Research output: Contribution to journal › Article › peer-review
Investment motives, ownership advantages and institutional distance : An examination of Russian cross-border acquisitions. / Dikova, Desislava; Panibratov, Andrei; Veselova, Anna.
In: International Business Review, Vol. 28, No. 4, 08.2019, p. 625-637.Research output: Contribution to journal › Article › peer-review
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TY - JOUR
T1 - Investment motives, ownership advantages and institutional distance
T2 - An examination of Russian cross-border acquisitions
AU - Dikova, Desislava
AU - Panibratov, Andrei
AU - Veselova, Anna
N1 - Dikova, D. Investment motives, ownership advantages and institutional distance : An examination of Russian cross-border acquisitions / D. Dikova, A. Panibratov, A. Veselova // International Business Review. - 2019. – Volume N/A. – P. N/A.
PY - 2019/8
Y1 - 2019/8
N2 - We apply the OLI framework, first, to examine the motives of Russian cross-border (CB) M&A activity in the period 2007–2013 and, second, to analyze the ownership preferences of Russian multinationals abroad. We test our first set of models using panel data of 322 country/year observations and the second set of models using cross-sectional firm-level data of 318 M&A deals. Our analysis shows that traditional investment motives provide a limited explanation of what attracts or deters Russian acquirers abroad. We extend our base-model to include institutional distance and find that it plays a critical role on Russian CB M&A activity. As a second step, we employ state ownership as a specific type of institutional ownership advantage and discover that partial state ownership discourages Russian firms from pursuing full-ownership in CB M&As. Moreover, Russian multinationals benefit from internalization advantages (full M&A ownership) in tandem with location advantages derived from natural resource endowments.
AB - We apply the OLI framework, first, to examine the motives of Russian cross-border (CB) M&A activity in the period 2007–2013 and, second, to analyze the ownership preferences of Russian multinationals abroad. We test our first set of models using panel data of 322 country/year observations and the second set of models using cross-sectional firm-level data of 318 M&A deals. Our analysis shows that traditional investment motives provide a limited explanation of what attracts or deters Russian acquirers abroad. We extend our base-model to include institutional distance and find that it plays a critical role on Russian CB M&A activity. As a second step, we employ state ownership as a specific type of institutional ownership advantage and discover that partial state ownership discourages Russian firms from pursuing full-ownership in CB M&As. Moreover, Russian multinationals benefit from internalization advantages (full M&A ownership) in tandem with location advantages derived from natural resource endowments.
KW - SCOPUS
KW - internationalization
KW - multinationals
KW - outward foreign
KW - SCOPUS
KW - Acquisitions
KW - Russian MNEs
KW - Institutional distance
KW - OLI framework
KW - State-ownership
KW - LOCATION CHOICE
KW - DETERMINANTS
KW - FDI OWNERSHIP
KW - EMERGING MARKET FIRMS
KW - CHINESE
KW - MULTINATIONAL-ENTERPRISE
KW - INTERNATIONALIZATION
KW - RESOURCE DEPENDENCE
KW - FOREIGN DIRECT-INVESTMENT
KW - STATE OWNERSHIP
UR - http://www.scopus.com/inward/record.url?scp=85060159793&partnerID=8YFLogxK
U2 - 10.1016/j.ibusrev.2018.12.007
DO - 10.1016/j.ibusrev.2018.12.007
M3 - Article
VL - 28
SP - 625
EP - 637
JO - International Business Review
JF - International Business Review
SN - 0969-5931
IS - 4
ER -
ID: 36760589