Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants
| Project/Area Number |
24530357
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Seikei University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
ITAKURA Ken 名古屋市立大学, 大学院経済学研究科, 教授 (90405217)
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Fiscal Year 2014: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Keywords | 直接投資 / クロスボーダーM&A / グリーンフィールド直接投資 / 知的財産法制 / 投資家保護法制 / 企業ネットワーク / 投資機会 / 企業の海外進出 / 外国直接投資 / 資本市場関連法制 / 累積株価超過収益率 / 生産要素移動 / 国際情報交換 トルコ / 国際情報交換 韓国 |
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| Outline of Final Research Achievements |
In this study, by focusing on emerging countries in Asia and Oceania, we provide empirical evidence of the similarities and differences in cross-border M&A and greenfield FDI determinants. We derive the following four main conclusions. First, an increase in host-country population size and decreases in per capita income and corporate tax rates generally attract both inward cross-border M&A and greenfield FDI to the host country. Second, however, a home-country firm tends to choose cross-border M&A when the host country sufficiently implements shareholder rights laws and the firm tends to choose greenfield FDI when the host country adequately enforces intellectual property rights laws. Third, a firm tends to choose greenfield FDI when the firm already has regional networks in the host country. Finally, a firm pursuing greenfield FDI experiences higher cumulative abnormal returns in its stock prices immediately before the investment.
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Report
(4 results)
Research Products
(19 results)
