The Cross-border acquisition of newly public firms : Interplay between industrial environment and firm's capabilities
- 주제(키워드) cross-border acquisition , foreign competition , firm's resources and capabilities , newly public firm , initial public offerings
- 발행기관 고려대학교 대학원
- 지도교수 정재호
- 발행년도 2019
- 학위수여년월 2019. 8
- 유형 Text
- 학위구분 박사
- 학과 대학원 국제경영학과
- 원문페이지 107 p
- 실제URI http://www.dcollection.net/handler/korea/000000085055
- UCI I804:11009-000000085055
- DOI 10.23186/korea.000000085055.11009.0000925
- 본문언어 영어
- 제출원본 000045997236
초록/요약
The initial public offering (IPO) represents a steppingstone for rapid international expansion. However, there is little research on the international expansion of newly public firm. This thesis offers theoretical and empirical insights into how environment dynamics related to competition affect a newly public firm’s strategic choices such as cross-border acquisition. Drawing on the competitive dynamics theory and awareness-motivation-capabilities (AMC) framework, I provide evidence that the presence of new foreign entrants (i.e., the extent of newly listed foreign firms in an industry) and the valuation gap between foreign entrants and newly public firm (i.e., underpricing level disparity) affect the cross-border acquisition likelihood of a newly public firm. Empirical findings further suggest that a newly public firm’s resources and capabilities such as acquisition experiences, and intangible resources moderate the main relationships. Thus, the newly public firms with superior resources and capabilities are more likely to be able to afford to engage in searching behavior under the competitive environment. This thesis implies that the appearance of new foreign competitors could be both threat and opportunities for newly public firms; therefore, IPO firms need to account for not only growth opportunities but also their capabilities for international expansion as a growth strategy.
more목차
1. INTRODUCTION 1
2. LITERATURE REVIEW 13
2.1. Cross-border acquisition 13
2.1.1 Cross-border acquisition as an entry mode 13
2.1.2 Performance implication of cross-border acquisition 14
2.2. Initial public offering (IPO) and Mergers and acquisitions 16
2.3. Internationalization of newly public firms 21
3. THEORETICAL BACKGROUND AND HYPOTHESES 25
3.1. Competitive dynamics theory and AMC framework 25
3.2. Foreign competition in domestic market 28
3.3. Valuation gap and risk taking of cross-border acquisition 34
3.4. Moderating effect of newly public firm's resources and capabilities 39
3.4.1 Affiliation with financial institution at IPO 39
3.4.2. Acquisition experiences of newly public firm 45
3.4.3. Intangible resources of newly public firm 48
4. METHODS 51
4.1. Sample 51
4.2. Variables and Measurement 55
4.2.1. Dependent variable 55
4.2.2. Independent variables 55
4.2.3. Moderating variables 56
4.2.4. Control variables 57
5. EMPIRICAL RESULTS 62
6. DISCUSSION and CONCLUSION 76
6.1. Theoretical contributions 80
6.2. Managerial implications 82
6.3. Limitations and future research 83
REFERENCES 86
