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Institutional Investors

In: International Business Mergers and Acquisitions in Japan

Author

Listed:
  • Ralf Bebenroth

    (Kobe University Research Institute for Economics & Business Administration (RIEB))

Abstract

Equity stake purchases by institutional investors is a phenomenon that has become increasingly common in Japan. This chapter investigates how the post-acquisition performance of target firms differs across domestic versus cross border and friendly versus unfriendly equity stake purchases. Two contrasting concepts, the arms-length principle and geographic-proximity theory are applied. Results partly confirm that Japanese equity stake purchased target firms in an unfriendly attempt performed better right after the deal. Subsequently, the performance was significantly higher for equity stake purchased target firms by cross border institutional investors compared to domestic ones. The number of employees after the purchase decreased significantly for Japanese and for friendly attempts but increased for cross border and unfriendly ones. Implications are discussed.

Suggested Citation

  • Ralf Bebenroth, 2015. "Institutional Investors," Springer Books, in: International Business Mergers and Acquisitions in Japan, edition 127, chapter 11, pages 153-169, Springer.
    • Handle: RePEc:spr:sprchp:978-4-431-54989-5_11
    DOI: 10.1007/978-4-431-54989-5_11
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