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Cross-Border acquisitions: effect on shareholder wealth from developing markets acquiring firms
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This study examines whether acquiring firms from emerging economies are able to create value for their shareholders in cross-border acquisitions, and what drives value creation. From a sample of 91 cross-border mergers and acquisitions performed by 67 Chinese multinationals during the period 2005-Sept. 2019. On average, these initiatives created value for the bidders’ shareholders, but the employment of financial advisors had a negative impact on said value creation. There is statistical evidence to support that being listed on the Hong Kong Stock Exchange, payments in stock or mix of cash and stock helped produce better results, but not for corporate governance measures.
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Cross-border acquisitions Emerging-market multinationals Value creation Financial advisory