Drivers of intraregional M&As within developing Asia

Jie Li (), Ramkishen Rajan and Rabin Hattari

Journal of the Asia Pacific Economy, 2016, vol. 21, issue 1, 116-131

Abstract: A large part of the upsurge in global Foreign Direct Investment (FDI) until the global financial crisis of 2008–2009 has been due to mergers and acquisitions (M&As) as opposed to Greenfield FDI. Also, noteworthy is the growing significance of developing Asia in these cross-border M&As, both as sources of finance as well as destinations of investments. These cross-border M&A flows have deepened the economic integration of developing Asia with the global economy. This paper examines the extent and determinants of M&As to and from developing Asia over the period 2000–2010 with particular emphasis on the financial drivers of intraregional M&As. Global liquidity and risk conditions, as proxied by London Inter Bank Offered Rate (LIBOR), consistently show up as being an important driver of intraregional flows.

Date: 2016
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DOI: 10.1080/13547860.2015.1053591

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