خصوصیات سازمانی ادغام و اکتساب برون مرزی: مثالهای تلفیقی و کلاسیک از سراسر جهان Organizational characteristics of cross-border mergers and acquisitions: A synthesis and classic case examples from around the world

1. Introduction 1.1 The global market for corporate control The global market for mergers and acquisitions (M&A) has reported a significant growth in value and volume of transactions, especially since the outbreak of the 2007–2009 global financial crisis. According to McKinsey (2015), the value of global M&A—local and international deals—reported being US$4.5tn in 2007 and US$13.6tn during 2012–2015 (see Figure 1). Of this, Americas market announced by approximately US$7tn, then Europe, Middle East and Africa markets to be US$3.7tn, and Asia-Pacific markets to be US$3tn. More interestingly, Asia-Pacific markets’ share remarkably increased from 7 percent of the global M&A value in 1999 to 15 percent in 2007 and further rose by 23 percent in 2015. While Americas share raised by 53 percent in 2015 from 42 percent in 2007, the Europe, Middle East and Africa markets’ share dropped by 23 percent from 43 percent. On the other hand, a closer look at the global M&A market reveals that about 30–35 percent of the announcements reported being cross-border transactions. For example, the market value (the number of deals) of cross-border M&A increased from US$960bn (10,500) in 2000 to US$1tn (12,000) in 2007 and considerably reported being US$6.7tn (140,500) during 2001–2015 (UNCTAD, 2017). These patterns indicate promising opportunities for M&A deals in Asia-Pacific markets due to home country development, competition effects, economic-policy reforms, lower asset valuations in developed economies, growing participation of private equity and investment banks, and, particularly, the emergence of national champions from emerging economies such as China, Russia, India and Brazil (Peng, 2003, 2012; Luo and Tung, 2007; Young et al., 2014; Lebedev et al., 2015; Mutlu et al., 2015; Hitt et al., 2016). In the context, we argue that although a large number of announced deals are driven by home country (push) and target country (pull) factors, some deals are mainly determined by organizational factors (e.g. slack resources, marketing intensity, R&D intensity, target firm’s liquidation) and deal characteristics (e.g. a friendly transaction, an easy payment arrangement).