Market reaction to cross-border acquisitions by Japanese firm

研究成果: Chapter

抄録

This study analyzes the effects of the acquisition of foreign firms by Japanese firms on the shareholder value. I estimate the market reaction to 99 announcements of cross-border acquisitions by Japanese firms valued above 50 billion yen between 1996 and 2016. In contrast to the prevailing notion that Japanese firms are not good at overseas acquisitions, I find that the market reaction to the announcement of acquisitions is not negative. In addition, the institutional characteristics and cultural differences of the target-firm country affect returns. The market reacts positively to the acquisition of firms located in countries with weak shareholder protection and that are culturally distant.

本文言語English
ホスト出版物のタイトルCompetition, Innovation, and Growth in Japan
出版社Springer Singapore
ページ201-224
ページ数24
ISBN(電子版)9789811038631
ISBN(印刷版)9789811038624
DOI
出版ステータスPublished - 2017 5月 11

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)
  • ビジネス、管理および会計(全般)

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