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Year 2021, Volume: 21 Issue: 4, 319 - 331, 30.10.2021

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References

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  • Chari, M. D. R. (2013). Business groups and foreign direct investments by developing country firms: An empirical test in India. Journal of World Business, 48(3), 349–359. https://doi. org/10.1016/j.jwb.2012.07.019
  • Chen, S.-F. S. (2008). The motives for international acquisitions: capability procurements, strategic considerations, and the role of ownership structures. Journal of International Business Studies, 39(3), 454–471. https://doi.org/10.1057/ palgrave.jibs.8400357
  • Chen, S.-F. S., & Hennart, J.-F. (2004). A hostage theory of joint ventures: why do Japanese investors choose partial over full acquisitions to enter the United States? Journal of Business Research, 57(10), 1126–1134. https://doi.org/10.1016/ S0148-2963(03)00041-9
  • Chen, Y. Y., & Young, M. N. (2010). Cross-border mergers and acquisitions by Chinese listed companies: A principal-principal perspective. Asia Pacific Journal of Management, 27(3), 523–539. https://doi.org/10.1007/s10490-009-9150-7
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Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts

Year 2021, Volume: 21 Issue: 4, 319 - 331, 30.10.2021

Abstract

This study investigates how ownership concentration effects the ownership level and institutional environment moderates this relationship in Cross-border Merger & Acquisitions of a sample of Turkish Multinational Corporations. Proposed relationships based on institutional theory and socio-emotional wealth approach have been analyzed in a sample of 71 completed Cross-border Merger & Acquisition deals of Turkish firms between 1998-2017. Tobit regression model has been operationalized to test research hypotheses. While the findings have provided support for the positive relationship between concentrated ownership of acquiring firm and ownership level of target firm in Cross-border Merger & Acquisitions, the contextual effects of formal and informal institutions could not provide evidence for moderating impacts. These findings have implied the importance of using different theoretical approaches for distinct Emerging Market contexts like Turkey and how governance issues should be considered differently for Emerging Market firms to understand their Foreign Direct Investment decisions properly.

References

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Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Ayşe Kayacı 0000-0001-5242-7805

Aylin Ataay This is me 0000-0001-5150-1946

Publication Date October 30, 2021
Acceptance Date July 27, 2021
Published in Issue Year 2021 Volume: 21 Issue: 4

Cite

APA Kayacı, A., & Ataay, A. (2021). Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts. Ege Academic Review, 21(4), 319-331. https://doi.org/10.21121/eab.1018108
AMA Kayacı A, Ataay A. Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts. ear. October 2021;21(4):319-331. doi:10.21121/eab.1018108
Chicago Kayacı, Ayşe, and Aylin Ataay. “Ownership Level in Cross-Border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts”. Ege Academic Review 21, no. 4 (October 2021): 319-31. https://doi.org/10.21121/eab.1018108.
EndNote Kayacı A, Ataay A (October 1, 2021) Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts. Ege Academic Review 21 4 319–331.
IEEE A. Kayacı and A. Ataay, “Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts”, ear, vol. 21, no. 4, pp. 319–331, 2021, doi: 10.21121/eab.1018108.
ISNAD Kayacı, Ayşe - Ataay, Aylin. “Ownership Level in Cross-Border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts”. Ege Academic Review 21/4 (October 2021), 319-331. https://doi.org/10.21121/eab.1018108.
JAMA Kayacı A, Ataay A. Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts. ear. 2021;21:319–331.
MLA Kayacı, Ayşe and Aylin Ataay. “Ownership Level in Cross-Border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts”. Ege Academic Review, vol. 21, no. 4, 2021, pp. 319-31, doi:10.21121/eab.1018108.
Vancouver Kayacı A, Ataay A. Ownership Level in Cross-border M&As of Turkish MNCs: The Role of Ownership Concentration and Institutional Contexts. ear. 2021;21(4):319-31.