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Listing Effect in Acquirer Returns and Economic Growth Uncertainty in the Target Country: The Case of Cross-border M&A from Emerging Economies

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  • Byoung-Jin Kim
  • Jin-Young Jung
  • Sung-Woo Cho

Abstract

We empirically prove that the negative listing effect of mergers and acquisitions (M&A) is more pronounced in target countries with high gross domestic product (GDP) growth rate uncertainty than in countries without such uncertainty. We examine a sample of 343 non-financial firms that disclosed cross-border M&A between 2000 and 2019 in the Korea Exchange stock market and 49 countries where the target firms are located. We show that the listing effect caused by economic growth uncertainty in the target country is stronger for cross-border M&A during the global financial crisis or when the target firms are based in emerging countries.

Suggested Citation

  • Byoung-Jin Kim & Jin-Young Jung & Sung-Woo Cho, 2021. "Listing Effect in Acquirer Returns and Economic Growth Uncertainty in the Target Country: The Case of Cross-border M&A from Emerging Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(2), pages 427-443, January.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:2:p:427-443
    DOI: 10.1080/1540496X.2020.1796625
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    Cited by:

    1. Sung-woo Cho & Jin-young Jung & Byoung-Jin Kim & Hyunjoo Song, 2022. "What Causes the M&A Performance of High-Tech Firms?," Sustainability, MDPI, vol. 14(5), pages 1-14, February.
    2. Tang, Wenjin & Ding, Saijie & Chen, Hao, 2021. "Economic uncertainty and its spillover networks: Evidence from the Asia-Pacific countries," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).

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