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The effects of added distance on ownership decision and market reaction in cross-border acquisitions

Descriptive

Name (type = personal)
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Kim
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Hyun Gon
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Hyun Gon Kim
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Ajai S
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Ajai S Gaur
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chair
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Christmann
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Petra Christmann
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Mundra
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Kusum
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Kusum Mundra
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Advisory Committee
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internal member
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Mukherjee
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Debmalya
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Debmalya Mukherjee
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Advisory Committee
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Rutgers University
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degree grantor
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Graduate School - Newark
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theses
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2017
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2017-05
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2017
Place
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xx
Language
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eng
Abstract (type = abstract)
In this dissertation, I argue that as multinational companies (MNCs) enter different countries, the extent of cultural that they face is likely to depend on their most recent entry. Based on this, I examine the pattern of adding cultural distance between newly entered target country and the closest previous one, and its effect on acquiring firms’ ownership decision and shareholder market reactions to each cross-border acquisition (CBA) announcement. Further, I examine the effect of time in adding cultural distance between successive acquisitions on ownership decision in CBAs and market reaction to CBA announcement. I test the arguments on a sample of 10,423 CBAs involving U.S. acquirers and targets in 138 countries during 1980 - 2014 time period. This study finds that added cultural distance and time in adding cultural distance significantly influence the ownership share decision and market reaction to CBA announcement. In addition, an acquirer’s prior ownership, CBA experience and geographic distance moderate the relationship between the added distance and the ownership decision in CBAs and market reaction to CBA announcement.
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Management
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Rutgers University Electronic Theses and Dissertations
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ETD_8147
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electronic resource
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application/pdf
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text/xml
Extent
1 online resource (vii, 92 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
TitleInfo
Title
The effects of added distance on ownership decision and market reaction in cross-border acquisitions
Subject (authority = ETD-LCSH)
Topic
Consolidation and merger of corporations
Note (type = statement of responsibility)
by Hyun Gon Kim
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Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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doi:10.7282/T3ZC85TF
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

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The author owns the copyright to this work.
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Name
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Kim
GivenName
Hyun Gon
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Permission or license
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2017-04-28 12:54:44
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Hyun Gon Kim
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Rutgers University. Graduate School - Newark
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Author Agreement License
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I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
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Copyright protected
Availability
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Open
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Permission or license
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