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Vol. 35 >

Trends and Determinants in the Japanese Cross-Border M&As

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タイトル: Trends and Determinants in the Japanese Cross-Border M&As
著者: Filobok, Natalia 著作を一覧する
キーワード: Japan
Mergers and Acquisitions (M&As)
Foreign Direct Investments (FDIs)
発行日: 2006年
出版者: Graduate School of Economics and Business Administration, Hokkaido University
誌名: Economic Journal of Hokkaido University
巻: 35
開始ページ: 77
終了ページ: 102
抄録: This paper provides an overview of the recent trends in the Japanese cross-border M&A activity in 1988-2004 and investigates the factors influencing them. We develop classifications of theoretical foundations and factors of M&A activity and their application for the Japanese case. The article examines two categories of the Japanese M&As - transactions with Japanese companies as a target (sales) and transactions with Japanese companies as an acquirer (purchases). In the Japanese cross-border M&A sales in order to determine factors of changes we look into industrial and institutional structures of M&A transactions. The findings show that beyond the changes in macroeconomic conditions, the recent trends of cross-border M&A sales in Japan were determined mainly by the changes in legislative and corporate environment. For Japanese outward M&A flows we test the standard gravity model. The results show that the volume of the Japanese cross-border M&A purchases is significantly larger in countries with larger and developed markets, a higher degree of investor's protection and a higher liquidity of capital markets. The main factor affecting the location of Japanese M&A purchase in developed markets is the bilateral trade flow between Japan and a target country. (JEL F21, G34)
資料タイプ: bulletin
出現コレクション:Vol. 35


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