Assessing performance drivers in cross-border M&A

This research is an investigation on the deal-specific factors impacting long-term performance of cross-border M&A and on the nature of such relations. The analysis is conducted on a sample of 187 cross-border deals completed within the pharmaceutical and biotech industries by Western European bidders between 2000 and 2009. Findings suggest that post-deal variation in gross profit improves when bidders diversify in other businesses, when assets are purchased instead of equity, and when stock is used as deal currency. Furthermore, the method of payment is found to moderate the effects geographical distance has on deal outcomes.

IAS/IFRS mandatory adoption and cross-border M&A

This study investigates the effect of the mandatory implementation of IAS/IFRS on cross-border M&A activity. I test the hypothesis that the improvement in the comparability of financial statements among the adopting countries facilitates crossborder transactions. According to the expectations, I find support for enhanced crossborder M&As following the mandatory adoption of IFRS due to a likely increase in the comparability of financial reports. Additionally, listed targets from IFRS adopting countries do experience stronger positive influence on foreign M&A transactions than unlisted target from adopting countries and listed targets from IFRS non-adopting countries.

Management of Cross Border Mergers and Acquisitions

This research thesis analyses the motivation behind the cross-border mergers and acquisitions deals. How mergers and acquisitions of new knowledge and assets, enhance business with expansion into new streams and international markets. Also, how mega deals help them to gain a power in the international markets. The research focuses on understanding the interrelation between motivations which are contributing to M&A activities and how issues like cultural differences and different management styles are overcome by these firms in cross-border settings. Chapter 1, gives a background knowledge on cross-border M&A as popular internationalization strategy choice, continuing with describing the process in Finnish and Japanese cultural context, and how these deals are proceeding in particular cases. Chapter 2, reviews the important findings and touches the common gaps or aspects those are not studied extensively, does play a key role in the success and failure of M&A deals. A methodology is presented in chapter 3, presenting the hurdles faced by many in this research field. Chapter 4, present the case study is presented to show how M&A can play an important role in structuring the entire economy of Japan. At last chapter 5, presents the evidence, if cultural, HRM and geographical aspects really contribute to the success of M&A, based on which managerial implications are suggested and propositions are built for future research references.

Bob and Jane go to Argentina: The Ethics of Cross-Border Care

Étude de cas / Case study

Entrepreneurship, ties and relational networks: the case of a public-private cross-border tourism product

The thesis aims to understand the processes of entrepreneurship that try to create businesses or products with a high degree of complexity. This complexity comes from the fact that these products or initiatives can only be viable with the concurrence of a large number of heterogeneous actors (public, private, from different regions, etc..) which interact in a relational context. A case with these characteristics is the Camí dels Bons Homes. The thesis analyzes the evolution of the relational network from the point of view of its structure and content of its links. The results show and explain the observed changes in the network structure and the changes in the ties content. This analysis of the content of ties contributes to a new systematization and operationalization of ties’ content. Moreover this analysis takes in account negative ties, a less discussed issue in literature.

Ownership Advantages in Cross-border Real Estate Development: Some Evidence from European Markets

Drawing upon European industry and country case studies, this paper investigates the scope and drivers of cross-border real estate development. It is argued that the real estate development process encompasses a diverse range of activities and actors. It is inherently localised, the production process is complex and emphermal, and the outputs are heterogeneous. It analyses a transactions database of European real estate markets to provide insights into the extent of, and variations in, market penetration by non-domestic real estate developers. The data were consistent with the expectation that non-domestic real estate developers from mature markets would have a high level of market penetration in immature markets. Compared to western European markets, the CEE real estate office sales by developers were dominated by US, Israeli and other EU developers. This pattern is consistent with the argument that non-domestic developers have substantial Dunning-type ownership advantages when entering immature real estate markets. However, the data also suggested some unexpected patterns. Relative to their GDP, Austria, Belgium, Denmark, Sweden, Netherlands and Israel accounted for large proportions of sales by developers. All are EU countries (except Israel) with small, open, affluent, highly traded economies. Further, the data also indicate that there may be a threshold where locational disadvantages outweigh ownership advantages and deter cross-border real estate development.