IDEAS home Printed from https://ideas.repec.org/a/eee/ecanpo/v78y2023icp718-729.html
   My bibliography  Save this article

Risk and synergy of multinational enterprise mergers and acquisitions under the background of the COVID-19 pandemic

Author

Listed:
  • Zhang, Junpeng
  • Pang, Deliang
  • Yang, Leijing
  • Ouyang, Wenjun

Abstract

This study includes economic policy uncertainty measures and the magnitude and frequency of Asia pacific multinational business Mergers and acquisitions in 11 countries from 2009 to 2019 to evaluate the impact of uncertainty in economic policies (E.P.U) of global organizations mergers and acquisitions (M&A). To demonstrate that uncertainty in the home nation’s economic policy significantly restricts multinational enterprise Mergers and acquisitions, uncertainty in the nation’s economic policy significantly enhances Mergers and acquisitions, and that when the economy is in a pro-cyclical phase, these effects are reduced. Furthermore, the economic crisis has different effects of the country’s uncertain economic policies on worldwide firm M&As. There is a significant negative correlation between the country’s economic policy uncertainty and multinational firm Merger and acquisitions. Third, multinational firm Mergers and acquisitions are significantly impacted by economic policy uncertainties in the ASEAN (Association of Southeast Asian Nations) but not much in emerging countries. The size of M&A is considerably positively connected with foreign market expansion and variations in uncertainties.

Suggested Citation

  • Zhang, Junpeng & Pang, Deliang & Yang, Leijing & Ouyang, Wenjun, 2023. "Risk and synergy of multinational enterprise mergers and acquisitions under the background of the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 718-729.
    • Handle: RePEc:eee:ecanpo:v:78:y:2023:i:c:p:718-729
    DOI: 10.1016/j.eap.2023.03.025
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0313592623000450
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.eap.2023.03.025?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Guohua Qu & Rudan Xue & Tianjiao Li & Weihua Qu & Zeshui Xu, 2020. "A Stochastic Multi-Attribute Method for Measuring Sustainability Performance of a Supplier Based on a Triple Bottom Line Approach in a Dual Hesitant Fuzzy Linguistic Environment," IJERPH, MDPI, vol. 17(6), pages 1-26, March.
    2. Nassani, Abdelmohsen A. & Aldakhil, Abdullah Mohammed & Abro, Muhammad Moinuddin Qazi & Islam, Talat & Zaman, Khalid, 2019. "The impact of tourism and finance on women empowerment," Journal of Policy Modeling, Elsevier, vol. 41(2), pages 234-254.
    3. Tolliver, Clarence & Keeley, Alexander Ryota & Managi, Shunsuke, 2020. "Policy targets behind green bonds for renewable energy: Do climate commitments matter?," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    4. Chandel, S.S. & Shrivastva, Rajnish & Sharma, Vikrant & Ramasamy, P., 2016. "Overview of the initiatives in renewable energy sector under the national action plan on climate change in India," Renewable and Sustainable Energy Reviews, Elsevier, vol. 54(C), pages 866-873.
    5. Popkova, Elena G. & Sergi, Bruno S., 2021. "Energy efficiency in leading emerging and developed countries," Energy, Elsevier, vol. 221(C).
    6. Rongxing Guo, 2020. "China Ethnic Statistical Yearbook 2020," Springer Books, Springer, number 978-3-030-49024-9, July.
    7. Karl Aiginger & Dani Rodrik, 2020. "Rebirth of Industrial Policy and an Agenda for the Twenty-First Century," Journal of Industry, Competition and Trade, Springer, vol. 20(2), pages 189-207, June.
    8. Menegaki, Angeliki N. & Tugcu, Can Tansel, 2017. "Energy consumption and Sustainable Economic Welfare in G7 countries; A comparison with the conventional nexus," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 892-901.
    9. Samson Mukanjari & Thomas Sterner, 2020. "Charting a “Green Path” for Recovery from COVID-19," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 825-853, August.
    10. Heinlein, Reinhold & Legrenzi, Gabriella D. & Mahadeo, Scott M.R., 2021. "Crude oil and stock markets in the COVID-19 crisis: Evidence from oil exporters and importers," The Quarterly Review of Economics and Finance, Elsevier, vol. 82(C), pages 223-229.
    11. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    12. Lin Fang & Fengping Wu & Yantuan Yu & Lin Zhang, 2020. "Irrigation technology and water rebound in China's agricultural sector," Journal of Industrial Ecology, Yale University, vol. 24(5), pages 1088-1100, October.
    13. El-Kassar, Abdul-Nasser & Singh, Sanjay Kumar, 2019. "Green innovation and organizational performance: The influence of big data and the moderating role of management commitment and HR practices," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 483-498.
    14. Acheampong, Alex O. & Amponsah, Mary & Boateng, Elliot, 2020. "Does financial development mitigate carbon emissions? Evidence from heterogeneous financial economies," Energy Economics, Elsevier, vol. 88(C).
    15. Madurika Nanayakkara & Sisira Colombage, 2019. "Do investors in Green Bond market pay a premium? Global evidence," Applied Economics, Taylor & Francis Journals, vol. 51(40), pages 4425-4437, August.
    16. Naderipour, Amirreza & Abdul-Malek, Zulkurnain & Heidari Gandoman, Foad & Nowdeh, Saber Arabi & Shiran, Mohsen Aghazadeh & Hadidian Moghaddam, Mohammad Jafar & Davoodkhani, Iraj Faraji, 2020. "Optimal designing of static var compensator to improve voltage profile of power system using fuzzy logic control," Energy, Elsevier, vol. 192(C).
    17. Bertoldi, Paolo & Mosconi, Rocco, 2020. "Do energy efficiency policies save energy? A new approach based on energy policy indicators (in the EU Member States)," Energy Policy, Elsevier, vol. 139(C).
    18. Cook, Wade D. & Tone, Kaoru & Zhu, Joe, 2014. "Data envelopment analysis: Prior to choosing a model," Omega, Elsevier, vol. 44(C), pages 1-4.
    19. Khojasteh, Danial & Khojasteh, Davood & Kamali, Reza & Beyene, Asfaw & Iglesias, Gregorio, 2018. "Assessment of renewable energy resources in Iran; with a focus on wave and tidal energy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P2), pages 2992-3005.
    20. Gilbertson, Jan & Grimsley, Michael & Green, Geoff, 2012. "Psychosocial routes from housing investment to health: Evidence from England's home energy efficiency scheme," Energy Policy, Elsevier, vol. 49(C), pages 122-133.
    21. Wang, Lin & Dilanchiev, Azer & Haseeb, Mohammad, 2022. "The environmental regulation and policy assessment effect on the road to green recovery transformation," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 914-929.
    22. Tian, Jinfang & Yu, Longguang & Xue, Rui & Zhuang, Shan & Shan, Yuli, 2022. "Global low-carbon energy transition in the post-COVID-19 era," Applied Energy, Elsevier, vol. 307(C).
    23. Renault, Eric & Sarisoy, Cisil & Werker, Bas J.M., 2017. "Efficient Estimation Of Integrated Volatility And Related Processes," Econometric Theory, Cambridge University Press, vol. 33(2), pages 439-478, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wang, Kai-Hua & Wen, Cui-Ping & Long, Hai & Moldovan, Nicoleta-Claudia, 2024. "Towards sustainable development: Exploring the spillover effects of green technology innovation on energy markets and economic cycles," Technological Forecasting and Social Change, Elsevier, vol. 203(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fan, Kecai & Zheng, Mao & Shen, Yanan & Zhang, Fangfang, 2023. "Nexus between economic recovery, energy consumption, CO2 emission, and total natural resources rent," Resources Policy, Elsevier, vol. 87(PB).
    2. Hsu, Ching-Chi & Chau, Ka Yin & Chien, FengSheng, 2023. "Natural resource volatility and financial development during Covid-19: Implications for economic recovery," Resources Policy, Elsevier, vol. 81(C).
    3. Wenjuan, Zhu & Zhong, Kaiyang & He, Mingqiang & Pham, Thanh Huong & Nguyen, Quang Khai & Huy, Pham Quang, 2023. "Volatility challenges for natural resources during COVID-19 and its impact on economic development for sustainable economic repossession," Resources Policy, Elsevier, vol. 86(PB).
    4. YunQian Zhang, 2023. "Impact of green finance and environmental protection on green economic recovery in South Asian economies: mediating role of FinTech," Economic Change and Restructuring, Springer, vol. 56(3), pages 2069-2086, June.
    5. Zuo, Yun & Zhi, Kangquan & Pei, Yingshun & Zhuang, Wencan & Chen, Yanhua, 2023. "Combining the role of natural resources development and trade openness on economic growth: New evidence from linear and asymmetric analysis," Resources Policy, Elsevier, vol. 83(C).
    6. Silvia Saravia-Matus & T. S. Amjath-Babu & Sreejith Aravindakshan & Stefan Sieber & Jimmy A. Saravia & Sergio Gomez y Paloma, 2021. "Can Enhancing Efficiency Promote the Economic Viability of Smallholder Farmers? A Case of Sierra Leone," Sustainability, MDPI, vol. 13(8), pages 1-17, April.
    7. Yash Daultani & Ashish Dwivedi & Saurabh Pratap, 2021. "Benchmarking higher education institutes using data envelopment analysis: capturing perceptions of prospective engineering students," OPSEARCH, Springer;Operational Research Society of India, vol. 58(4), pages 773-789, December.
    8. Ying Li & Yung-Ho Chiu & Tai-Yu Lin & Tzu-Han Chang, 2020. "Pre-Evaluating the Technical Efficiency Gains from Potential Mergers and Acquisitions in the IC Design Industry," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 525-559, April.
    9. Amar Oukil & Slim Zekri, 2021. "Investigating farming efficiency through a two stage analytical approach: Application to the agricultural sector in Northern Oman," Papers 2104.10943, arXiv.org.
    10. Tarnaud, Albane Christine & Leleu, Hervé, 2018. "Portfolio analysis with DEA: Prior to choosing a model," Omega, Elsevier, vol. 75(C), pages 57-76.
    11. Olawale Ogunrinde & Ekundayo Shittu, 2023. "Benchmarking performance of photovoltaic power plants in multiple periods," Environment Systems and Decisions, Springer, vol. 43(3), pages 489-503, September.
    12. Cândida Ferreira, 2024. "The impact of bank market competition and stability on bank total factor productivity changes: evidence from a panel of European Union banks," Working Papers REM 2024/0315, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    13. Park, Jaehun & Lee, Dongha & Zhu, Joe, 2014. "An integrated approach for ship block manufacturing process performance evaluation: Case from a Korean shipbuilding company," International Journal of Production Economics, Elsevier, vol. 156(C), pages 214-222.
    14. Trinks, Arjan & Mulder, Machiel & Scholtens, Bert, 2020. "An Efficiency Perspective on Carbon Emissions and Financial Performance," Ecological Economics, Elsevier, vol. 175(C).
    15. Ming-Fu Hsu & Ying-Shao Hsin & Fu-Jiing Shiue, 2022. "Business analytics for corporate risk management and performance improvement," Annals of Operations Research, Springer, vol. 315(2), pages 629-669, August.
    16. Toloo, Mehdi & Hančlová, Jana, 2020. "Multi-valued measures in DEA in the presence of undesirable outputs," Omega, Elsevier, vol. 94(C).
    17. Zhang, Ning & Zhao, Yu & Wang, Na, 2022. "Is China's energy policy effective for power plants? Evidence from the 12th Five-Year Plan energy saving targets," Energy Economics, Elsevier, vol. 112(C).
    18. Babak Daneshvar Rouyendegh & Asil Oztekin & Joseph Ekong & Ali Dag, 2019. "Measuring the efficiency of hospitals: a fully-ranking DEA–FAHP approach," Annals of Operations Research, Springer, vol. 278(1), pages 361-378, July.
    19. Andreas Eder & Bernhard Mahlberg, 2018. "Size, Subsidies and Technical Efficiency in Renewable Energy Production: The Case of Austrian Biogas Plants," The Energy Journal, , vol. 39(1), pages 185-210, January.
    20. Maha Kalai, 2019. "Nonparametric Measures of Capacity Utilization of the Tunisian Manufacturing Industry: Short- and Long-Run Dual Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 318-334, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecanpo:v:78:y:2023:i:c:p:718-729. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/economic-analysis-and-policy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.