Stock payment and the effects of institutional and cultural differences: A study of shareholder value creation in cross-border M&As
Abstract
Recognizing that cross-border mergers and acquisitions (M&As) are not alike in terms of how the payment method is structured, this paper investigates the role of stock payment that results in ownership sharing with foreign targets. Based on our empirical analysis using a sample of 4720 cross-border M&A deals during 1997–2012, we find that stock payment in cross-border M&As has a detrimental effect on shareholder value because of the negative...
Paper Details
Title
Stock payment and the effects of institutional and cultural differences: A study of shareholder value creation in cross-border M&As
Published Date
Jun 1, 2017
Volume
26
Issue
3
Pages
461 - 475
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