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

Yu-Pei Hsu and Thuy Linh Cao

Emerging Markets Finance and Trade, 2021, vol. 57, issue 10, 2888-2906

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.

Date: 2021
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DOI: 10.1080/1540496X.2019.1668766

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