Cross Border Acquisition Case Study

1084 Words5 Pages
Master Thesis

“EMPIRICAL ANALYSIS OF COUNTRY SPECIFIC FACTORS THAT AFFECT CROSS-BORDER MERGERS AND ACQUISITIONS”
- Evidence from Chinese acquisitions in Europe

Submitted by
Violeta Rendevska

Under The Guidance of
Prof. Chunbo Liu
Institute of Financial Studies
Prof. Yan Dong
Research Institute of Economics and Management

Southwestern University of Finance and Economics
Research Institute of Economics and Management
February, 2018

Declaration

I hereby declare that this thesis was performed and written on my own and the references and the resources used within this work have been explicitly indicated.

……………………………
(Violeta Rendevska)
Dated:

Chengdu, P.R. China
Abstract:

Key words:
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Chapter 2: What are cross-border Mergers and Acquisition
2.1 Cross-border Mergers and Acquisitions motives…………….. 2.1.1 International Growth in Relation with Cross Border Mergers and Acquisitions 2.1.2 International Growth of Economy…………………………………………….
2.2 Foreign Direct Investments (FDI) ……………………………….
Chapter 3: Theoretical framework
Chapter 4: Data selection
4.1 Sample and Data Sources ……………………………………………
4.2 Measures ……………………………………………………………… 4.2.1 Macro-economic variables………………………………………….. 4.2.2 Political and legal effectiveness variables…………………………… 4.2.3 Labor protection variables………………………………………….. 4.2.4 Cultural dimensions…………………………………………………..
Chapter 5: Methodology
Chapter 6: Empirical results
Chapter 7: Conclusion
Appendixes
Supplementary materials
List of References
CHAPTER 1: INTRODUCTION TO THE FIELD OF RESEARCH

1.1
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Economic growth brings lot of changes in a country by the circulation of wealth, but economic growth relies on financial development. According to Rajan and Zingles (1998), financial development has a positive impact on economic growth while Levine (1997) states that the financial development and economic growth are positively related. When it comes to economic growth and welfare, increased mergers and acquisition (M&A) over the past few years we can notice significant activity. The huge transactions that were happening, especially cross-border transactions that have been made, arise the interests among plenty of scholars. A good amount of studies in the market for corporate control have described that “mergers and acquisitions” (M&A) is an aggressive strategic growth choice to gain ownership and control over the target entity. As Trautwein (1990) mentions that M&A is usually used as a vehicle for growth, cross-border mergers and acquisitions are characterizing strong dedication and to create value from acquiring foreign targets on long-term is on high risk. It is recognized that cross-border mergers and acquisitions expand the knowledge base of the acquirer including new technology and mixture of different ways of managing the resources. To be more exact, cross-border mergers and acquisitions nowadays are used as a progressively common strategy by firms to create

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