Munich Personal RePEc Archive

The impact of migrants on the cross-border M&A: Some evidence for Japan

Etzo, Ivan and Takaoka, Sumiko (2016): The impact of migrants on the cross-border M&A: Some evidence for Japan.

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Abstract

Japanese outbound M&A activity has been running at a record pace regardless of the exchange rate movements. This paper examines the determinants of Japanese outbound M&A activity and the link between the migrants, which refer to both immigrants and Japanese citizens residing abroad, and Japanese outbound cross-border M&A activity in order to investigate whether immigrants alleviate the informational problems and stimulate the cross-border M&A activity with their host countries. Our results suggest that both immigrant and Japanese citizens residing abroad increase the probability of acquiring the asset in a potential target country. Moreover, both stocks have also a positive effect on the number of outbound M&A deals and the value of outbound M&A deals.

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