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| Natura: | Artículo científico |
| Lingua: | en |
| Pubblicazione: |
Associação Nacional de Pós-Graduação e Pesquisa em Administração
2013
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| Accesso online: | https://www.redalyc.org/articulo.oa?id=84128363006 |
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Sommario:
- Multilatinas and Value Creation from Cross-Border Acquisitions: An Event Study Approach Leon Chant Dakessian Paulo Roberto Feldmann Administración y Contabilidad event study multilatinas abnormal returns Internationalization internalization theory The central proposi tion of this paper is to assess the performance of cross - border acquisitions made by Multilatinas . Applying the event study method to a sample of 607 announcements of acquisitions during the period 1989 - 2011 by 182 Multilatinas from Argentina, Brazil, Chil e, Colombia, Mexico, Peru and Venezuela, we conclude that : ( a) on average, these announcements have a neutral impact on the short - term returns to acquiring companies’ shareholders ; ( b) cross - sectional analysis reveals that relative size of the deals have a negative and significant effect on investors’ reactions and ; ( c) unlike the institutional distance between home and host countries, cultural distance matters , since it has a negative a n d significant effect on the perceptions that investors have regarding the expected economic impact of acquirers’ cross - border merger and acquisition ( M&A ) decisions. Inasmuch as the market rationality assumption that underlies the event study method has been questioned , f uture research lines are proposed in order to search f or alternative long - term performance constructs concerning M&A processes in general that can : (a ) shed light on the reality of value creation (and destruction) from cross - border acquisitions made by Multilatinas ; and (b ) contribute to strategy, internation al business and M&A theories and practice. 2013 artículo científico 1807-7692 https://www.redalyc.org/articulo.oa?id=84128363006 en http://www.redalyc.org/revista.oa?id=841 BAR - Brazilian Administration Review application/pdf Associação Nacional de Pós-Graduação e Pesquisa em Administração BAR - Brazilian Administration Review (Brasil) Num.4 Vol.10