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Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants

Research Project

Project/Area Number 24530357
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Public finance/Monetary economics
Research InstitutionSeikei University

Principal Investigator

NAGANO Mamoru  成蹊大学, 経済学部, 教授 (20508858)

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)
Project Period (FY) 2012-04-01 – 2015-03-31
Project Status Completed (Fiscal Year 2014)
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)
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
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.

Report

(4 results)
  • 2014 Annual Research Report   Final Research Report ( PDF )
  • 2013 Research-status Report
  • 2012 Research-status Report
  • Research Products

    (19 results)

All 2015 2014 2013 2012 Other

All Journal Article (9 results) (of which Peer Reviewed: 5 results) Presentation (9 results) Remarks (1 results)

  • [Journal Article] Financing Patterns and Property Acquisitions of Sponsor-backed REITs: Evidence from J-REIT Markets2015

    • Author(s)
      永野 護
    • Journal Title

      International Real Estate Review

      Volume: 18

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Another Determinant of Household Leverage: Evidence from Japan2014

    • Author(s)
      Mamoru Nagano and Dong-Ho Yeom
    • Journal Title

      International Review of Finance

      Volume: 14 Issue: 1 Pages: 105-139

    • DOI

      10.1111/irfi.12025

    • Related Report
      2014 Annual Research Report 2013 Research-status Report
    • Peer Reviewed
  • [Journal Article] Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants2013

    • Author(s)
      Mamoru Nagano
    • Journal Title

      Emerging Markets Review

      Volume: 16 Pages: 100-118

    • DOI

      10.1016/j.ememar.2013.04.001

    • Related Report
      2013 Research-status Report
    • Peer Reviewed
  • [Journal Article] Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants2013

    • Author(s)
      Mamoru Nagano
    • Journal Title

      Seikei University Disucussion Paper Series

      Volume: 122 Pages: 1-49

    • Related Report
      2013 Research-status Report
  • [Journal Article] Another Determinant of Household Leverage: Evidence from Japan2013

    • Author(s)
      Mamoru Nagano and Dong-Ho Yeom
    • Journal Title

      Seikei University Disucussion Paper Series

      Volume: 123 Pages: 1-44

    • Related Report
      2013 Research-status Report
  • [Journal Article] A CGE Study of Economic Impact of Accession of Hong Kong to ASEAN-China Free Trade Agreement2013

    • Author(s)
      Ken Itakura
    • Journal Title

      ERIA Discussion Paper

      Volume: ERIA-DP-2013-06 Pages: 1-22

    • Related Report
      2013 Research-status Report
  • [Journal Article] Cross-border Acquisitions in a Transition Economy: Recent Experience of China and India2013

    • Author(s)
      Mamoru Nagano and Yuan Yuan
    • Journal Title

      Journal of Asian Economics

      Volume: 24 Pages: 66-79

    • DOI

      10.1016/j.asieco.2012.08.003

    • Related Report
      2012 Research-status Report
    • Peer Reviewed
  • [Journal Article] Real Estate Securitization and the Dept Maturity Structure: Evidence from J-REITs2013

    • Author(s)
      Mamoru Nagano
    • Journal Title

      International Real Estate Review

      Volume: 16

    • Related Report
      2012 Research-status Report
    • Peer Reviewed
  • [Journal Article] Impact of Liberalization and Improved Connectivity and Facilitation in ASEAN for the ASEAN Economic Community2013

    • Author(s)
      Ken Itakura
    • Journal Title

      ERIA Discussion Paper Series

      Volume: No.2013-01 Pages: 1-45

    • Related Report
      2012 Research-status Report
  • [Presentation] Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants2014

    • Author(s)
      永野 護
    • Organizer
      大阪大学金融経済学ワークショップ(MEW)
    • Place of Presentation
      大阪大学
    • Related Report
      2013 Research-status Report
  • [Presentation] Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants2013

    • Author(s)
      永野 護
    • Organizer
      The 9th BMRC-QASS Int'l Conference, Brunel University Macroeconomic Research Centre
    • Place of Presentation
      英国ロンドン、ブルネル大学
    • Related Report
      2013 Research-status Report
  • [Presentation] Understanding REIT-Sponsor Firm Relationship in Japan2013

    • Author(s)
      永野 護
    • Organizer
      2013 AsRES International Conference in Kyoto
    • Place of Presentation
      京都大学
    • Related Report
      2013 Research-status Report
  • [Presentation] Another Determinant of Household Leverage: Evidence from Japan2013

    • Author(s)
      永野 護
    • Organizer
      International Review of Finance and Nippon Finance Association Joint Conference
    • Place of Presentation
      早稲田大学ファイナンス研究科
    • Related Report
      2013 Research-status Report
  • [Presentation] Highlighting the ASEAN Story: AMSs Performance and Prospects Beyond 20152013

    • Author(s)
      板倉 健
    • Organizer
      Workshop of Explicating Jakarta Framework Project
    • Place of Presentation
      インドネシア、ジャカルタ、Economic Research Institute for ASEAN and EastAsia
    • Related Report
      2013 Research-status Report
  • [Presentation] ASEAN prospects beyond 2015: A baseline simulation with GTAP2013

    • Author(s)
      板倉 健
    • Organizer
      Workshop of ASEAN and AEC Beyond 2015
    • Place of Presentation
      フィリピン、マニラ、Philippine Institute for Development Studies
    • Related Report
      2013 Research-status Report
  • [Presentation] Similarities and Differences among Cross-border M&A and Greenfield FDI Determinants: Evidence from Asia and Oceania2012

    • Author(s)
      Mamoru Nagano
    • Organizer
      The 13th East Asian Economic Assoiation, Annual Meeting
    • Place of Presentation
      Singapore
    • Related Report
      2012 Research-status Report
  • [Presentation] Who Issues Debt Securities in Emerging Countries?2012

    • Author(s)
      Mamoru Nagano
    • Organizer
      The 3rd Turkish Economic Association Annual Meeting
    • Place of Presentation
      Izumir, Turkey
    • Related Report
      2012 Research-status Report
  • [Presentation] FTA/EPA Implementation Observed in Japan2012

    • Author(s)
      Ken Itakura
    • Organizer
      2012 APEC Workshop on FTA Implementation
    • Place of Presentation
      Seoul, Korea
    • Related Report
      2012 Research-status Report
  • [Remarks] 成蹊大学 国際経済学 永野護研究室 ”Topics"

    • URL

      http://sun.econ.seikei.ac.jp/~mnagano/index.html

    • Related Report
      2013 Research-status Report

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Published: 2013-05-31   Modified: 2019-07-29  

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