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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/129869


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/129869


    Title: Financing Constraints, Ownership Control, and Cross‐Border M&As: Evidence from Nine East Asian Economies
    Authors: 陳嬿如
    Chen, Yenn‐Ru
    陳俊男
    Chen, Chun‐Nan
    Huang, Yu‐Lin
    Contributors: 財管系
    Keywords: Corporate Governance;Cross-Border M&As;Financing Constraints;Ownership Control;Asian Economies
    Date: 2009-11
    Issue Date: 2020-05-26 13:43:06 (UTC+8)
    Abstract: Manuscript Type: Empirical/Research Question/Issue: This study distinguishes between the effects of financial constraint determinants on cross-border mergers and acquisitions (M&As) and domestic M&As for all takeover bids announced in nine East Asian economies from 1998 to 2005./Research Findings/Insights: The results of logistic regressions verify that the extent of stock market and governance developments improves corporate financing conditions and subsequently encourages cross-border M&As in East Asia. The results also indicate that, except for ownership control variables, the firm-specific factors of financing constraints reduce the occurrence of cross-border M&As relative to domestic M&As. Although family- and state-controlled firms have better access to external financing, they are reluctant to risk diluting their management control and thus prefer domestic M&As to cross-border deals./Theoretical/Academic Implications: This study enhances the empirical studies of the relation between financing constraints and corporate investments based on the market imperfection hypothesis of corporate finance theories. In addition, this study also addresses the interaction between the market imperfection hypothesis and agency theory in explaining the effects of special ownership control on cross-border M&As relative to domestic deals. Furthermore, by examining the research questions across nine East Asian economies, this study provides an understanding of how such a relation applies to firms in countries where information asymmetry is high./Practitioner/Policy Implications: The findings indicate the importance of corporate governance and verify the effects of unique organizational structures on major corporate decisions. Specifically, family-controlled firms are often free of the financing constraints inherent in investment decisions. Thus, it is necessary to consider such organizational uniqueness when explaining the financing behavior of cross-border M&As conducted by Asian firms.
    Relation: Corporate Governance: An International Review, Vol.17, No.6, pp.665–680
    Data Type: article
    DOI 連結: https://doi.org/10.1111/j.1467-8683.2009.00770.x
    DOI: 10.1111/j.1467-8683.2009.00770.x
    Appears in Collections:[財務管理學系] 期刊論文

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