2013
DOI: 10.1590/s1807-76922013000400006
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Multilatinas and value creation from cross-border acquisitions:: an event study approach

Abstract: The central proposition of this paper is to assess the performance of cross-border acquisitions made by Multilatinas. Applying the event study method to a sample of 607 announcements of acquisitions during the period 1989-2011 by 182 Multilatinas from Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela, we conclude that: (a) on average, these announcements have a neutral impact on the short-term returns to acquiring companies' shareholders; (b) cross-sectional analysis reveals that relative size of … Show more

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Cited by 9 publications
(8 citation statements)
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“…These findings contrast with conclusions of an extensive empirical research arguing that cultural distance is likely to lead to cultural "collisions", particularly during the postacquisition period (Haspeslagh & Jemison, 1991;Larsson & Lubatkin, 2001). Using a sample of 122 large cross-border acquisitions undertaken by American firms between 1978 and 1990, Datta and Puia (1995) also found cultural differences to be negatively associated with the performance of the M&A activities carried out by these firms, a result consistent with Dakessian and Feldmann's (2013) study, considering a sample of acquirers located in Latin America.…”
Section: Cultural Distance Effects On Manda Performancesupporting
confidence: 66%
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“…These findings contrast with conclusions of an extensive empirical research arguing that cultural distance is likely to lead to cultural "collisions", particularly during the postacquisition period (Haspeslagh & Jemison, 1991;Larsson & Lubatkin, 2001). Using a sample of 122 large cross-border acquisitions undertaken by American firms between 1978 and 1990, Datta and Puia (1995) also found cultural differences to be negatively associated with the performance of the M&A activities carried out by these firms, a result consistent with Dakessian and Feldmann's (2013) study, considering a sample of acquirers located in Latin America.…”
Section: Cultural Distance Effects On Manda Performancesupporting
confidence: 66%
“…Apart from extensions of Kogut and Singh's work (Slangen & Hennart, 2008), this index has been used in a variety of other theoretical inquiries such as the impact of national culture differences on the longevity of foreign entries (Barkema, Bell, & Pennings, 1996), on motivations behind joint venture dissolutions (Park & Ungson, 1997), on preferences for licensing over foreign direct investments (Shane, 1992), whether or not culturally related international diversification have positive effect on firm performance (Gomez-Mejia & Palich, 1997), and in the massive academic productionof which this thesis is another exampleinvestigating the effects of national cultural distance on M&A performance, either based upon the Hofstede's cultural dimensions (Dakessian & Feldmann, 2013;Morosini, Shane, & Singh, 1998;Slangen, 2006;Weber et al, 1996) or on the cultural dimensions measured by the GLOBE project 23 using an adapted version of equation 1, such as in the studies of Reus and Lamont (2009), Vaara, Sarala, Stahl, and Björkman (2012), and Dikova…”
Section: Industry Membership and Corporate Culturementioning
confidence: 99%
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“…Destaca-se as observações de Melo e Mussengue (2011) no qual apontam que as operações no mercado internacional na América Latina decorre de fatores relacionados com: o processo de desregulamentação e privatização; aspectos culturais e o tamanho de mercados ainda pouco explorados. Não se desconsidera ainda, o fato de que uma série de Multilatinas -multinacionais de países em desenvolvimento -possuam características específicas de expansão internacional, utilizando muitas vezes, estratégias agressivas voltadas para a aquisição de empresas no exterior (Dakessian & Feldmann, 2013).…”
Section: Experiência E Diversificação De Negócios De Empresas Multinaunclassified
“…as preferências para o licenciamento de investimentos diretos no exterior (Shane, 1992), o efeito da distância cultural sobre o desempenho da empresa (Gomez-Mejia & Palich, 1997), e na investigação dos efeitos da distância cultural sobre o desempenho de fusões e aquisições (Dakessian & Feldmann, 2013;Dakessian, 2014;Morosini, Shane, & Singh, 1998;Slangen, 2006;Weber, Shenkar, & Raveh, 1996). (Magnusson, Wilson, Zdravkovic, Zhou, & Westjohn, 2008;Uhlenbruck, 2004).…”
Section: Distância Culturalunclassified