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dc.contributor.authorNing, Len
dc.contributor.authorKuo, JMen
dc.contributor.authorStrange, Ren
dc.contributor.authorWang, Boyaen
dc.date.accessioned2017-08-08T13:04:41Z
dc.date.available2017-08-08T13:04:41Z
dc.date.issued2014-01en
dc.identifier.issn0969-5931
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/266032
dc.description.abstractHow do international investors react to announcements of cross-border mergers and acquisitions (CM&As) by emerging market multinational enterprises (EMNEs)? Using a unique and manually-constructed firm-level dataset, this paper examines the stock price reactions to CM&A announcements made over the period 1991-2010 by Chinese MNEs listed on the Hong Kong Stock Exchange and the wealth impacts of their corporate governance. Our empirical findings confirm a positive stock price reaction on average, and suggest that international investors react positively to the presence of large shareholders, but negatively to the presence of institutional shareholders. There is a negative impact if the largest shareholder is either the State or the corporate founder. We suggest that this is because the international investors perceive potential principal-principal conflicts in such ownership/control constellations and discount equity prices accordingly. We also find that Board size and independence have positive effects on the price reaction, but that large supervisory boards engender negative reactions. © 2013 Elsevier Ltd.
dc.titleInternational investors' reactions to cross-border acquisitions by emerging market multinationalsen
dc.typeArticle
prism.endingPage823
prism.issueIdentifier4en
prism.publicationDate2014en
prism.publicationNameInternational Business Reviewen
prism.startingPage811
prism.volume23en
dc.identifier.doi10.17863/CAM.12196
dcterms.dateAccepted2013-12-19en
rioxxterms.versionofrecord10.1016/j.ibusrev.2013.12.003en
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2014-01en
dc.contributor.orcidWang, Boya [0000-0003-0507-1046]
dc.identifier.eissn1873-6149
rioxxterms.typeJournal Article/Reviewen


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