Cross-border acquisitions: Do labor regulations affect acquirer returns?
文献类型: 外文期刊
第一作者: Levine, Ross
作者: Levine, Ross;Levine, Ross;Lin, Chen;Shen, Beibei
作者机构:
关键词: cross-border mergers and acquisitions; multinational firms; international business; labor standards; labor market regulations
期刊名称:JOURNAL OF INTERNATIONAL BUSINESS STUDIES ( 影响因子:11.6; 五年影响因子:14.6 )
ISSN: 0047-2506
年卷期: 2020 年 51 卷 2 期
页码:
收录情况: SCI
摘要: Do cross-country differences in labor regulations shape (1) acquiring firms' announcement returns and post-acquisition profits, costs, and revenues from cross-border deals, (2) the selection of cross-border targets, or (3) the success rates of cross-border offers? We discover that acquiring firms enjoy smaller abnormal returns and post-deal performance gains with targets in stronger labor protection countries; acquirers are more likely to purchase labor-dependent targets in weak labor regulation countries and more likely to use cross-border acquisitions to enter new markets when targets are in stronger labor regulation countries; and offer success rates fall when targets are in stronger labor regulation countries.
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