Determinants of Mergers and Acquisitions in Emerging Asian Countries: Effects of Confucianism and Technological Development
Электронный научный архив УРФУ
Информация об архиве | Просмотр оригинала| Поле | Значение | |
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Determinants of Mergers and Acquisitions in Emerging Asian Countries: Effects of Confucianism and Technological Development
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| Автор |
Larchenko, N.
Ruzhanskaya, L. |
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| Тематика |
ACQUISITION PREMIUM
ASIAN EMERGING MARKETS ASIAN TIGERS CONFUCIANISM CULTURAL IDENTITY MERGERS AND ACQUISITIONS TECHNOLOGICAL DEVELOPMENT |
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| Описание |
Asian emerging markets exemplify the contemporary trend of glocalization (globalization-localization). Countries in this region have strong cultural bonds shaped by the influence of Confucianism, which has given rise to a distinctive approach to conducting business, including the realm of mergers and acquisitions. The homogeneity of cultural values fosters trust among parties even in cross-border transactions, impacting the assessment of transaction premiums. Simultaneously, within this region, a cluster of Asian Tiger countries distinguishes itself by leading in technological advancements, particularly in the realm of digitalization. The escalating competitiveness of technologically advanced companies further influences estimates of transaction premiums. This paper endeavors to delve into the theoretical aspects of these issues and substantiate, through empirical evidence, the cultural impact of Confucianism and technological progress on mergers and acquisitions (M&A). Our research is ground-ed in a database encompassing 2677 cross-border deals compiled from January 1, 2002, to January 1, 2021, for 10 burgeon-ing Asian markets. This study marks the first exploration of M&A deal value and firm valuation during transactions utiliz-ing a glocal region as a case study. Our primary findings substantiate the notion that cultural affinities exert a substantial influence on M&A deal values, with a propensity for lower values among culturally similar countries. Congruent cultural values build trust among stakeholders and safeguard from additional risks. These results give policymakers and business entities an opportunity to adjust their decisions and refine their comprehension of factors that shape the economy. © 2023, National Research University, Higher School of Econoimics. All rights reserved.
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| Дата |
2024-04-05T16:36:37Z
2024-04-05T16:36:37Z 2023 |
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| Тип |
Article
Journal article (info:eu-repo/semantics/article) |info:eu-repo/semantics/publishedVersion |
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| Идентификатор |
Larchenko, N & Ruzhanskaya, L 2023, 'Determinants of Mergers and Acquisitions in Emerging Asian Countries: Effects of Confucianism and Technological Development', Корпоративные финансы, Том. 17, № 3, стр. 28-42. https://doi.org/10.17323/j.jcfr.2073-0438.17.3.2023.28-42
Larchenko, N., & Ruzhanskaya, L. (2023). Determinants of Mergers and Acquisitions in Emerging Asian Countries: Effects of Confucianism and Technological Development. Корпоративные финансы, 17(3), 28-42. https://doi.org/10.17323/j.jcfr.2073-0438.17.3.2023.28-42 2073-0438 Final All Open Access, Gold https://www.scopus.com/inward/record.uri?eid=2-s2.0-85176919585&doi=10.17323%2fj.jcfr.2073-0438.17.3.2023.28-42&partnerID=40&md5=cf22c30cd1accf6d18cac7e6092f151b https://cfjournal.hse.ru/article/download/17882/16313 http://elar.urfu.ru/handle/10995/130975 10.17323/j.jcfr.2073-0438.17.3.2023.28-42 85176919585 |
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| Язык |
en
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| Права |
Open access (info:eu-repo/semantics/openAccess)
cc-by https://creativecommons.org/licenses/by/4.0/ |
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| Формат |
application/pdf
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| Издатель |
National Research University, Higher School of Econoimics
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| Источник |
Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438
Journal of Corporate Finance Research |
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