Moderating Effect of the Continental Factor on the Business Strategy and M&A Performance in the Pharmaceutical Industry for Sustainable International Business

Abstract

This research analyzed the moderating effects of the continental factor on the relation between the business strategies (cost advantage strategy and differentiation strategy) of the pharmaceutical industry and mergers and acquisitions (M&A) performance. A total of 1303 M&A cases were collected from the Bloomberg database between 1995 and 2016 for the sake of empirical analyses. The independent variables were represented by the cost advantage strategy and the differentiation strategy. The dependent variable was for the M&A performance, which was measured for the changes in ROA (return on assets). The results showed that the cost advantage strategy was advantageous when an Asian firm acquired one in either Asia or Europe. In contrast, when a European company received one in either Europe or Asia, M&A performance also was higher, although the cost was higher. On the other hand, the differentiation strategy was valid only when a European firm acquired one in Asia. The moderating effect of the continental factor was beneficial only in the relation between the cost advantage strategy and M&A performance. These results could help companies make decisions that maximize M&A performance based on continental factors from the perspective of the sustainable international business strategy establishment.

The Effect of Multi Channel Retailing, Cooperation Synergity and Accounting Information Systems on Business Development Strategies that Impact on Business Performance

“…The value is less than 0.05 so that there is a significant effect of Business Development Strategy on Business Performance. The results of the study are in accordance with previous empirical research that business development strategies have an effect on business performance (Mochtar, 2013;Mustikowati & Tysari, 2014;Rehman & Anwar, 2019;Kwon at al., 2020, Setiarini at al., 2020 After knowing the direct effect analysis, according to the research hypothesis, the indirect effect was also tested. The following are the results of the indirect effect test:…”

“…In previous research, it was explained that multi-channel retailing affects business development strategies (Currah, 2002;Jones & Livingstone, 2015, cooperation synergy affects business development strategies (Heide & Miner, 1992;Kurniawan, 2018) accounting information systems affect business development strategies. (Acep, 2005) Business development strategy affects business performance (Mokhtar, 2013;Mustikowati & Tysari, 2014;Rehman & Anwar, 2019;Kwon at al., 2020, Setiarini at al., 2020 and Business development strategies to mediate multi-channel retailing, synergy of cooperation and accounting information systems on business performance (Du, 2018;Lee at al., 2010;Floyd & Wooldridge, 1990)…”

Sparse Bayesian Model and Artificial Intelligence in Enterprise Goodwill Evaluation and Dynamic Management

“…The value will undergo important changes, so the goodwill and impairment of enterprises have become the “severe disaster zone” that affects the capital market [ 2 ]. Therefore, how to help companies build a complete evaluation system model that can truly reflect the value of corporate credit and goodwill, so as to broaden the coverage of asset evaluation to a certain extent, and protect the rights and interests of shareholders has become China's current critical issue in the field of asset appraisal that needs to be solved urgently [ 3 ]. Based on the characteristics of this era, this article studies the method of combining gray neural network and Markov chain method to predict the rate of return, thereby improving the accuracy and precision of the future excess profit forecast to a certain extent [ 4 ].…”

Theory of Reasoned Action dan Literasi Teknologi terhadap Adaptasi Perubahan Teknologi

“…Penelitian-penelitian mulai bermunculan untuk meneliti dampak maupun mencari solusi bagi industriindustri yang terpengaruh oleh pandemi ini seperti misalnya penelitian di industri penerbangan (Cotfas et al, 2020;Drljača et al, 2020;Munawar et al, 2021;Pongpirul et al, 2020), pengeboran minyak dan gas (Cansado-Bravo & Rodríguez-Monroy, 2020;Meher et al, 2020), restoran (Asefa et al, 2020;Hwang et al, 2020;Lai et al, 2020;Motoc, 2020), bidang pariwisata dan hospitaliti (Aburumman, 2020;Di Vaio et al, 2020;Radic et al, 2020;Varelas & Apostolopoulos, 2020) dan juga bidang kesehatan (Kwon et al, 2020;Welfens, 2020).…”