Investment motives, ownership advantages and institutional distance

An examination of Russian cross-border acquisitions

Desislava Dikova, Andrei Panibratov, Anna Veselova

Результат исследований: Научные публикации в периодических изданияхстатьянаучнаярецензирование

1 цитирование (Scopus)

Выдержка

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.
Язык оригиналаанглийский
Число страниц13
ЖурналInternational Business Review
Ранняя дата в режиме онлайн2019
DOI
СостояниеЭлектронная публикация перед печатью - 2019

Ключевые слова

  • SCOPUS

Предметные области Scopus

  • Бизнес, управление и бухгалтерский учет (все)

Цитировать

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title = "Investment motives, ownership advantages and institutional distance: An examination of Russian cross-border acquisitions",
abstract = "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.",
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Investment motives, ownership advantages and institutional distance : An examination of Russian cross-border acquisitions. / Dikova, Desislava; Panibratov, Andrei; Veselova, Anna.

В: International Business Review, 2019.

Результат исследований: Научные публикации в периодических изданияхстатьянаучнаярецензирование

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

Y1 - 2019

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 - internationalization

KW - multinationals

KW - outward foreign

KW - SCOPUS

KW - SCOPUS

U2 - 10.1016/j.ibusrev.2018.12.007

DO - 10.1016/j.ibusrev.2018.12.007

M3 - Article

JO - International Business Review

JF - International Business Review

SN - 0969-5931

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