Determinants Of Cross-Border Mergers and Acquisitions (Cbmas) Performance in Five East Asian Countries

Song, Saw-Imm and Rashidah, Abdul Rahman and Chu, Ei-Yet and Kueh, Cheok-Choo (2011) Determinants Of Cross-Border Mergers and Acquisitions (Cbmas) Performance in Five East Asian Countries. International Conference on Science and Social Research (CSSR), 2010. ISSN ISBN: 978-1-4244-8986-2


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This study aims to investigate the determinants that caused the variations in the post-CBMA performance of the target firms in the five East Asian countries, namely Malaysia, Thailand, Indonesia, the Philippines and South Korea. Using a sample from 1998 to 2004, the ownership and target firms' characteristics are examined. A four-step hierarchical analysis was used with EFCFS (Excess free cash flow per share) as a dependent variable for the post-CBMA performance and independent variables including characteristics of targets (pre-CBMA) and ownership characteristics of the acquired (post-CBMA). The results show that the average EFCFS improved after CBMAs. The target characteristics such as pre-CBMA performance, the size of the targets, and the business relatedness between targets and acquirers have a significant effect on EFCFS. The positive effect of foreign majority control on post-CBMA performance nevertheless is contingent on the target characteristics 

Item Type: Article
Uncontrolled Keywords: Cross-border mergers and acquisitions, East Asian countries, Determinants, Excess free cash flow, target characteristics, ownership, unimas, university, universiti, Borneo, Malaysia, Sarawak, Kuching, Samarahan, ipta, education, research, Universiti Malaysia Sarawak
Subjects: H Social Sciences > HB Economic Theory
Divisions: Academic Faculties, Institutes and Centres > Faculty of Economics and Business
Depositing User: Karen Kornalius
Date Deposited: 12 Jun 2017 00:51
Last Modified: 12 Jun 2017 00:51

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