Cross-border mergers and acquisitions (M&As) allow economic integration across countries and impact industries’ productivity and structure, which has implications for managers, customers, suppliers, and policy-makers. Therefore, it is crucial to examine what drives inbound and outbound M&As more in certain industries compared to other industries. Prior research examined firm-level and country-level factors as antecedents of cross-border M&As, with the firm as the main unit of analysis and subsumed industry effects within country effects. However, not all industry effects—an industry’s capital intensity, for example—can be subsumed under country effects; consequently, the extant empirical findings do not present a holistic view. This study addresses this research gap by segregating industry effects from country effects and examining the impact of an industry’s domestic growth rate, imports growth rate, and capital intensity on the industry’s inbound and outbound M&A activity. Using a dataset of 87 industries from India that spans over a period of 11 years, we find that low capital-intensive industries have higher outbound and inbound M&As in the service sector but low inbound M&As and high outbound M&As in the manufacturing sector. Capital-intensive industries attract inbound M&A only when domestic industry growth and/or imports growth rate is low. These results indicate that foreign multinational-companies prefer to enter India via exports rather than via M&As in capital-intensive industries. This trend conforms to the traditional theories of international business, which do not seem to be completely applicable to outbound M&As from India. Further, an industry’s level of outbound M&A is positively related to the industry’s profitability; however, inbound M&A has no impact on the profitability.

中文翻译：

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入境与境外并购的前身：来自印度的行业水平分析

跨境并购（M＆A）允许跨国家进行经济整合并影响行业的生产率和结构，这对管理人员，客户，供应商和决策者产生了影响。因此，至关重要的是，与其他行业相比，研究哪些因素在某些行业中更能推动入站和出站并购。先前的研究检查了作为跨国并购的先行因素的公司层面和国家层面的因素，而公司则是分析的主要单位，并将行业影响归纳为国家影响。但是，并非所有的产业影响（例如，一个产业的资本强度）都可以归为国家影响。因此，现有的经验发现并不代表整体观点。本研究通过将行业影响与国家影响隔离开来，并研究了行业的国内增长率，进口增长率和资本密集度对行业的入站和出站并购活动的影响，从而解决了这一研究空白。使用来自印度的87个跨11年的行业的数据集，我们发现低资本密集型行业在服务业的出入境并购并购数量较高，而制造业的低并购和出境并购额较高。资本密集型产业只有在国内产业增长和/或进口增长率较低的情况下才吸引入境并购。这些结果表明，外国跨国公司更喜欢通过出口进入印度，而不是通过资本密集型行业的并购进入印度。这种趋势符合国际业务的传统理论，似乎并不完全适用于印度的海外并购。此外，一个行业的海外并购水平与该行业的盈利能力呈正相关；但是，入境并购对盈利能力没有影响。