Institutional Voids and Tax litigation in Emerging Economies: The verdict of Vodafone cross-border acquisition of Hutchison

Reddy, Kotapati Srinivasa (2016): Institutional Voids and Tax litigation in Emerging Economies: The verdict of Vodafone cross-border acquisition of Hutchison.

Abstract

Extensive research on cross-border mergers and acquisitions performed in different institutional settings shows that legal and regulatory infrastructure, level of investor protection, and key macroeconomic factors are the most important determinants. With this in mind, we analyze and discuss the telecommunications market leader Vodafone’s cross-border acquisition of Hutchison equity stake in CGP Investments, which has long-time delayed (litigated) in an Asian emerging market‒India‒in the view of corporate gains tax. Regarding theory testing and development, we test 14 theories and two theorems that have propounded in five management research forums, namely international economics, international business (IB), strategic management, organization studies, and corporate finance. Further, based on shortcomings of the existing theories we develop new theory‒Farmers Fox Theory‒and offer lawful propositions for future research that would advance the existing IB knowledge on Institutional Voids in Emerging Economies. We therefore conclude that a given country’s weak regulatory system benefits both the acquirer and the target firm; at the same time, this economic behavior would adversely affect its fiscal income or budget. Lastly, we offer some policy guidelines for legal and regulatory system, and suggest fruitful recommendations for multinational managers.

• Item Type: MPRA Paper
• Language: English
• Keywords: Cross-border mergers and acquisitions; Foreign direct investment; Hutchison Whampoa; Vodafone; Internationalization; Corporate governance; Emerging economies; Liability of foreignness; Institutional and regulatory framework
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; 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

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