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Book part
Publication date: 30 November 2020

Minh Thi Thu Vu and Salih Zeki Ozdemir

In this study, the authors examine acquirers’ selection of legal advisors for mergers and acquisitions (M&A) transactions. The authors first confirm the importance of their own…

Abstract

In this study, the authors examine acquirers’ selection of legal advisors for mergers and acquisitions (M&A) transactions. The authors first confirm the importance of their own prior experience and imitation within this context. Then, the authors propose and find that firms with less experience in performing M&A deals place more emphasis on imitating others while firms with more experience with a particular legal advisor focus less on others’ experience with this advisor. The authors further find that when they imitate, firms selectively, rather than broadly, imitate others by focusing on their industry or state peers. The authors present corroborating evidence for these hypotheses through analyzing a matched sample of acquirer – legal advisor pairs developed from an initial dataset of 29,398 domestic and cross-border acquisitions performed by US firms between 2000 and 2010.

Book part
Publication date: 17 June 2019

Janice M. Gordon, Gonzalo Molina Sieiro, Kimberly M. Ellis and Bruce T. Lamont

Advisors play a key role in the mergers and acquisitions (M&A) process, but research to date has rarely focused on how their influence impacts these transactions. The present…

Abstract

Advisors play a key role in the mergers and acquisitions (M&A) process, but research to date has rarely focused on how their influence impacts these transactions. The present chapter takes stock of the present literature on M&A advisors from finance, economics, and management in order to integrate the currently diverging research traditions into a coherent framework. The current research has focused on proximal acquisition outcomes, like acquisition premiums or expected performance in the form of cumulative abnormal returns, but there is limited theoretical understanding of the advisors impact on the post-acquisition period. Moreover, while the role of advisor reputation has been highlighted on both the management and finance literatures as an important aspect of the role advisors play in the M&A process, there seems to be much to be addressed. Furthermore, and perhaps most importantly, the nature of the relationship between the advisor and the acquirer or target presents challenges to researchers where the advisor acts both as a provider of expertise in the M&A process, but may be simply acting on their own best interest. The new framework that the authors present here provides management scholars with a roadmap into a cohesive research agenda that can inform our theoretical understanding of the role of M&A advisors.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78973-599-4

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: 13 November 2020

Deepak Kumar and Keya Sengupta

The purpose of this study is to provide a broad understanding of the pre-completion stage and subsequent abandonment of mergers and acquisitions (M&As).

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Abstract

Purpose

The purpose of this study is to provide a broad understanding of the pre-completion stage and subsequent abandonment of mergers and acquisitions (M&As).

Design/methodology/approach

A total of 117 peer-reviewed, English language articles published in scholarly journals were considered in the review. The approach includes a descriptive evaluation of the literature, coupled with content analysis. The paper uses both positivist and constructivist approaches to qualitative research. The analysis is conducted with the help of R programming and Gephi visualization software. The authors organize the work around the event of outcome/closure of deal proposal.

Findings

It is found that earlier studies sampled on domestic M&As in developed economies (DEs). However, the interest of scholars has increased in cross-border deals and emerging economies (EEs) in the last decade. Various factors interact and facilitate the completion/abandonment of good and bad deals. The authors find that complex non-linear relationships exist, and there is a need for studies with other classification techniques focusing on predictive accuracy.

Research limitations/implications

The literature review is limited to articles available to the researcher using search terms related to M&A completion/termination. The databases accessed were: ProQuest, Scopus and Web of Science. However, backward snowballing was performed to avoid the omission of relevant articles.

Originality/value

The findings and subsequent discussions familiarize researchers and practitioners with an overview of research undertaken in the field of M&A abandonment. The authors find voids within the literature and suggest future research agendas.

Details

International Journal of Emerging Markets, vol. 16 no. 7
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 7 January 2019

Denis Primakov

The status of government’s legal adviser in Israel is complicated and controversial. This status deeply impacts discretion and independence, especially in the role of combating…

Abstract

Purpose

The status of government’s legal adviser in Israel is complicated and controversial. This status deeply impacts discretion and independence, especially in the role of combating corruption. This article aims to review the status, power and independence of the government’s legal adviser and his/her interaction with other legal institutions dealing with corruption cases.

Design/methodology/approach

The author argues that the period of the 1980s, in Israel, was characterized by prosecution’s activism because of the dramatically increased number of corruption-related cases.

Findings

Prominent government legal advisers formulated approaches to the struggle against political corruption in Israel; upon becoming justices of the supreme court, they successfully transited their prosecution mindset to judicial activism (and not only for corruption-related cases).

Originality/value

This article discovers a linkage between prosecution and judicial positions, not under the Israeli legislation but based on personal willingness to combat corruption.

Book part
Publication date: 20 June 2014

Abstract

Details

Evaluating Companies for Mergers and Acquisitions
Type: Book
ISBN: 978-1-78350-622-4

Article
Publication date: 28 July 2021

J.S. Keshminder, Mohammad Syafiq Abdullah and Marina Mardi

Green sukuk is a tool to finance climate change which has garnered considerable attention. However, having only recently come into existence has its own set of challenges for this…

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Abstract

Purpose

Green sukuk is a tool to finance climate change which has garnered considerable attention. However, having only recently come into existence has its own set of challenges for this tool that require immediate identification and government intervention to intensify its growth. This study aims to explore the challenges encountered by green sukuk issuers and the structure of a reconciled green sukuk issuance framework to speed up the market’s growth with the right interventions.

Design/methodology/approach

The study engaged a qualitative approach via multiple case study interviews with green sukuk issuers and used expert views for data triangulation to generate the findings. A total of four green sukuk issuers participated in the interviews, and for data triangulation purposes, four expert’s opinions and views were considered. The thematic analysis technique is used to report the findings.

Findings

It was revealed that amongst the challenges encountered in the green sukuk market are shoddy green taxonomy, difficulty in identifying green assets, it is time-consuming and costly, no compelling benefits and exposure to higher-risk profiles.

Research limitations/implications

This study may be influenced by observer error and observer bias. However, the researchers have taken cautious steps to overcome these issues by following strict case study methodology procedures and triangulating the qualitative research findings with views from green sukuk experts. These interventions increased the rigour and trustworthiness of the results.

Originality/value

This study is amongst the pioneer in Malaysia, exploring challenges in the green sukuk market. The results are relevant to governments, regulators, institutions and central banks to structure the right interventions to counter the challenges. Greater government involvement is required to strengthen the green sukuk market and to spearhead the green agenda.

Details

Qualitative Research in Financial Markets, vol. 14 no. 1
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 1 March 2016

Timothy G. Hawkins, Cory Yoder and Michael J. Gravier

The fear of receiving a bid protest is said to affect acquisition strategies, yet it has not been empirically explored. Based on the Public Value Framework and interviews with…

Abstract

The fear of receiving a bid protest is said to affect acquisition strategies, yet it has not been empirically explored. Based on the Public Value Framework and interviews with contracting personnel, this research tests a model of antecedents to and consequences of the fear of a protest. Survey data was obtained from a sample of 350 contracting personnel. The fear of protest is mitigated by having sufficient procurement lead time and by source selection experience, and increased by protest risk. Fear of protest increases compromised technical evaluations, added procurement lead time, and transaction costs, while it decreases contracting officer authority and is associated with source selection method inappropriateness. Compromised technical evaluations, in turn, decrease contractor performance while contracting officer authority increases contractor performance. Thus, findings suggest that, indeed, the tail is wagging the dog. The research concludes with several managerial implications, study limitations and future research directions.

Details

Journal of Public Procurement, vol. 16 no. 2
Type: Research Article
ISSN: 1535-0118

Article
Publication date: 4 January 2016

Rick Janssen, Robin de Graaf, Marnix Smit and Hans Voordijk

– The purpose of this paper is to identify barriers that prevent local governments from applying PPPs in their road development projects.

Abstract

Purpose

The purpose of this paper is to identify barriers that prevent local governments from applying PPPs in their road development projects.

Design/methodology/approach

Based on insights from a literature review, interviews were held with relevant staff to identify barriers. These were verified and their relative significance was determined through the use of a questionnaire, before being reflected upon and compared with literature findings.

Findings

The research identified 37 barriers to local governments using PPPs in road development projects and showed that four barriers consistently stand out. First, the application of PPPs requires local governments to adapt their current working methods, which amounts to a large impediment to local governments applying PPPs. Second, local government employees believe that applying PPPs might effectively exclude local contractors from involvement in projects. Finally, local governments experience the whole PPP approach (the third barrier) and the PPP contract (the fourth) as overly complicated.

Practical implications

To increase the use of PPPs for infrastructure provision at the local level, one has to focus on removing dominant local barriers as identified in this research.

Originality/value

Although local-level PPPs have seen increasing interest, this is one of the first studies paying attention to the barriers to using PPPs for local road development projects.

Details

International Journal of Managing Projects in Business, vol. 9 no. 1
Type: Research Article
ISSN: 1753-8378

Keywords

Article
Publication date: 7 March 2016

Rosa Caiazza

– The purpose of this paper is to explore current trends in multi-polar world with the aim of assessing new drivers and challenges in cross-border M & A.

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Abstract

Purpose

The purpose of this paper is to explore current trends in multi-polar world with the aim of assessing new drivers and challenges in cross-border M & A.

Design/methodology/approach

A case study analysis of cross-border M & A is described and discussed.

Findings

The paper indicates strategic motivations and implementation challenges of cross-border M & A under current pressures of a world characterized by multiple centers of economic power.

Originality/value

This paper evidence new direction in cross-border M & A research for reinterpreting existing paradigms and developing new ones.

Details

Benchmarking: An International Journal, vol. 23 no. 2
Type: Research Article
ISSN: 1463-5771

Keywords

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