Article Dans Une Revue Research in International Business and Finance Année : 2023

Cross-border mergers and acquisitions by emerging country banks: What do acquisition premiums tell us?

Résumé

Our knowledge of international expansion motives and strategies of emerging country banks (ECBs) is limited. Using a worldwide sample of cross-border mergers and acquisitions (CBMAs) and a mixed model, we explore firm- and country-level determinants of acquisition premiums. We show that the effects of target bank and target country characteristics on premiums are contingent on the acquirer’s home country: emerging vs. advanced. More specifically, compared to advanced country acquirers, ECBs pay lower premiums for targets that are: (i) more efficient; (ii) offering better functional diversification opportunities; and (iii) based in markets with higher growth prospects or better institutional development levels. Furthermore, state-owned ECBs pay higher premiums. Our findings suggest that CBMAs undertaken by ECBs might not be motivated by competence-enhancing strategies while being less sensitive to the target country’s institutional development.
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Dates et versions

hal-04224961 , version 1 (02-10-2023)

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Canan Yildirim, Mouloud Tensaout, Veronika Belousova. Cross-border mergers and acquisitions by emerging country banks: What do acquisition premiums tell us?. Research in International Business and Finance, 2023, 66, pp.102042. ⟨10.1016/j.ribaf.2023.102042⟩. ⟨hal-04224961⟩
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