As engaged by EEFs are an important engine for improving EEFs’ innovation capability through technology augmentation. The main empirical results are as follows. First, compared with matched domestic acquirers with similar characteristics, EE cross-border M&As have a positive effect on innovation capability. Second, the positive effect of the EEFs’ cross-border M&As relative to the matched domestic M&As on innovation capability is driven largely by cross-border M&As with targets in AEs. Third, the increase in post-M&A innovation capability of the EE cross-border acquirers comes mainly from deals where targets are based in countries with relatively superior human capital and innovation capability than those of the acquirers.

Originality/value

To the best of the authors’ knowledge, this study is the first systematic study of whether cross-border M&As serve as an effective channel of technology augmentation for EE acquirers compared to matched domestic acquirers with similar characteristics.

Details

International Journal of Development Issues, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1446-8956

Keywords

Book part
Publication date: 3 August 2011

Tak Kee Hui and Ho-Fuk Lau

This chapter introduces a conceptual framework which links consumers' demographic characteristics with their attitudes toward major shopping area attributes (the push/pull…

Abstract

This chapter introduces a conceptual framework which links consumers' demographic characteristics with their attitudes toward major shopping area attributes (the push/pull factors), as well as their motivations toward cross-border shopping. It is built on the extant literature of outshopping, cross-border shopping, and consumer switching behavior. It has been tested with data collected from 485 Hong Kong residents. A nonparametric approach will be used to analyze the data. Findings of this study show that “age” and “education” characteristics are good indicators for most of the macrofactors (shopping area attributes). As for microfactors (motivational factors), “age” and “gender” are the best indicators. Results of this study also confirm previous findings that demographic characteristics of consumers affect their cross-border shopping behavior. Low prices on products and good services are the most important pull-factor attracting cross-border shopping. It further reveals that a higher percentage of cross-border shoppers are from lower income families, having only secondary education level, and in the age category of 30–49. Implications for retailers, governments, and tourism-related institutions are discussed.

Details

Advances in Hospitality and Leisure
Type: Book
ISBN: 978-0-85724-769-8

Keywords

Book part
Publication date: 8 February 2021

Daniel Michniak and Marek Więckowski

The Polish–Slovak borderland is a mountainous area with extraordinary natural conditions for tourism development. The main aim of this chapter is to analyze theoretical aspects of

Abstract

The Polish–Slovak borderland is a mountainous area with extraordinary natural conditions for tourism development. The main aim of this chapter is to analyze theoretical aspects of a relationship between transport and tourism and to assess selected changes in cross-border transport that have influenced tourism in Polish–Slovak tourism regions. We have tried to answer the questions on changes in transport infrastructure (based on the analysis of the cross-border projects) and public transport (based on the analysis of timetables of the cross-border public transport connections) in the borderland during the last 30 years and to answer the question whether these changes are in accordance with the sustainable development goals. The Polish–Slovak border is seen as a barrier to transport. The increasing cross-border movement of people and goods through Polish–Slovak border after 1989 required the opening of new border crossings and the construction of new cross-border transport infrastructure. Investments to the road infrastructure have led to using of individual automobile transport. Public transport is currently of marginal importance in cross-border transport. The three cross-border rail lines are in poor technical condition, and plans for their modernization are uncertain. Bus transport has been limited on two tourist-oriented lines in the central part of the borderland. In terms of the structure of the use of means of transport, therefore, no change in trends should be expected and most of the incoming people will continue to cross the Polish–Slovak border by their own means of communication. What is worrying, in the future, in the absence of modernization of the railway infrastructure and no organizational measures, there will be a further decline in the importance of public transport in relation to individual road transport.

Details

Sustainable Transport and Tourism Destinations
Type: Book
ISBN: 978-1-83909-128-5

Keywords

Book part
Publication date: 14 November 2014

Yaqoub Alabdullah and Stephen P. Ferris

This study uses cross-border mergers as a test of the ability of foreign directors to provide effective strategic advising. We find that firms with foreign directors on their…

Abstract

This study uses cross-border mergers as a test of the ability of foreign directors to provide effective strategic advising. We find that firms with foreign directors on their boards are more likely to engage in cross-border mergers, pursue a higher number of cross-border mergers, and invest more in those mergers. We further determine that firms with foreign directors are more likely to undertake nondiversifying mergers, enjoy friendly mergers, and acquire privately held targets. Moreover, we find that firms with foreign directors have higher announcement period returns and pay less for their cross-border targets.

Details

Corporate Governance in the US and Global Settings
Type: Book
ISBN: 978-1-78441-292-0

Keywords

Book part
Publication date: 17 January 2023

Meng-Ting Chen and Richard J. Nugent

The authors evaluate financial stability and capital flows management objectives of capital controls in the context of four capital control events: removing or imposing controls…

Abstract

The authors evaluate financial stability and capital flows management objectives of capital controls in the context of four capital control events: removing or imposing controls on capital inflows and removing or imposing controls on capital outflows. The authors use synthetic control method to solve the endogeneity problem stemmed from the timing of capital control implementation. The authors find new evidence that capital controls are not consistently effective in reaching financial stability outcomes but are consistent in reaching capital flows management outcomes. The authors compare our results to estimates using difference-in-difference (DID) and carry out placebo analysis. Finally, we use synthetic DID to correct for the parallel trend bias and show that the results still hold.

Details

Fintech, Pandemic, and the Financial System: Challenges and Opportunities
Type: Book
ISBN: 978-1-80262-947-7

Keywords

Book part
Publication date: 7 January 2019

Jacqueline M. Torres, Annie Ro and May Sudhinaraset

Age at migration is commonly utilized as a proxy measure for assimilation in health behavior research. We reconsider this approach by examining the role of continued connection…

Abstract

Age at migration is commonly utilized as a proxy measure for assimilation in health behavior research. We reconsider this approach by examining the role of continued connection with places of origin on alcohol use, an important marker of health behavior and overall population health. Cross-border connections may buffer the association between earlier age at migration and alcohol use by providing an alternative channel of influence for behavioral norms. Alternatively, a stress and coping perspective on cross-border ties suggests potentially countervailing adverse impacts of these connections on alcohol use. We used data from the 2002/2003 National Latino and Asian American Study (NLAAS) (n = 1,641/1,630 Asian and Latino origin respondents, respectively). We first estimated the association between age at migration (child/adolescent versus adult migrant) and any past-year alcohol use. We subsequently tested the interaction between age at migration and two measures of cross-border connections. All models were stratified by region of origin and gender. For Latin American-origin women, cross-border ties were associated with increased risk of past-year alcohol use among those who migrated early in life. In contrast, Asian-origin men and women who migrated as adults and had contact with family and friends abroad had the lowest predicted probabilities of past-year alcohol use. The results among Asians support the idea that cross-border ties may be alternative influences on health behavior outcomes, particularly for adult migrants. Overall, we find qualified support for both transnational and assimilationist perspectives on alcohol use behaviors among US immigrants – as well as the interaction between these two frameworks. The joint influences of cross-border ties and age at migration were observed primarily for immigrant women, and not always in expected directions. We nevertheless urge future research to consider both US and country of origin influences on a wider range of health and health behavior outcomes for immigrants, as well as the potential intersection between US and cross-border connections.

Details

Immigration and Health
Type: Book
ISBN: 978-1-78743-062-4

Keywords

Book part
Publication date: 14 September 2022

Tao Han and Addis Gedefaw Birhanu

In this chapter, the authors draw insights from the literature on institutional distance and examine whether firms engaging in cross-border acquisitions overcome the liability of…

Abstract

In this chapter, the authors draw insights from the literature on institutional distance and examine whether firms engaging in cross-border acquisitions overcome the liability of foreignness by using external advisors. Specifically, the authors argue that acquiring and target firms may alleviate heightened information asymmetries and transaction costs by leveraging the information-production and uncertainty-reduction roles of M&A advisors. Using a global sample of cross-border M&As from 2001 to 2020, the results suggest that institutional distance triggers both acquirers and targets to use M&A advisors. Among the four types of institutional distance the authors examined, cultural distance – and to a lesser extent administrative distance – greatly contributes to the use of various types of advisors in cross-border deals. Interestingly, although both parties in the transaction rely on advisors to overcome distance barriers, acquiring firms appear to hire advisors more often than target firms.

Article
Publication date: 6 November 2023

Caroline Krüger, Marina Lourenção, Fábio Henrique Correa Bogado Guimarães, Marco Meneguzzo, Claudia Souza Passador and Adriana Cristina Ferreira Caldana

This paper aims to develop a cross-border regional brand management model to help enhance cooperation for developing such localities. It analyzed its applicability in the…

Abstract

Purpose

This paper aims to develop a cross-border regional brand management model to help enhance cooperation for developing such localities. It analyzed its applicability in the Brazil–Argentina and Italy–Austria cross-border regions comprising several cities.

Design/methodology/approach

A systematic literature review was conducted to obtain a theoretical basis and select elements for creating the cross-border regional brand management (CRBM) model. To apply the model, in-depth interviews were conducted with 19 specialists of different nationalities and distinct expertise on cross-border governance and regional branding. In addition, to validate the proposed model, a focus group was carried out, and specialists were consulted using forms, providing 22 additional opinions.

Findings

The results show good managerial practices and gaps that must be overcome to create and manage the brands from the two regions analyzed.

Research limitations/implications

The theoretical contributions consist in extending the literature in place branding by presenting the first CRBM model and the conceptual explanation of each of the model's elements.

Practical implications

The study's practical implications occur through the suggestion of good management practices for the studied localities arising from the applicability of the CRBM model. Furthermore, it is expected that the model developed can be applied in other locations, bringing practical contributions to the management and creation of cross-border regional brands in other countries.

Originality/value

This study presents the first CRBM model and its applicability to two cross-border regions.

Details

Journal of Place Management and Development, vol. 17 no. 1
Type: Research Article
ISSN: 1753-8335

Keywords

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