Cross-Border M&A performance by Chinese firms industry effect analysis

Chinese firms participate in cross-border mergers and acquisitions (CBMA) in a constantly increasing rate. As China, the leading developing economy of the world keeps developing, the dynamics of value creation through CBMA change. This study examines the short-term performance of 41 CBMA deals by C...

Täydet tiedot

Bibliografiset tiedot
Päätekijä: Ryhänen, Santeri
Muut tekijät: Jyväskylä University School of Business and Economics, Jyväskylän yliopiston kauppakorkeakoulu, Taloustieteet, University of Jyväskylä, Jyväskylän yliopisto
Aineistotyyppi: Pro gradu
Kieli:eng
Julkaistu: 2017
Aiheet:
Linkit: https://jyx.jyu.fi/handle/123456789/54638
_version_ 1828193099885576192
author Ryhänen, Santeri
author2 Jyväskylä University School of Business and Economics Jyväskylän yliopiston kauppakorkeakoulu Taloustieteet University of Jyväskylä Jyväskylän yliopisto
author_facet Ryhänen, Santeri Jyväskylä University School of Business and Economics Jyväskylän yliopiston kauppakorkeakoulu Taloustieteet University of Jyväskylä Jyväskylän yliopisto Ryhänen, Santeri Jyväskylä University School of Business and Economics Jyväskylän yliopiston kauppakorkeakoulu Taloustieteet University of Jyväskylä Jyväskylän yliopisto
author_sort Ryhänen, Santeri
datasource_str_mv jyx
description Chinese firms participate in cross-border mergers and acquisitions (CBMA) in a constantly increasing rate. As China, the leading developing economy of the world keeps developing, the dynamics of value creation through CBMA change. This study examines the short-term performance of 41 CBMA deals by Chinese firms from 2012 to 2015. Results from the event study analysis show that, on average, Chinese companies should participate in CBMA. The first result of this study indicates that Chinese acquirer companies gain significant cumula-tive average abnormal returns (CAARs) from CBMA. The second result of this study is that Chinese acquirer companies gain bigger CAARs from CBMA when the acquiring firm and the target firm operate in different industries. These findings, along with the existing literature about Chinese CBMA, indi-cate that examination of Chinese CBMA performance requires several factors to be taken into account in order to determine which firms and which industries are in the best position to create value.
first_indexed 2023-03-22T10:00:20Z
format Pro gradu
free_online_boolean 1
fullrecord [{"key": "dc.contributor.advisor", "value": "Junttila Juha", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Ryh\u00e4nen, Santeri", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2017-06-21T14:05:45Z", "language": "", "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2017-06-21T14:05:45Z", "language": "", "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2017", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.other", "value": "oai:jykdok.linneanet.fi:1704223", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/54638", "language": "", "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Chinese firms participate in cross-border mergers and acquisitions (CBMA) in a constantly increasing rate. As China, the leading developing economy of the world keeps developing, the dynamics of value creation through CBMA change.\r\nThis study examines the short-term performance of 41 CBMA deals by Chinese firms from 2012 to 2015. Results from the event study analysis show that, on average, Chinese companies should participate in CBMA. The first result of this study indicates that Chinese acquirer companies gain significant cumula-tive average abnormal returns (CAARs) from CBMA. The second result of this study is that Chinese acquirer companies gain bigger CAARs from CBMA when the acquiring firm and the target firm operate in different industries. These findings, along with the existing literature about Chinese CBMA, indi-cate that examination of Chinese CBMA performance requires several factors to be taken into account in order to determine which firms and which industries are in the best position to create value.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Santeri Ryh\u00e4nen (ansaryha) on 2017-06-21 14:05:45.039438. Form: Pro gradu -lomake (https://kirjasto.jyu.fi/julkaisut/julkaisulomakkeet/pro-gradu-lomake). JyX data: [jyx_publishing-allowed (fi) =True]", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2017-06-21T14:05:45Z\r\nNo. of bitstreams: 2\r\nURN:NBN:fi:jyu-201706213015.pdf: 392832 bytes, checksum: 08afe3611f3e71a7b18a4ba1a5c1a5f0 (MD5)\r\nlicense.html: 4852 bytes, checksum: 435948a821809d2ebc55129664ac60e1 (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2017-06-21T14:05:45Z (GMT). No. of bitstreams: 2\r\nURN:NBN:fi:jyu-201706213015.pdf: 392832 bytes, checksum: 08afe3611f3e71a7b18a4ba1a5c1a5f0 (MD5)\r\nlicense.html: 4852 bytes, checksum: 435948a821809d2ebc55129664ac60e1 (MD5)\r\n Previous issue date: 2017", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "1 verkkoaineisto (32 sivua)", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "M&A", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "CBMA", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Chinese economy", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "CAAR", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "event study", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "industry-effect", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Cross-Border M&A performance by Chinese firms : industry effect analysis", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-201706213015", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master's thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Kansantaloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.method", "value": "Tapaustutkimus", "language": null, "element": "subject", "qualifier": "method", "schema": "dc"}, {"key": "dc.date.updated", "value": "2017-06-21T14:05:45Z", "language": "", "element": "date", "qualifier": "updated", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": "fi", "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": null, "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "kansainv\u00e4linen kauppa", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "yrityskaupat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "fuusiot (yritysj\u00e4rjestelyt)", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "kansantalous", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "Kiina", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}]
id jyx.123456789_54638
language eng
last_indexed 2025-03-31T20:02:34Z
main_date 2017-01-01T00:00:00Z
main_date_str 2017
online_boolean 1
online_urls_str_mv {"url":"https:\/\/jyx.jyu.fi\/bitstreams\/1f2e71f1-d262-4571-a87b-ada88df3c8b9\/download","text":"URN:NBN:fi:jyu-201706213015.pdf","source":"jyx","mediaType":"application\/pdf"}
publishDate 2017
record_format qdc
source_str_mv jyx
spellingShingle Ryhänen, Santeri Cross-Border M&A performance by Chinese firms : industry effect analysis M&A CBMA Chinese economy CAAR event study industry-effect Kansantaloustiede Economics Tapaustutkimus 2041 kansainvälinen kauppa yrityskaupat fuusiot (yritysjärjestelyt) kansantalous Kiina
title Cross-Border M&A performance by Chinese firms : industry effect analysis
title_full Cross-Border M&A performance by Chinese firms : industry effect analysis
title_fullStr Cross-Border M&A performance by Chinese firms : industry effect analysis Cross-Border M&A performance by Chinese firms : industry effect analysis
title_full_unstemmed Cross-Border M&A performance by Chinese firms : industry effect analysis Cross-Border M&A performance by Chinese firms : industry effect analysis
title_short Cross-Border M&A performance by Chinese firms
title_sort cross border m a performance by chinese firms industry effect analysis
title_sub industry effect analysis
title_txtP Cross-Border M&A performance by Chinese firms : industry effect analysis
topic M&A CBMA Chinese economy CAAR event study industry-effect Kansantaloustiede Economics Tapaustutkimus 2041 kansainvälinen kauppa yrityskaupat fuusiot (yritysjärjestelyt) kansantalous Kiina
topic_facet 2041 CAAR CBMA Chinese economy Economics Kansantaloustiede Kiina M&A Tapaustutkimus event study fuusiot (yritysjärjestelyt) industry-effect kansainvälinen kauppa kansantalous yrityskaupat
url https://jyx.jyu.fi/handle/123456789/54638 http://www.urn.fi/URN:NBN:fi:jyu-201706213015
work_keys_str_mv AT ryhänensanteri crossbordermaperformancebychinesefirmsindustryeffectanalysis