What Target Country Characteristics Drive Cross-Border Acquisition Deal Failures? : Analysis of U.S. Acquirer Deals from 2014 - 2022
- 주제어 (키워드) Cross-border acquisition , Emerging country , Deal Failure , Market Growth , Institutional Quality , Technological Competence Gap
- 발행기관 서강대학교 기술경영전문대학원
- 지도교수 박진혁
- 발행년도 2025
- 학위수여년월 2025. 2
- 학위명 석사
- 학과 및 전공 기술경영전문대학원 기술경영학
- 실제 URI http://www.dcollection.net/handler/sogang/000000079623
- UCI I804:11029-000000079623
- 본문언어 영어
- 저작권 서강대학교 논문은 저작권 보호를 받습니다.
초록 (요약문)
This paper examines the factors contributing to the failure of cross-border acquisition deals, with a particular focus on the characteristics of the target host country. Building on Dunning’s Eclectic Paradigm and Transaction Cost Economics, acquirers aim to minimize transaction costs by leveraging ownership, locational, and internalization while navigating both exogenous and endogenous uncertainties. In particular, our analysis focuses on the specific traits of target host countries. We begin by examining aspects of target attributes in diverse national contexts. We hypothesize that the deals where targets are based in countries with high market growth are also less likely to be completed successfully. Furthermore, we argue that targets located in emerging countries with weak institutional quality will exhibit a high likelihood of deal failure. Finally, we propose that a greater technological competence gap between the acquiring and target host countries increases the likelihood of deal failure when the target host country possesses superior technological capabilities. Utilizing a dataset comprising 16,936 acquisition attempts made by U.S. acquirers between 2014 and 2022, our analysis provides empirical support for the proposed hypotheses.
more목차
I. Introduction 1
Deal Completion 9
II. Theoretical Background 12
Theoretical Background: Integration Phase 13
Theoretical Background: Decision-making Phase 13
III. Hypotheses 17
IV.Data, Measures, and Empirical Model 21
Sample and Data 21
Dependent Variable 26
Explanatory Variables 26
Market Growth 26
Institutional Quality (Logarithm) 27
Country-level Technological Competence 27
Control Variables 29
Methodology 33
V. Empirical Results 33
VI. Robustness Tests and Supplementary Analysis 40
VII. Implications 46
VIII. Conclusion 49
IX. Limitations 52
Bibliography 53
