Acquisitions by Emerging Multinational Corporations

1. Front Matter

   Pages I-XXVI

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2. Introduction

   • Johannes Distler

   Pages 1-8

3. Fundamentals of mergers & acquisitions

   • Johannes Distler

   Pages 9-63

4. Emerging multinational corporations and their cross-border M&A activity

   • Johannes Distler

   Pages 65-141

5. Theoretical frameworks and hypotheses generation

   • Johannes Distler

   Pages 143-220

6. The event study as a research method for measuring M&A performance

   • Johannes Distler

   Pages 221-268

7. Acquisition motivation and performance of EMNCs in Western Europe and North America

   • Johannes Distler

   Pages 269-357

8. Thesis conclusion

   • Johannes Distler

   Pages 359-370

9. Back Matter

   Pages 371-429

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This thesis analyzes the motivation and performance of 403 acquisitions made by emerging multinational corporations (EMNCs) in Western Europe and North America between 1994 and 2013. The findings indicate that most EMNCs were motivated to acquire in order to obtain access to the upstream and downstream know-how of their target firms. In addition, the thesis' event study results demonstrate that EMNCs on average generated value for their shareholders with their acquisitions over short periods around acquisition announcement. This result is particularly significant since similar studies on buying firms from developed markets have frequently come to the conclusion that acquirers destroy shareholder value.

• Mergers & Acquisitions
• Emerging Markets
• Emerging Market Multinationals
• Internationales Management
• Ereignisstudie
• Event Study
• Metaanalyse

• Roland Berger , Dubai, United Arab Emirates

  Johannes Distler

Dr. Johannes Distler completed his doctoral thesis under the supervision of Prof. Dr. Reinhard Meckl at the University of Bayreuth in Germany. He studied management at the University of Mannheim, University of St. Gallen, Kellogg School of Management and Pepperdine University, and works at an international consulting firm, advising clients on strategy, M&A and post-merger integration projects. 

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