Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts
This study investigates how ownership concentration effects the ownership level and institutional environment moderates this relationship in Cross-border Merger & Acquisitions of a sample of Turkish Multinational Corporations. Proposed relationships based on institutional theory and socio-emotio...
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| Veröffentlicht in: | Ege akademik bakıs 2021-10, Vol.21 (4), p.319-331 |
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| container_title | Ege akademik bakıs |
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| creator | Kayaci, Ayşe Ataay, Aylin |
| description | This study investigates how ownership concentration effects the ownership level and institutional environment moderates this relationship in Cross-border Merger & Acquisitions of a sample of Turkish Multinational Corporations. Proposed relationships based on institutional theory and socio-emotional wealth approach have been analyzed in a sample of 71 completed Cross-border Merger & Acquisition deals of Turkish firms between 1998-2017. Tobit regression model has been operationalized to test research hypotheses. While the findings have provided support for the positive relationship between concentrated ownership of acquiring firm and ownership level of target firm in Cross-border Merger & Acquisitions, the contextual effects of formal and informal institutions could not provide evidence for moderating impacts. These findings have implied the importance of using different theoretical approaches for distinct Emerging Market contexts like Turkey and how governance issues should be considered differently for Emerging Market firms to understand their Foreign Direct Investment decisions properly. |
| doi_str_mv | 10.2112l/eab.1018108 |
| format | Article |
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Proposed relationships based on institutional theory and socio-emotional wealth approach have been analyzed in a sample of 71 completed Cross-border Merger & Acquisition deals of Turkish firms between 1998-2017. Tobit regression model has been operationalized to test research hypotheses. While the findings have provided support for the positive relationship between concentrated ownership of acquiring firm and ownership level of target firm in Cross-border Merger & Acquisitions, the contextual effects of formal and informal institutions could not provide evidence for moderating impacts. 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These findings have implied the importance of using different theoretical approaches for distinct Emerging Market contexts like Turkey and how governance issues should be considered differently for Emerging Market firms to understand their Foreign Direct Investment decisions properly.</abstract><cop>Izmir</cop><pub>Ege University Faculty of Economics and Administrative Sciences</pub><doi>10.2112l/eab.1018108</doi></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1303-099X |
| ispartof | Ege akademik bakıs, 2021-10, Vol.21 (4), p.319-331 |
| issn | 1303-099X |
| language | eng |
| recordid | cdi_proquest_journals_2596971730 |
| source | EBSCOhost Business Source Complete; EZB-FREE-00999 freely available EZB journals |
| subjects | Economic growth Emerging markets Equity participations Foreign investment Foreign subsidiaries Globalization Hypotheses Multinational corporations Stockholders |
| title | Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts |
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