کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7412612 | 1481737 | 2018 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Why do over-deviated firms from target leverage undertake foreign acquisitions?
ترجمه فارسی عنوان
چرا شرکت های بیش از حد منحرف از اهرم هدف، خرید خارجی را انجام می دهند؟
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
چکیده انگلیسی
This paper examines how deviation from firms' target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with co-insurance theory, we find that over-deviated firms engage in foreign acquisition deals to relieve their financial constraints and to mitigate their financial distress risk. We also note that foreign acquisitions enhance over-deviated firms' value and performance, measured by Tobin's q and return on assets (ROA) respectively. These findings support the view that over-deviated firms pursue the most value-enhancing acquisitions. Overall, this paper suggests that co-insurance effects, value creation and performance improvements are the main incentives for over-deviated firms' involvement in foreign acquisitions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Business Review - Volume 27, Issue 2, April 2018, Pages 309-327
Journal: International Business Review - Volume 27, Issue 2, April 2018, Pages 309-327
نویسندگان
Yousry Ahmed, Tamer Elshandidy,