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Out of Africa? Locational determinants of South African cross-border mergers and acquisitions

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  • Amar Iqbal Anwar
  • Mazhar Mughal

    (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour)

Abstract

South Africa is the Africa’s biggest source of outward foreign direct investment. This study examines the principal locational motives of cross-border mergers and acquisitions CBMA by South African firms for the 1990–2014 period. The role of inter-country cultural and economic linkages is also studied. Firm-level data of South African merger and acquisition activities in 74 host countries are used to estimate a number of model specifications that control for host-country economic, geographical, cultural and institutional characteristics. Estimations are carried out using random-effects negative binomial panel model. Capturing the host-economy market and enhancing efficiency are found to be the two major motives driving South African corporations’ CBMA activities. Natural resources acquisition seems a less important motive, while strategic assets such as patents and technology do not appear to be attractive. The role of cultural and economic linkages between the home and the host country is found to be substantial. South African firms prefer investing in Africa, particularly in countries bordering South Africa. In light of the study’s findings, South African CBMA activities can be compared with those from other emerging economies.
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Suggested Citation

  • Amar Iqbal Anwar & Mazhar Mughal, 2016. "Out of Africa? Locational determinants of South African cross-border mergers and acquisitions," Post-Print hal-01885282, HAL.
    • Handle: RePEc:hal:journl:hal-01885282
    DOI: 10.1080/00036846.2016.1257211
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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. Gada, Viswa Prasad & Popli, Manish & Malhotra, Shavin, 2024. "Geographic distance in cross-border acquisitions: The impact of CEO's psychological attributes," Journal of International Management, Elsevier, vol. 30(1).
    3. Raghavendra, Chandrika & Sharif, Taimur & Mahesh, Rampilla & Yadav, Miklesh Prasad & Abedin, Mohammad Zoynul, 2023. "Do market, resource and knowledge distance impact inbound cross-border acquisition?," Global Finance Journal, Elsevier, vol. 57(C).
    4. Amar Anwar & Ichiro Iwasaki, 2022. "Institutions and FDI from BRICS countries: a meta-analytic review," Empirical Economics, Springer, vol. 63(1), pages 417-468, July.

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