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1 – 10 of over 5000Viet Anh Hoang, Man Dang, Ngoc Vu Nguyen, Ngoc Thang Nguyen and Darren Henry
The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41…
Abstract
Purpose
The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41 emerging markets.
Design/methodology/approach
The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers' target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only.
Findings
This research found that the likelihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning.
Originality/value
Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms' acquisition bidding planning and target choice decision-making.
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Daniel Stefan Hain and Roman Jurowetzki
The purpose of this paper is to shed light on the changing pattern and characteristics of international financial flows in the emerging entrepreneurial ecosystems of Sub-Saharan…
Abstract
Purpose
The purpose of this paper is to shed light on the changing pattern and characteristics of international financial flows in the emerging entrepreneurial ecosystems of Sub-Saharan Africa (SSA), provide a novel taxonomy to classify and analyze them, and discuss how such investments contribute to competence building and sustainable development.
Design/methodology/approach
In an exploratory study, the authors analyze the characteristics of international venture capital investors and the start-ups receiving funding in Kenya and map their interaction. The authors proceed by developing a novel taxonomy, classifying investors according to their main rationales (for-profit-for-impact), and start-ups according to the locus of needs and markets addressed by the start-up (local-global) and the locus of the start-ups capacity and knowledge (local-global).
Findings
The authors observe a new type of mainly western investors who support innovative ideas in SSA by identifying and investing in domestically developed technical innovations with the potential to address global market needs. The authors find such innovations to be mainly developed at the intersect of global and local knowledge.
Originality/value
The authors shed light on the – up to now – under-researched emerging phenomenon of international high-tech investments in SSA, and develop a novel taxonomy of technology investments in low-income countries, guiding further research on the conditions, impact, practical, and policy implications of this new form of finance flows.
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Alex Lundqvist, Eva Liljeblom, Anders Löflund and Benjamin Maury
The cultural and legal differences between foreign acquirers and African target firms can be substantial. There is also a large variation in cultures and legal systems within…
Abstract
Purpose
The cultural and legal differences between foreign acquirers and African target firms can be substantial. There is also a large variation in cultures and legal systems within Africa. However, there is limited research on merger and acquisition (M&A) performance by foreign firms in Africa. The purpose of this paper is to fill this gap by exploring the “spillover by law” hypothesis (Martynova and Renneboog, 2008) that focuses on the influence of the external environment on the governance and performance of foreign M&As in Africa.
Design/methodology/approach
The data set covers 415 M&A transactions by foreign firms in Africa during the period of 1999–2016. Dynamic data covering the country’s legal, cultural and political environment are collected from the World Bank, the Heritage Foundation and Transparency International.
Findings
The authors find that the legal environment significantly affects the returns of bidders on African firms. For complete acquisitions, bidder returns are significantly higher when the bidder’s country has higher shareholder protection and higher creditor protection compared with the target firm’s country. The results show that the effects are significant when there is a full control change (including a change in the target firm’s nationality) but not in the case of partial control transfers. The results are consistent with the “spillover by law” hypothesis.
Originality/value
The authors contribute to the literature on cross-border M&As by separately studying the valuation effects of full, majority and minority changes in control; by being the first study of the legal spillover effects in Africa; and by being the most extensive study of the legal determinants of the valuations of non-African acquirers of African firms.
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The feasibility and desirability of reverse logistics in market-motivated contexts are examined in China. Interactions between the major barriers, that hinder or prevent the…
Abstract
The feasibility and desirability of reverse logistics in market-motivated contexts are examined in China. Interactions between the major barriers, that hinder or prevent the application of reverse logistics in China are analyzed. Management’s key task is to diagnose barriers to the application of reverse logistics that could be crucial to the organization’s future survival. Simultaneity, a value delivery system exists to create value for customers and environments by supplying needed products and services. Value delivery systems are at the heart of every firm and, more than anything else, determine that, whether the firm survives in the marketplace or disappears into bankruptcy or takeover. The processes and model of market-motivated reverse logistics value delivery system are discussed, and the processes content and model are presented. Simultaneity, based on the advantage of the Third Party Reverse Logistics Providers (3PRLs) and Outsourced Service Providers, an integrated evaluation model is built to select 3PRLs by using the integrated decision-making methods. Reflecting the comprehensive information requirement, the Analytic Hierarchy Process and entropy approaches are applied to calculate the objective weights. A new kind of relative similarity degree is established by combining the Euclidean distance with the grey correlation degree. An example demonstrates the model’s efficiency.
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The purpose of this study is to, first, analyze the past years of research on international branding and, second, building on an early literature review, to analyze patterns in…
Abstract
Purpose
The purpose of this study is to, first, analyze the past years of research on international branding and, second, building on an early literature review, to analyze patterns in the field and suggest future research.
Design/methodology/approach
The analyzed papers were compiled using the Web of Science and Scopus databases. The author searched papers published between 2007 and 2023 that used terms related to international branding in their title, abstract and keywords.
Findings
This paper structures and identifies key institutions, papers, regions and authors in the field. It provides an overview of the past years of research in the area. The study identifies important gaps in the literature and suggests further research dealing with, for example, the B2B sector and emerging markets.
Originality/value
Despite the increase in international branding studies, few literature reviews have been published since 2007. This review fills this research gap. It identifies future research areas dealing with branding in the B2B sector, branding in emerging markets, branding process and implementation studies using longitudinal methods and more practical research.
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Dandan Qiu, Lei Luo, Zhiqi Zhao, Songtao Wang, Zhongqi Wang and Bengt Ake Sunden
The purpose of this study is to investigate the effects of film holes’ arrangements and jet Reynolds number on flow structure and heat transfer characteristics of jet impingement…
Abstract
Purpose
The purpose of this study is to investigate the effects of film holes’ arrangements and jet Reynolds number on flow structure and heat transfer characteristics of jet impingement conjugated with film cooling in a semicylinder double wall channel.
Design/methodology/approach
Numerical simulations are used in this research. Streamlines on different sections, skin-friction lines, velocity, wall shear stress and turbulent kinetic energy contours near the concave target wall and vortices in the double channel are presented. Local Nusselt number contours and surface averaged Nusselt numbers are also obtained. Topology analysis is applied to further understand the fluid flow and is used in analyzing the heat transfer characteristics.
Findings
It is found that the arrangement of side films positioned far from the center jets helps to enhance the flow disturbance and heat transfer behind the film holes. The heat transfer uniformity for the case of 55° films arrangement angle is most improved and the thermal performance is the highest in this study.
Originality/value
The film holes’ arrangements effects on fluid flow and heat transfer in an impingement cooled concave channel are conducted. The flow structures in the channel and flow characteristics near target by topology pictures are first obtained for the confined film cooled impingement cases. The heat transfer distributions are analyzed with the flow characteristics. The highest heat transfer uniformity and thermal performance situation is obtained in present work.
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Cara Greta Kolb, Maja Lehmann, Johannes Kriegler, Jana-Lorena Lindemann, Andreas Bachmann and Michael Friedrich Zaeh
This paper aims to present a requirements analysis for the processing of water-based electrode dispersions in inkjet printing.
Abstract
Purpose
This paper aims to present a requirements analysis for the processing of water-based electrode dispersions in inkjet printing.
Design/methodology/approach
A detailed examination of the components and the associated properties of the electrode dispersions has been carried out. The requirements of the printing process and the resulting performance characteristics of the electrode dispersions were analyzed in a top–down approach. The product and process side were compared, and the target specifications of the dispersion components were derived.
Findings
Target ranges have been identified for the main component properties, balancing the partly conflicting goals between the product and the process requirements.
Practical implications
The findings are expected to assist with the formulation of electrode dispersions as printing inks.
Originality/value
Little knowledge is available regarding the particular requirements arising from the systematic qualification of aqueous electrode dispersions for inkjet printing. This paper addresses these requirements, covering both product and process specifications.
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The purpose of this article is to investigate the communicative constitution of organizational inclusion and/or exclusion through humorous acts at the expense of members of…
Abstract
Purpose
The purpose of this article is to investigate the communicative constitution of organizational inclusion and/or exclusion through humorous acts at the expense of members of minorities and/or historically disadvantaged groups.
Design/methodology/approach
Semistructured interviews with 84 employees in Austria and Germany dealing with their experiences regarding diversity and inclusion (D&I) at work were conducted and analyzed in two steps. First, a thematic text analysis was performed to structure the content and identify relevant themes and anecdotes for further analysis. Second, a ventriloquial analysis sought to identify the physically absent yet present voices in these anecdotes.
Findings
The interviews revealed that jokes and quips mostly target colleagues of observable foreign origin. The analysis further identified three themes that show that disparaging humor can simultaneously reinforce inclusion/exclusion across hierarchies and create boundaries within teams – but in different ways. The findings also indicate that above all prejudices “participate” in such events and that in most cases the collective is invoked to increase the joke's “authority”.
Originality/value
This research is the first one that investigates humor in the context of D&I through a communicative constitution of organization (CCO) lens, which facilitates studying the constitutive character of humorous communication in terms of inclusion and exclusion. Moreover, this is one of the first empirical humor studies to draw on established theory-driven concepts of inclusion-exclusion in its analysis.
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The purpose of this paper is to examine the effects of the post-merger integration duration on acquiring firms’ leverage behavior before and after a merger, using a dynamic model…
Abstract
Purpose
The purpose of this paper is to examine the effects of the post-merger integration duration on acquiring firms’ leverage behavior before and after a merger, using a dynamic model in which full merger benefits cannot be consumed at the instant of a merger, but rather after a pre-specified post-merger integration period.
Design/methodology/approach
This paper presents a dynamic model and empirical tests that describe the impact of the post-merger integration period on the capital structure dynamics of the acquiring and target firms prior to a merger and during the post-merger integration period. By incorporating costs associated with the post-merger integration period, the model can provide new implications for the leverage behavior around the merger.
Findings
Empirical tests support the model implications by showing that the longer the expected post-merger integration process, the less likely the acquirer will structure the financing of the combined firm in a manner that increases firm leverage. Since integration takes time to complete, an acquirer tends to retain financial flexibility during the integration process by assuming lower levels of debt when determining the capital structure of the merged entity.
Originality/value
The model generates new implications related to acquiring firms’ leverage dynamics along with the method of payment choice. The analysis of the duration of the post-merger integration period extends both the theoretical and empirical literature that tacitly assumes that the merger-related synergy is realized immediately at the merger date. This is the first model in the literature that assumes that both the acquiring and the target firms can change their capital structure overtime, which allows us to analyze both the financing structure and the merger timing. Previous empirical studies also ignore the integration period in the analysis of the method of payment choice and leverage behavior around mergers. The model in this paper can be extended along a number of dimensions.
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Quang-Huy Ngo, Thi-Nam-Ninh Doan and Thanh-Nha Huynh
Although the budgeting literature well documents managers' creation of budgetary slack in developed economies, lack of attention has been paid to this behaviour in emerging…
Abstract
Although the budgeting literature well documents managers' creation of budgetary slack in developed economies, lack of attention has been paid to this behaviour in emerging economies. It is doubtful that some unique characteristics, only existing in emerging economies, cause this behaviour to be different than the budgeting literature predicts. Since there is no study examining managers' creation of budgetary slack in emerging economies, such as Vietnam, to get insight into whether or not these characteristics cause the differences, the aim of this study is to replicate prior budgeting studies by using Vietnamese samples. Particularly, we investigated the impact of budgetary participation, budget emphasis, information asymmetry, and the interactions between these variables on managers' creation of budgetary slack. Data obtained from the questionnaire sent to 99 Vietnamese managers shows that the last two variables and the interaction between them induce managers' creation of budgetary slack. However, the results also indicate that the first variable and the interaction between this variable and the other two variables respectively have no impact on managers' creation of budgetary slack. These results provide some insight into the creation of budgetary slack of Vietnamese managers for future studies to extend the line of research.