ABSTRACT

We empirically prove that the negative listing effect of mergers and acquisitions (M&A) is more pronounced in target countries with high gross domestic product (GDP) growth rate uncertainty than in countries without such uncertainty. We examine a sample of 343 non-financial firms that disclosed cross-border M&A between 2000 and 2019 in the Korea Exchange stock market and 49 countries where the target firms are located. We show that the listing effect caused by economic growth uncertainty in the target country is stronger for cross-border M&A during the global financial crisis or when the target firms are based in emerging countries.

中文翻译：

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目标国家的收购者收益中的上市效应和经济增长不确定性：新兴经济体的跨国并购案例

摘要

我们有经验地证明，在国内生产总值（GDP）增长率不确定性较高的目标国家，并购（M＆A）的负面上市效应要比没有此类不确定性的国家更为明显。我们调查了343家非金融公司的样本，这些公司在2000年至2019年之间在韩国交易所股票市场以及目标公司所在的49个国家中披露了跨国并购。我们发现，在全球金融危机期间或当目标公司位于新兴国家时，目标国家经济增长不确定性引起的上市效应对于跨国并购而言更强。