Macroeconomic Change, and Cross-border Mergers and Acquisitions: The Indian Experience, 1991-2010

Reddy, Kotapati Srinivasa (2015): Macroeconomic Change, and Cross-border Mergers and Acquisitions: The Indian Experience, 1991-2010.

Abstract

The purpose of this paper is to analyze the market for cross-border mergers and acquisitions (CB-M&A) representing the Asian emerging market-India for the period 1991 through 2010. I also compare the market in India among the BRIC economies (Brazil, Russia and China (including Hong Kong)) for various reasons. To do so, I use statistical data on CB-M&A transactions from UNCTAD’s World Investment Report-2011, and discuss potential changes in the market performance based on inductive and deductive logics and case examples. I check macroeconomic indicators of the BRIC group in order to support the economic, banking and financial reforms in India. Further, I highlight the internationalization process of Indian firms by supporting the data on parent corporations and foreign affiliates. I eventually draw conclusions from India’s share as a percentage of the world economy, developing economies, BRIC group and Asia. All in all, India is next to China for all selected categories.

• Item Type: MPRA Paper
• Language: English
• Keywords: Economic and financial reforms; BRIC economies; Cross-border mergers and acquisitions; Emerging economies; India; Internationalization; International management
• Subjects: F - International Economics > F2 - International Factor Movements and International Business; F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance; F - International Economics > F6 - Economic Impacts of Globalization; G - Financial Economics > G1 - General Financial Markets; G - Financial Economics > G3 - Corporate Finance and Governance; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation; K - Law and Economics > K2 - Regulation and Business Law; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration > M16 - International Business Administration; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights

References

Afsharipour, A. (2010). Rising multinationals: Law and the evolution of outbound acquisitions by Indian companies. http://lawreview.law.ucdavis.edu/issues/Vol44/Issue3/44-3_Afsharipour.pdf (accessed February 12, 2012).

Ahluwalia, M. S. (1994). India’s quiet economic revolution. Columbia Journal of World Business, 29(1), 6-12.

Ahluwalia, M. S. (2002). Economic reforms in India since 1991: Has gradualism worked? Journal of Economic Perspectives, 16(3), 67-88.

Anandan, R., Kumar, A., Kumra, G., & Padhi, A. (1998). M&A in Asia. The McKinsey Quarterly, 2, 64-75.

Andersen, O. (1993). On the internationalization process of firms: A critical analysis. Journal of International Business Studies, 24(2), 209-231.

Anderson, J., Sutherland, D., & Severe, S. (2015). An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets. International Business Review, in press.

Barbopoulos, L., Paudyal, K., & Pescetto, G. (2012). Legal systems and gains from cross-border acquisitions. Journal of Business Research, 65(9), 1301-1312.

Basuil, D. A., & Datta, D. K. (2015). Effects of industry-and region-specific acquisition experience on value creation in cross-border acquisitions: The moderating role of cultural similarity. Journal of Management Studies, in press.

Bertrand, O., & Betschinger, M.-A. (2012). Performance of domestic and cross-border acquisitions: Empirical evidence from Russian acquirers. Journal of Comparative Economics, 40(3), 413-437.

Bhabra, H. S., & Huang, J. (2013). An empirical investigation of mergers and acquisitions by Chinese listed companies, 1997-2007. Journal of Multinational Financial Management, 23(3), 186-207.

Bhagat, S., Malhotra, S., & Zhu, P. (2011). Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants. Emerging Markets Review, 12(3), 250-271.

Biswas, R. (2011). The M&A business in Indian corporations. Indian Management, (February), 14-20.

Bloomberg (2011). Bloomberg – 2011 M&A Outlook. 1-31.

Boateng, A., Hua, X., Uddin, M., & Du, M. (2014). Home country macroeconomic factors on outward cross-border mergers and acquisitions: Evidence from the UK. Research in International Business and Finance, 30, 202-216.

Böhme, M., Chiarella, D., & Lemerle, M. (2008). The growing opportunity for investment banks in emerging markets. The McKinsey Quarterly, (No.7), 3-9.

Brecher, R. A., & Parker, I. C. (1977). Time structure of production and the theory of international trade. Journal of International Economics, 7(4), 385-402.

Cheng, H. F., Gutierrez, M., Mahajan, A., Shachmurove, Y., & Shahrokhi, M. (2007). A future global economy to be built by BRICs. Global Finance Journal, 18(2), 143-156.

Choudhury, M. (2010). Bank funding and firm investment in underdeveloped financial markets: Evidence from India. Macroeconomics and Finance in Emerging Market Economies, 3(2), 227-244.

Collins, J. D., Holcomb, T. R., Certo, S. T., Hitt, M. A., & Lester, R. H. (2009). Learning by doing: Cross-border mergers and acquisitions. Journal of Business Research, 62(12), 1329-1334.

Conklin, D. W. (2005). Cross-border mergers and acquisitions: A response to environmental transformation. Journal of World Business, 40(1), 29-40.

Contractor, F. J., Kumar, V., & Kundu, S. K. (2007). Nature of the relationship between international expansion and performance: The case of emerging market firms. Journal of World Business, 42(4), 401-417.

Corhay, A., & Rad, T. A. (2000). International acquisitions and shareholder wealth: Evidence from the Netherlands. International Review of Financial Analysis, 9(2), 163-174.

Cuervo-Cazurra, A. (2012). Extending theory by analyzing developing country multinational companies: solving the goldilocks debate. Global Strategy Journal, 2(3), 153-167.

Dakessian, L. C., & Feldmann, P. R. (2013). Multilatinas and value creation from cross-border acquisitions: an event study approach. BAR-Brazilian Administration Review, 10(4), 462-489.

Das, A., & Kapil, S. (2012). Explaining M&A performance: a review of empirical research. Journal of Strategy and Management, 5(3), 284-330.

Deng, P. (2009). Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44(1), 74-84.

Deng, P., & Yang, M. (2015). Cross-border mergers and acquisitions by emerging market firms: A comparative investigation. International Business Review, 24(1), 157-172.

Department of Disinvestment (2007). Disinvestment of central public sector enterprises. White Paper, New Delhi: Ministry of Finance, Government of India.

Di Lodovico, A. M., Lewis, W. W., Palmade, V., & Sankhe, S. (2001). India- from emerging to surging. The McKinsey Quarterly, (No.4), 28-50.

Dobbs, R., & Gupta, R. (2009). An Indian approach to global M&A: An interview with the CFO of Tata Steel. The McKinsey Quarterly, 33(October), 1-8.

Dobbs, R., Lund, S., & Schreiner, A. (2010). How the growth of emerging markets will strain global finance, The McKinsey Quarterly, December.

Dongre, A. P. (2012). Policy changes in the wake of globalization and its impact on Indian industries. Journal of Policy Modeling, 34(3), 476-496.

Drummond, A. (2012). Research on emerging economies: Challenges are always opportunities. Global Strategy Journal, 2(1), 48-50.

Dunning, J. H. (1988). Explaining International Production. London: Unwin Hyman.

Economist, The (2008). Emerging-market multinationals: The challengers. http://www.economist.com/node/10496684 (accessed June 12, 2012).

Elango, B., & Pattnaik, C. (2011). Learning before making the big leap: Acquisition strategies of emerging market firms. Management International Review, 51(4), 461-481.

Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross-border mergers and acquisitions. Journal of Finance, 67(3), 1045-1082.

Ernst & Young (2010). Doing business in India – A report by E&Y. India: Ernst & Young Private Limited.

Evans, A. (2004). Forecasting India's potential. The Round Table, 93(376), 595-608.

Farrell, D., & Lund, S. (2005). Reforming India’s financial system. The McKinsey Quarterly, (special edition: fulfilling India’s promise), 103-111.

Farrell, D., & Lund, S. (2006). China’s and India’s financial systems: a barrier to growth. The McKinsey Quarterly, (November), 1-12.

Farrell, D., Remes, J. K., & Schulz, H. (2004). The truth about foreign direct investment in emerging markets. The McKinsey Quarterly, (No.1), 25‒35.

Fels, R. (1952). The theory of business cycles. The Quarterly Journal of Economics, 66(1), 25-42.

Ferreira, M. P., Santos, J. C., de Almeida, M. I. R., & Reis, N. R. (2014). Mergers & acquisitions research: A bibliometric study of top strategy and international business journals, 1980–2010. Journal of Business Research, 67(12), 2550-2558.

Galindo, A., Schiantarelli, F., & Weiss, A. (2007). Does financial liberalization improve the allocation of investment? Micro-evidence from developing countries. Journal of Development Economics, 83(2), 562-587.

Ganesh-Kumar, A. Sen, K., & Vaidya, R. R. (2001). Outward orientation, investment and finance constraints: a study of Indian Firms, Journal of Development Studies, 37(4), 133-149.

Geringer, J. M., Beamish, P. W., & Dacosta, R. S. (1989). Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10(2), 109-119.

Ghosh, C., Harding, J., & Phani, B. V. (2008). Does liberalization reduce agency costs? Evidence from the Indian banking sector. Journal of Banking & Finance, 32(3), 405-419.

Gurtoo, A. (2009). Adaptation of Indian public sector to market-based economic reforms: A resource based perspective. International Journal of Public Sector Management, 22(6), 516-531.

Hattari, R., & Rajan, R.S. (2010). India as a source of outward foreign direct investment. Oxford Development Studies, 38(4), 497-518.

Hennart, J.-F. (2012). Emerging market multinationals and the theory of the multinational enterprise. Global Strategy Journal, 2(3), 168-187.

Herd, R., Koen, V., Patnaik, I., & Shah, A. (2011). Financial sector reform in India: time for a second wave? OECD Economics Department Working Papers, No. 879, OECD Publishing. http://dx.doi.org/10.1787/5kg8ghvzr2jk-en (accessed February 21, 2012).

Holtbrügge, D., & Kreppel, H. (2012). Determinants of outward foreign direct investment from BRIC countries: An explorative study. International Journal of Emerging Markets, 7(1), 4-30.

Hope, O.-K., Thomas, W. & Vyas, D. (2011). The cost of pride: Why do firms from developing countries bid higher? Journal of International Business Studies, 42(1), 128-151.

Jaffry, S., Ghulam, Y., Pascoe, S., & Cox, J. (2007). Regulatory changes and productivity of the banking sector in the Indian sub-continent. Journal of Asian Economics, 18(3), 415-438.

Johanson, J., & Vahlne, J.-E. (1977). The internationalization process of the firm - a model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23-32.

Kearney, C. (2012). Emerging markets research: Trends, issues and future directions. Emerging Markets Review, 13(2), 159-183.

Ketkar, S. (2012). Institutional development, economic liberalisation and firm internationalisation. International Journal of Business and Globalisation, 9(4), 412-430.

Khandwalla, P. N. (2002). Effective organizational response by corporates to India’s liberalization and globalization. Asia Pacific Journal of Management, 19(2/3), 423-448.

Kling, G., Ghobadian, A., Hitt, M. A., Weitzel, U., & O'Regan, N. (2014). The effects of cross-border and cross-industry mergers and acquisitions on home-region and global multinational enterprises. British Journal of Management, 25(S1), S116-S132.

KPMG (2010). M&A Year Book – 2010 Edition, 1-56. Switzerland: KPMG AG.

KPMG (2012). M&A Year Book – 2012 Edition, 1-48. Switzerland: KPMG AG.

Kumar, N. (2009). How emerging giants are rewriting the rules of M&A. Harvard Business Review, 87(5), 115-121.

Kumar, S. (2013). Banking reforms and the evolution of cost efficiency in Indian public sector banks. Economic Change and Restructuring, 46(2), 143-182.

Lebedev, S., Peng, M. W., Xie, E., & Stevens, C. E. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, in press.

Liu, X., & Zou, H. (2008). The impact of greenfield FDI and mergers and acquisitions on innovation in Chinese high-tech industries. Journal of World Business, 43(3), 352-364.

Luo, Y., & Wang, S. L. (2012). Foreign direct investment strategies by developing country multinationals: A diagnostic model for home country effects. Global Strategy Journal, 2(3), 244-261.

Luo, Y., Sun, J., & Wang, S. L. (2011). Comparative strategic management: An emergent field in international management. Journal of International Management, 17(3), 190-200.

Luo, Y., Xue, Q., & Han, B. (2010). How emerging market governments promote outward FDI: Experience from China. Journal of World Business, 45(1), 68-79.

Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: Asymmetries, opportunities, and the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1), 26-40.

Malhotra, S., Sivakumar, K., & Zhu, P. (2011). A comparative analysis of the role of national culture on foreign market acquisitions by U.S. firms and firms from emerging countries. Journal of Business Research, 64(7), 714-722.

Martynova, M., & Renneboog, L. (2008). A century of corporate takeovers: What have we learned and where do we stand?. Journal of Banking & Finance, 32(10), 2148-2177.

Mehrotra, S. (2010). India and the global economic crises. Journal of Asian Public Policy, 3(2), 122-134.

Meyer, K. E., & Thaijongrak, O. (2013). The dynamics of emerging economy MNEs: How the internationalization process model can guide future research. Asia Pacific Journal of Management, 30(4), 1125-1153.

Mishra, R. K., & Sharma, C. (2011). India’s demand for international reserve and monetary disequilibrium: Reserve adequacy under floating regime. Journal of Policy Modeling, 33(6), 901-919.

Mohan, R. (2006). Financial sector reforms and monetary policy: The Indian experience. Conference on Economic Policy in Asia at Stanford, Stanford Center for International Development and Stanford Institute for Economic Policy Research, June 2, 2006.

Moore, T., Green, C. J., & Murinde, V. (2006). Financial sector reforms and stochastic policy simulations: A flow of funds model for India. Journal of Policy Modeling, 28(3), 319-333.

Morresi, O., & Pezzi, A. (2011). 21 years of international M&As and joint ventures by Italian medium-sized listed firms: Value creation or value destruction?. Research in International Business and Finance, 25(1), 75-87.

Mukherji, A., Mukherji, J., Dibrell, C., & Francis, J. D. (2013). Overbidding in cross-border acquisitions: Misperceptions in assessing and valuing knowledge. Journal of World Business, 48(1), 39-46.

Mukherji, J. (2002). India's long march to capitalism. India Review, 1(2), 29-60.

Nagano, M. (2013). Similarities and differences among cross-border M&A and greenfield FDI determinants: Evidence from Asia and Oceania. Emerging Markets Review, 16, 100-118.

Nagano, M., & Yuan, Y. (2013). Cross-border acquisitions in a transition economy: The recent experiences of China and India. Journal of Asian Economics, 24(1), 66-79.

Nangia, V. K., Agarawal, R., Sharma, V., & Reddy, K. S. (2011). Conglomerate diversification through cross-continent acquisition: Vedanta weds Cairn India. Emerald Emerging Markets Case Studies, 1(1), 1-15.

Nayyar, D. (2008). The Internationalization of firms from India: Investment, mergers and acquisitions. Oxford Development Studies, 36(1), 111-131.

Nicholson, R. R., & Salaber, J. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, 22(6), 963-980.

Ning, L., Kuo, J. M., Strange, R., & Wang, B. (2014). International investors’ reactions to cross-border acquisitions by emerging market multinationals. International Business Review, 23(4), 811-823.

Norbäck, P.-J., & Persson, L. (2008). Globalization and profitability of cross-border mergers and acquisitions. Economic Theory, 35(2), 241-266.

Pablo, E. (2009). Determinants of cross-border M&As in Latin America. Journal of Business Research, 62(9), 861-867.

Pablo, E. (2013). Cross-border diversification through M&As in Latin America. Journal of Business Research, 66(3), 425-430.

Pant, A., & Ramachandran, J. (2012). Legitimacy beyond borders: Indian software services firms in the United States, 1984 to 2004. Global Strategy Journal, 2(3), 224-243.

Paul, J., & Bhawsar, P. (2011). Japanese acquisition in India’s Ranbaxy. Competitiveness Review: An International Business Journal, 21(5), 452-470.

Peng, M. W. (2012). The global strategy of emerging multinationals from China. Global Strategy Journal, 2(2), 97-107.

Peng, M. W., Wang, D., & Jiang, Y. (2008). An institution-based view of international business strategy: a focus on emerging economies. Journal of International Business Studies, 39(5), 920-936.

Penrose, E. T. (1959). The Theory of the Growth of the Firm. Oxford: Blackwell.

Prasad, E. S., & Rajan, R. G. (2008). Next generation financial reforms for India. Finance & Development, (September), 23-27.

Ramakrishnan, K. (2008). Long-term post-merger performance of firms in India. Vikalpa, 33(2), 47-63.

Ramamurti, R. (2012a). Competing with emerging market multinationals. Business Horizons, 55(3), 241-249.

Ramamurti, R. (2012b). What is really different about emerging market multinationals? Global Strategy Journal, 2(1), 41-47.

Ramaswamy, K., & Renforth, W. (1996). Competitive intensity and technical efficiency in public sector firms: Evidence from India. International Journal of Public Sector Management, 9(3), 4-17.

Rasedie, K., & Srinivasan, G. (2011). Investment bank market share and the performance of acquiring companies: Canadian evidence. Journal of Comparative International Management, 14(1).

Reddy, K. S., Nangia, V. K., & Agarawal, R. (2011). Review, rewriting and impact of Indian takeover code. International Journal of Law and Management, 53(4), 241-251.

Reddy, K. S., Nangia, V. K., & Agrawal, R. (2012). Mysterious broken cross-country M&A deal: Bharti Airtel-MTN. Journal of the International Academy for Case Studies, 18(7), 61-75.

Reddy, K. S., Nangia, V. K., & Agrawal, R. (2013). Indian economic-policy reforms, bank mergers, and lawful proposals: The ex-ante and ex-post ‘lookup’. Journal of Policy Modeling, 35(4), 601-622.

Reddy, K. S., Nangia, V. K., & Agrawal, R. (2014a). Farmers Fox Theory: Does a country's weak regulatory system benefit both the acquirer and the target firm? Evidence from Vodafone-Hutchison deal. International Strategic Management Review, 2(1), 56-67.

Reddy, K. S., Nangia, V. K., & Agrawal, R. (2014b). The 2007–2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study. Global Journal of Emerging Market Economies, 6(3), 257-281.

Reed, A. M. (2002). Corporate governance reforms in India. Journal of Business Ethics, 37(3), 249-268.

Reus, T. H. (2012). Culture’s consequences for emotional attending during cross-border acquisition implementation. Journal of World Business, 47(3), 342-351.

Santangelo, G. D. & Meyer, K. E. (2011). Extending the internationalization process model: Increases and decreases of MNE commitment in emerging economies. Journal of International Business Studies, 42(7), 894-909.

Sanyal, M. (2012). Rebuild brand India. Business Today, 21(15), 14-15.

Schumpeter, J. A. (1939). Business Cycles - A Theoretical, Historical and Statistical Analysis of the Capitalist Process. New York: McGraw-Hill.

Serdar Dinc, I., & Erel, I. (2013). Economic nationalism in mergers and acquisitions. Journal of Finance, 68(6), 2471-2514.

Shah, A. M. (2012): Business strategies in the emerging markets. Journal of Asia-Pacific Business, 13(1), 4-15.

Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of International Management, 10(3), 307-353.

Sinkovics, R. R., Sinkovics, N., Lew, Y. K., Jedin, M. H., & Zagelmeyer, S. (2015). Antecedents of marketing integration in cross-border mergers and acquisitions: Evidence from Malaysia and Indonesia. International Marketing Review, 32(1), 2-28.

Sivertsen, C. B. (2012). A mixed year for M&A. The McKinsey Quarterly, January.

Srivastava, R., & Prakash, A. (2014). Value creation through cross-border mergers and acquisitions by the Indian pharmaceutical firms. Journal of Strategy and Management, 7(1), 49-63.

Stepanok, I. (2015). Cross-border mergers and greenfield foreign direct investment. Review of International Economics, 23(1), 111-136.

Stiglitz, J. E. (2003). Globalization and growth in emerging markets and the new economy. Journal of Policy Modeling, 25(5), 505-524.

Sun, S. L., Peng, M. W., Ren, B., & Yan, D. (2012). A comparative ownership advantage framework for cross-border M&As: The rise of Chinese and Indian MNEs. Journal of World Business, 47(1), 4-16.

Tan, H. B., & Hooy, C. W. (2003). Bank merger and bank stock volatility: A post – announcement analysis. Managerial Finance, 30(4), 29-47.

Thomson Reuters (2012). Emerging markets M&A review – Financial advisors. First Quarter Report, 1-16.

Tran, Q. V. K., & Rios–Morales, R. (2015). The influence of financial slack resources over cross–border acquisitions. Global Business and Economics Review, 17(1), 1-18.

Tsai, F. W., Bernard, P., Plaisent, M., & Lin, E. Y. (2014). A regression analysis on the macroeconomic variables affecting Taiwan’s export value to the US before and after 2008 financial crisis. Journal of Comparative International Management, 17(1).

UNCTAD (2009). World Investment Report: Transnational Corporations, Agricultural Production and Development. New York and Geneva: United Nations Publication.

UNCTAD (2011). World Investment Report: Non-Equity Modes of International Production and Development. New York and Geneva: United Nations Publication.

Varma, J. R. (1998). Indian financial sector reforms: A corporate perspective. Vikalpa, 23(1), 27-38.

Vasconcellos, G. M., Madura, J., & Kish, R. J. (1990). An empirical investigation of factors affecting cross-border acquisitions: the United States vs. United Kingdom experience. Global Finance Journal, 1(3), 173-189.

Wadhva, C. D. (2000). Political economy of post‐1991 economic reforms in India. South Asia: Journal of South Asian Studies, 23(s1), 207-220.

Wan, W. P., Hoskisson, R. E., Short, J. C., & Yiu, D. W. (2011). Resource-based theory and corporate diversification: accomplishments and opportunities. Journal of Management, 37(5), 1335-1368.

Weston, J. F., Chung, K. S., & Hoag, S. E. (1998). Mergers, Restructuring and Corporate Control, 2nd ed. New Delhi: Prentice Hall.

Weston, J. F., Mitchell, M. L., & Mulherin, J. H. (2003). Takeovers, Restructuring, and Corporate Governance, 4th ed. New Delhi: Pearson Education.

Yang, M. (2015). Ownership participation of cross-border mergers and acquisitions by emerging market firms: antecedents and performance. Management Decision, 53(1), 221-246.

Yang, W., & Meyer, K. E. (2015). Competitive dynamics in an emerging economy: Competitive pressures, resources, and the speed of action. Journal of Business Research, in press.

Yang, X., Jiang, Y., Kang, R., & Ke, Y. (2009). A comparative analysis of the internationalization of Chinese and Japanese firms. Asia Pacific Journal of Management, 26(1), 141-162.

Yaprak, A., & Karademir, B. (2011). Emerging market multinationals’ role in facilitating developed country multinationals’ regional expansion: A critical review of the literature and Turkish MNC examples. Journal of World Business, 46(4), 438-446.

Zheng, N., Wei, Y., Zhang, Y., & Yang, J. (2014). In search of strategic assets through cross-border merger and acquisitions: Evidence from Chinese multinational enterprises in developed economies. International Business Review, in press.

Zhong, W., Peng, J., & Liu, C. (2013). Internationalization performance of Chinese multinational companies in the developed markets. Journal of Business Research, 66(12), 2479-2484.