Download or read book The Role of Corporate Governance for Acquisitions by the Emerging Market Multinationals written by Burcin Col and published by . This book was released on 2019 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acquisitions by emerging market firms of targets located in developed markets have increased drastically over the recent years. We use this setting to test Coffee's (1999) bonding hypothesis in a cross-border M&A context by examining whether acquirers adopt the corporate governance practices prevalent in the target's country. Using firm-level data spanning 2001-2010, we find that (i) ownership and board characteristics of Indian firms change significantly after acquiring developed market targets, (ii) the change in firm governance is more pronounced when the target countries have better investor protection and (iii) acquirers that exhibit changes in firm governance are associated with higher valuation after these transactions. These findings suggest that emerging market firms bond to higher corporate governance standards of the developed markets through cross-border acquisitions.
Download or read book State on Board written by Nga Pham and published by Springer Nature. This book was released on 2021-09-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in this book focuses on the strategic behaviour of the State as a shareholder in businesses, and the implications it has for the other shareholder(s) and business performance. It investigates the institutional characteristics of State-linked and State-owned firms (SIEs & SOEs), in emerging markets using Vietnam as a case study with comparative analysis on China and selected ASEAN countries. In doing so, the book adopts an evidence-based approach to explain the State’s role as a shareholder in the different aspects of corporate governance, including CEO appointment, board structure and impact of State ownership on business strategy and performance. It highlights the influence of the State as a shareholder by investigating institutional factors consistent with “path dependence” theory, which postulates that the initial and underlying structure of an economy influences its performance. In addition, the book presents empirical evidence of the dynamics of corporate governance arising from interactions between the State and other shareholders, which has not yet been addressed in the literature, and is distinctive in providing new insights from both qualitative and empirical research on how to successfully navigate the emerging market business environments from the perspective of the State as an “owner-participant”. Explaining the theoretical constructs in corporate governance in State-invested firms, empirical research methodologies, and results to draw and validate inferences, the book is comprehensive and provides a practical guide for practitioners as well as a reference for academics, undergraduate and postgraduate students. The new theoretical models proposed integrate traditional political-economic and agency theories, which also underpin tertiary business courses and academic research.
Download or read book Mergers and Acquisitions written by Neelam Rani and published by Springer. This book was released on 2016-09-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.
Download or read book Emerging Multinationals in Emerging Markets written by Ravi Ramamurti and published by Cambridge University Press. This book was released on 2009-04-16 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why have so many firms in emerging economies internationalized quite aggressively in the last decade? What competitive advantages do these firms enjoy and what are the origins of those advantages? Through what strategies have they built their global presence? How is their internationalization affecting Western rivals? And, finally, what does all this mean for mainstream international business theory? In Emerging Multinationals in Emerging Markets, a distinguished group of international business scholars tackle these questions based on a shared research design. The heart of the book contains detailed studies of emerging-market multinationals (EMNEs) from the BRIC economies, plus Israel, Mexico, South Africa, and Thailand. The studies show that EMNEs come in many shapes and sizes, depending on the home-country context. Furthermore, EMNEs leverage distinctive competitive advantages and pursue distinctive internationalization paths. This timely analysis of EMNEs promises to enrich mainstream models of how firms internationalize in today's global economy.
Download or read book Cross border Mergers and Acquisitions written by O. Morresi and published by Springer. This book was released on 2014-11-19 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since their explosion in the mid-1990s, mergers and acquisitions (M&As) have turned into a global phenomenon with growing prevalence. A large number of theoretical and empirical studies focus on cross-border deals from several perspectives, such as motives, strategic issues, and performance. Most books treat these studies as specific characteristics of M&As, paying little attention to the distinctive elements that differentiate them from domestic operations. In short, there is now a real need for a fresh review and categorization of cross-border deals. Cross-Border Mergers and Acquisitions is the first book to provide readers with a complete guide to understanding the main concepts, theories, and results driving cross-border M&As. Morresi and Pezzi present an original framework that ties together the growing body of theoretical and empirical studies on the topic. This work describes the relevance of the phenomenon in terms of its economical, geographical, and historical impact, and analyzes the market- and accounting-based performance of cross-border deals.
Download or read book Governance Multinationals and Growth written by Lorraine Eden and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contiene: Foreword by Peter J. Buckley Part I: Introduction. - Part II: Corporate Governance, Multinationals and Growth. - Part III: Free Trade, Multinationals and Growth. - Part IV: Public Governance, Multinationals and Growth. - Part V: Conclusions.
Download or read book How Do Multinational Companies from Emerging Markets Gain Competitive Advantages in Global Markets written by Jonas Dubiel and published by . This book was released on 2020-04-13 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2017 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Friedrich-Alexander University Erlangen-Nuremberg (Department of International Management), language: English, abstract: The purpose of the thesis is to present selected business strategies and link them with the ability of Emerging Market Multinational Enterprises (EMNEs) to build and strengthen competitive advantages. Further to that uses the thesis empirical case studies of Tata Motors from India and Lenovo from China to analyse their performance and competitive advantages. The results of the thesis reveal that EMNEs employ competitive advantages which underpin their expansion abroad. These advantages are mainly built by finding innovative opportunities to leverage country specific advantages. In addition, competitive advantages are obtained by accessing new knowledge in advanced markets through cross-border acquisitions. The case studies reveal, that EMNEs acquire abroad to access knowledge such as brand reputation and technologies. As a result, the international value chain structure needs to be configured. A meaningful phenomenon of global competitiveness is the increasing amount of Emerging Market Multinational Enterprises (EMNEs) that have succeeded in the con- straining institutional home markets and are now participating globally due to foreign direct investments. However, despite the increase in academic research explaining the internationalization of EMNEs, little research has been carried out to analyse the success of EMNEs.
Download or read book Survey Says written by Vikramaditya Khanna and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises have a way of bringing corporate governance to the foreground. For interested parties wanting to know more, there is an impressive body of research that looks at companies and the connection between strong governance and better performance. However, the existing literature only goes so far. It does not look at whether the level and quality of firm-level corporate governance plays a role as large-scale investors consider investment decisions in emerging markets. This study of emerging market investors sheds light on this issue and reveals that emerging market investors care deeply about corporate governance. The findings have significant implications, not only for the emerging markets business and finance community, but for policy makers, academics, the media, as well as for development finance institutions focused on sustainable economic development in these countries. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.
Download or read book Corporate Governance in Central Europe and Russia written by Maria Aluchna and published by Springer Nature. This book was released on 2020-03-04 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines corporate governance through a holistic lens that integrates financial, social and environmental goals, e.g. increasing transparency and disclosure. In addition, it investigates the theoretical assumptions guiding the current corporate governance practices adopted by companies in Central Europe and Russia. The book presents a dynamic study on the evolution of corporate governance systems, which were practically non-existent just 30 years ago. In turn, it addresses criticism leveled at corporate governance, its impact on the outbreak of the financial crisis, and recommendations for changes after the crisis. The book employs a regional focus, exploring a group of countries that have often been neglected in corporate governance research. Carefully selected data and a variety of case studies prepared by leading authors from the region provide evidence to support the analysis.
Download or read book The Competitive Advantage of Emerging Market Multinationals written by Peter J. Williamson and published by Cambridge University Press. This book was released on 2013-04-04 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous analysis of how the innovative practices of emerging multinationals from the BRIC countries are transforming global competition.
Download or read book Brand Breakout written by Nirmalya Kumar and published by Springer. This book was released on 2013-06-13 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by the world's leading thinkers on brand strategy, this book looks at what Asian and emerging market brands need to do to succeed in international markets and the challenges they face when competing with western brands.
Download or read book Emerging Market Multinationals written by Alvaro Cuervo-Cazurra and published by Cambridge University Press. This book was released on 2016-03-17 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the challenges faced by emerging market multinationals as they develop their international operations and proposes actionable solutions.
Download or read book Takeover Laws and Financial Development written by Tatiana Nenova and published by World Bank Publications. This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of "an appropriate" legal framework, especially in the case of the takeover market, has been poorly studied in the case of emerging markets, yet it is of immediate relevance and practical policymaker interest. The study makes a first attempt to analyze takeover regulations in a comparative context across 50 countries. It proposes a methodology to create a detailed index on the most salient features of capital market laws, and illustrates the approach on the case of takeover legislation. The methodology allows better understanding of the impact of laws on markets and development, allows a detailed quantification of a given regulation, in this case takeover market rules, and helps determine relevant policy implications. Specifically, the framework permits the exploration of the effects of individual regulations, their substitutability and interplay, as well as the overall extent of friendliness of the laws to investors, or particular groups thereof (such as minority shareholders), and the links of specialized regulation with the overall legal system. Finally, the study explores the effect of the investor-friendliness of takeover laws on stock market development.
Download or read book Multinational Enterprises and Emerging Economies written by Klaus E.Meyer and published by Edward Elgar Publishing. This book was released on 2020-03-28 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guided by the overarching question “how and why does the emerging economy context matter for business?”, this collection brings together key contributions of Klaus Meyer on multinational enterprises (MNEs) competing in, and originating from, emerging economies. The book also explores how outward investment strategies contribute to building internationally competitive MNEs.
Download or read book The New Emerging Market Multinationals Four Strategies for Disrupting Markets and Building Brands written by Amitava Chattopadhyay and published by McGraw Hill Professional. This book was released on 2012-06-15 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Breakthrough strategies for emulating or competing with your newest and toughest threat: innovative companies in emerging-market nations Western organizations are quickly losing influence to emerging market multinationals, as evidenced by such developments as Tata Motors’s acquisitions of Land Rover and Jaguar; Lenovo’s purchase of IBM’s ThinkPad business; HTC’s stature as the fourth largest global smartphone manufacturer; Haier’s 5% global appliance market share; and LG, Samsung, and Hyundai rise in the automobile, appliance, and consumer electronics market. To help you compete, The New Emerging Market Multinationals outlines the disruptive strategies deployed by emerging-market multinationals (EMNCs) and provides breakthrough strategies for following in their footsteps or beating them at their own game. Amitava Chattopadhyay is the L'Oreal Chaired Professor of Marketing-Innovation and Creativity at INSEAD. Rajeev Batra is the S.S. Kresge Professor of Marketing at the Ross School of Business at the University of Michigan. Aysegul Ozsomer is associate professor of Marketing at Koç University, Istanbul, Turkey.
Download or read book Corporate Governance and Mergers and Acquisitions written by Rabi Narayan Kar and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: M&As scenario started changing in India after the introduction of liberalization process in 1991.The policy initiatives of the Government led to a structural transformation in the Indian industries. This industrial transformation has provided a launch pad for the corporate to grow and expand through M&As strategy. Corporate governance broadly refers to a set of practices that are designed to govern the behaviour of corporate enterprises. In the backdrop of several American corporate debacles, corporate governance has been increasingly seen as a means to promote healthier corporate practices and to check the errant enterprises. In this context, M&A serves as a vital instrument of corporate governance to increase corporate efficiency. Corporate governance in the context of a company, deals with laws, procedures, practices and implicit rules that determine a company's ability to take managerial decisions vis-a-vis its stakeholders. In this paper, an attempt has been made to present the relationship between corporate governance and mergers and acquisitions. Further, an exploratory attempt has been made to analyse the impact of M&A on share price bahaviour to identify the important issues, which could improve the corporate governance practices of enterprises. From the literature review, evidence of shareholders gaining positively in case of target firms has been proved at the time of M&As. In case of acquiring firms, there have been divergent of opinions on this issue. However, none of the studies in the Indian context examined these issues. Being an important area having wide policy implications, it needs to be investigated. In the recent past, some corporate actions has proved that hostile M&A front prevailing in the Indian corporate front. Many companies are also playing safe by shoring up their holdings through buy-back of shares to thwart hostile corporate raids. In this backdrop, better corporate governance practices have become more essential. The impact of mergers and acquisitions on corporate performance could be measured in several ways. One way of analysing is to evaluate the impact of M&As in terms of various measures of profitability before and after mergers and acquisitions. There are two sets of arguments. One set of arguments hold that significant improvement in profitability after M&As and vice-versa. Another aspect relating to the performance analysis is that many firms engaged in a series of M&A activities over a time as has been observed in the present study. Thus, it is difficult to isolate the influence of a single acquisition event. Thus, the best course of action is to investigate each of the pre and post merger acquisitions events to analyse impact, which has been followed in this study. The other way to measure the performance is to monitor the share prices after the merger or acquisition deal is struck, which assumes that stock markets are efficient. Empirical studies of this type indicate that a target firm's shareholders benefit and the bidding firm's shareholders either gain or do not lose. An exploratory attempt has been made here to investigate the impact of M&As on share price behaviour of the acquiring firms. This study concentrated only on acquiring firms, as relevant data is not available for target firms because either they are merged or taken over by the acquiring firms. It is observed that in majority of the cases acquiring company's shareholder's gain due to the M&A. This also in consistent with the literature that Indian stock markets do take a positive view of M&A strategies being adopted by the Indian companies. As has been stated in the research findings, the reasons for appreciation may be related to the anticipated value enhancement of the merged entity as a result of expected increase in cash flows from the M&A., This is in tandem with the arguments that the shareholders might have taken into account the expected increase in performance due to better profitability, market leadership, new growth prospects and cost efficiency. It has also been found from the literature that takeovers are motivated by expectations of improved performance due to the realization of synergistic benefits, which reflected in the share prices. This has been reflected in motives of Indian M&As which might have caused the share prices appreciation. A Strong R&D and Strategic alignment has also emerged as important motive of Indian M&As which may have influenced the share price behaviour of the Indian enterprises. However, there are some important issues, which needs to be taken care of for better corporate governance practices when corporate enterprises indulge in mergers and acquisitions.
Download or read book Handbook of Institutional Approaches to International Business written by Geoffrey Wood and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The latest generation of research in comparative institutional analysis of business is impressively captured in this volume; readers find depth in theory development, breadth in application to practice and policy, and insight on the big research issues ahead. Both generalist and specialist readers will find much of value here.' – Bruce Evan Kaufman, Georgia State University, US This inspiring Handbook brings together alternative perspectives from a range of disciplines to shed light on the nature of institutions and their relationship to firm-level practices and outcomes across a wide range of national settings. Expertly written by leading scholars from a range of different starting points, this compendium presents a synthesis of recent work relating to institutionally-informed accounts from transitional and emerging markets, as well as from mature economies. It specifically focuses on the linkage between institutions and what goes on inside firms, and the relationship between setting, strategic choice and systemic outcomes. The Handbook is explicitly multi-disciplinary, encompassing perspectives from a range of the functional areas of management studies. It will prove invaluable for postgraduate students and faculty in international business, and the wider research community in the areas of international business, corporate governance, socio-economics, and comparative HRM.
