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| Tekijä: | Markides, C. Oyon, D. |
| Otsikko: | International Acquisitions: Do Thet Create Value for Shareholders? |
| Lehti: | European Management Journal
1998 : VOL. 16:2, p. 125-135 |
| Asiasana: | MERGERS SHAREHOLDERS SHAREHOLDER VALUE SHARES |
| Kieli: | eng |
| Tiivistelmä: | This paper empirically tests whether international acquisitions - in contrast to their domestic counterparts - on average create value for the shareholders of acquiring firms. It is found that whereas US international acquisitions in Britain and Canada create no value, US acquisitions in Continental Europe create significant value. These results are explained by examining: 1. the governance characteristics of the acquiring firms, 2. the competitiveness of the market for corporate control in the different countries, and 3. the characteristics of the acquisition and the acquiring firms. The results suggest that in the main, investors do not consider international expansion through acquisitions unless the acquiring firm has intangible assets to exploit abroad. |
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