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題名 Financing Constraints, Ownership Control, and Cross‐Border M&As: Evidence from Nine East Asian Economies
作者 陳嬿如
Chen, Yenn‐Ru
陳俊男
Chen, Chun‐Nan
Huang, Yu‐Lin
貢獻者 財管系
關鍵詞 Corporate Governance; Cross-Border M&As; Financing Constraints; Ownership Control; Asian Economies
日期 2009-11
上傳時間 26-May-2020 13:43:06 (UTC+8)
摘要 Manuscript Type: Empirical/Research Question/Issue: This study distinguishes between the effects of financial constraint determinants on cross-border mergers and acquisitions (M&As) and domestic M&As for all takeover bids announced in nine East Asian economies from 1998 to 2005./Research Findings/Insights: The results of logistic regressions verify that the extent of stock market and governance developments improves corporate financing conditions and subsequently encourages cross-border M&As in East Asia. The results also indicate that, except for ownership control variables, the firm-specific factors of financing constraints reduce the occurrence of cross-border M&As relative to domestic M&As. Although family- and state-controlled firms have better access to external financing, they are reluctant to risk diluting their management control and thus prefer domestic M&As to cross-border deals./Theoretical/Academic Implications: This study enhances the empirical studies of the relation between financing constraints and corporate investments based on the market imperfection hypothesis of corporate finance theories. In addition, this study also addresses the interaction between the market imperfection hypothesis and agency theory in explaining the effects of special ownership control on cross-border M&As relative to domestic deals. Furthermore, by examining the research questions across nine East Asian economies, this study provides an understanding of how such a relation applies to firms in countries where information asymmetry is high./Practitioner/Policy Implications: The findings indicate the importance of corporate governance and verify the effects of unique organizational structures on major corporate decisions. Specifically, family-controlled firms are often free of the financing constraints inherent in investment decisions. Thus, it is necessary to consider such organizational uniqueness when explaining the financing behavior of cross-border M&As conducted by Asian firms.
關聯 Corporate Governance: An International Review, Vol.17, No.6, pp.665–680
資料類型 article
DOI https://doi.org/10.1111/j.1467-8683.2009.00770.x
dc.contributor 財管系
dc.creator (作者) 陳嬿如
dc.creator (作者) Chen, Yenn‐Ru
dc.creator (作者) 陳俊男
dc.creator (作者) Chen, Chun‐Nan
dc.creator (作者) Huang, Yu‐Lin
dc.date (日期) 2009-11
dc.date.accessioned 26-May-2020 13:43:06 (UTC+8)-
dc.date.available 26-May-2020 13:43:06 (UTC+8)-
dc.date.issued (上傳時間) 26-May-2020 13:43:06 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/129869-
dc.description.abstract (摘要) Manuscript Type: Empirical/Research Question/Issue: This study distinguishes between the effects of financial constraint determinants on cross-border mergers and acquisitions (M&As) and domestic M&As for all takeover bids announced in nine East Asian economies from 1998 to 2005./Research Findings/Insights: The results of logistic regressions verify that the extent of stock market and governance developments improves corporate financing conditions and subsequently encourages cross-border M&As in East Asia. The results also indicate that, except for ownership control variables, the firm-specific factors of financing constraints reduce the occurrence of cross-border M&As relative to domestic M&As. Although family- and state-controlled firms have better access to external financing, they are reluctant to risk diluting their management control and thus prefer domestic M&As to cross-border deals./Theoretical/Academic Implications: This study enhances the empirical studies of the relation between financing constraints and corporate investments based on the market imperfection hypothesis of corporate finance theories. In addition, this study also addresses the interaction between the market imperfection hypothesis and agency theory in explaining the effects of special ownership control on cross-border M&As relative to domestic deals. Furthermore, by examining the research questions across nine East Asian economies, this study provides an understanding of how such a relation applies to firms in countries where information asymmetry is high./Practitioner/Policy Implications: The findings indicate the importance of corporate governance and verify the effects of unique organizational structures on major corporate decisions. Specifically, family-controlled firms are often free of the financing constraints inherent in investment decisions. Thus, it is necessary to consider such organizational uniqueness when explaining the financing behavior of cross-border M&As conducted by Asian firms.
dc.format.extent 140714 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Corporate Governance: An International Review, Vol.17, No.6, pp.665–680
dc.subject (關鍵詞) Corporate Governance; Cross-Border M&As; Financing Constraints; Ownership Control; Asian Economies
dc.title (題名) Financing Constraints, Ownership Control, and Cross‐Border M&As: Evidence from Nine East Asian Economies
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/j.1467-8683.2009.00770.x
dc.doi.uri (DOI) https://doi.org/10.1111/j.1467-8683.2009.00770.x