Determinants of Cross-Border M&A Deals Efficiency in BRIC

Student: Suleymenova Zarina

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2016

This paper focuses on the identification of the determinants of cross-border M&A deals' efficiency. Average Cumulative Abnormal Return (CAR) was positive for 321 cross-border deals between 1999-2014 where the acquirer was from BRIC. CAR in average was about 1,63% in a three days event window and significant at 1% level. Then CAR was used as a dependent variable against selected explanatory variables. The result suggests that size of the bidder-firm, public status of target-firm, major control, and previous M&A experience have influence on value creation, also cultural distance and corporate governance have influence on CAR in cross-border deals.

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