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The Antecedents of Likelihood to Completion of Cross-Border M&As: An Empirical Analysis of ASEAN Countries

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  • Judy Hsu
  • Thuy Linh Cao

Abstract

While cross-border mergers and acquisitions (M&As) are emerging in the Association of Southeast Asian Nations (ASEAN), a high percentage of M&As fails to complete. This research investigates the antecedents of likelihood to complete cross-border M&As between six ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) and developed countries from 2000 to 2013. Our empirical results show that greater distances in law-regulation and country risk lead to lower probability of completion. In contrast, acquirers with bigger size, a higher percentage of stake sought, and cash payment enhance the likelihood of completion. Our findings propose implications for engaging in international business with ASEAN countries.

Suggested Citation

  • Judy Hsu & Thuy Linh Cao, 2021. "The Antecedents of Likelihood to Completion of Cross-Border M&As: An Empirical Analysis of ASEAN Countries," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(10), pages 2888-2906, August.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:10:p:2888-2906
    DOI: 10.1080/1540496X.2019.1668766
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    Cited by:

    1. Myznikava, Katsiaryna (Katherine) & Farinha, Jorge, 2023. "The impact of political freedoms on cross-border M&A abandonment likelihood," The Quarterly Review of Economics and Finance, Elsevier, vol. 91(C), pages 112-138.

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