The impact of migrants on the cross-border M&A: Some evidence for Japan

Ivan Etzo () and Sumiko Takaoka

MPRA Paper from University Library of Munich, Germany

Abstract: Japanese outbound M&A activity has been running at a record pace regardless of the exchange rate movements. This paper examines the determinants of Japanese outbound M&A activity and the link between the migrants, which refer to both immigrants and Japanese citizens residing abroad, and Japanese outbound cross-border M&A activity in order to investigate whether immigrants alleviate the informational problems and stimulate the cross-border M&A activity with their host countries. Our results suggest that both immigrant and Japanese citizens residing abroad increase the probability of acquiring the asset in a potential target country. Moreover, both stocks have also a positive effect on the number of outbound M&A deals and the value of outbound M&A deals.

Keywords: Country risk; Cross-border M&A; Exchange rate; Migration (search for similar items in EconPapers)
JEL-codes: F21 F22 G34 (search for similar items in EconPapers)
Date: 2016-05-24
New Economics Papers: this item is included in nep-int and nep-mig
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:71558

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