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Cross-border acquisitions: the UK experience

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  • Michael McCann

Abstract

This paper tests a composite empirical model of cross-border acquisitions involving UK firms between 1987-1995 using panel data analysis. The empirical model includes capital market variables and regulatory variables derived from the existing literature. The results show that models that explain cross-border acquisitions through capital market imperfections are not significant. Cross-border activity has a strong relationship with the level of the UK stock market suggesting that crossborder acquisitions are, in some part, an extension of domestic activity. Corporate tax differentials also have significant impact on activity.

Suggested Citation

  • Michael McCann, 2001. "Cross-border acquisitions: the UK experience," Applied Economics, Taylor & Francis Journals, vol. 33(4), pages 457-461.
    • Handle: RePEc:taf:applec:v:33:y:2001:i:4:p:457-461
    DOI: 10.1080/00036840122021
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    Cited by:

    1. Yusnidah Ibrahim & Jimoh Olajide Raji, 2018. "Cross-border merger and acquisition activities in Asia: the role of macroeconomic factors," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 35(2), pages 307-329, May.
    2. Uddin, Moshfique & Boateng, Agyenim, 2011. "Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors," International Business Review, Elsevier, vol. 20(5), pages 547-556, October.
    3. Choi, Sungho & Francis, Bill B. & Hasan, Iftekhar, 2010. "Cross-border bank M&As and risk: evidence from the bond market," Bank of Finland Research Discussion Papers 4/2010, Bank of Finland.
    4. Hsueh, Shun-Jen & Tsao, Yao Chun & Tu, Chien-Heng & Chiu, Yung-Ho & Liu, Shu-Bing, 2014. "Can M&A activities act as a predictor of the performance of economic growth or stock prices?," Economic Modelling, Elsevier, vol. 42(C), pages 430-438.
    5. repec:zbw:bofrdp:2010_004 is not listed on IDEAS
    6. Florence Eid, 2006. "Recasting Job Creation Strategies in Developing Regions," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 15(2), pages 115-143, September.
    7. Sungho Choi & Bill B. Francis & Iftekhar Hasan, 2010. "Cross‐Border Bank M&As and Risk: Evidence from the Bond Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(4), pages 615-645, June.
    8. Boateng, Agyenim & Hua, Xiuping & Uddin, Moshfique & Du, Min, 2014. "Home country macroeconomic factors on outward cross-border mergers and acquisitions: Evidence from the UK," Research in International Business and Finance, Elsevier, vol. 30(C), pages 202-216.

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