Browsing by Author "Glaister, Keith W."

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    Equity Ownership in Cross-border Mergers and Acquisitions by British Firms: An Analysis of Real Options and Transaction Cost Factors
    (Wiley, 2017-02-19) Ahammad, Mohammad F.; Leone, Vitor; Tarba, Shlomo Y.; Glaister, Keith W.; Arslan, Ahmad
    The authors investigate the factors influencing the share of equity ownership sought in cross-border mergers and acquisitions (CBM&As). Drawing on real options theory and transaction cost economics (TCE), they address and hypothesize key factors linked to commitment under exogenous uncertainty and the separation of desired and non-desired assets’ influence on share of equity sought by acquiring firms in CBM&As. Empirical analysis based on 1872 CBM&As undertaken by British firms in both developed and emerging economies shows that British MNEs are more likely to pursue a partial acquisition in a target foreign firm when those foreign firms are from culturally distant countries. Further, findings support the view that the high cost of separating desired assets from non-desired assets motivates firms to make a partial acquisition rather than acquire the target completely. This is one of the first studies to use real options theory to address the cost of commitment under exogenous uncertainty, as well as TCE logic to address the separation of desired and non-desired assets in the target firmwhile analysing equity ownership sought in CBM&As. Empirically, this paper contributes by examining CBM&As by British firms in both developed and emerging markets.
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    National Culture, Corporate Governance and Corruption: A Cross-country Analysis
    (Wiley, 2020-07-25) Boateng, Agyenim; Wang, Yan; Ntim, Collins; Glaister, Keith W.
    Drawing on institutional theory, we examine the impact of corporate governance (CG) on corruption. The interaction effects of national culture and CG on corruption are also examined. By employing a dataset of 149 countries, our baseline findings indicate that the quality of CG practices reduces the level of corruption. Findings also show that three cultural dimensions, namely, power distance, individualism and indulgence moderate the CG-corruption nexus. Our findings indicate that CG and national culture explain the level of corruption among societies, with national culture appearing to matter more than the quality of CG. Our findings remain unchanged after controlling for endogeneities, country-level factors, CG and corruption proxies
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    Ownership type, home country government-directed investment policies, and firm value in strategic sectors: evidence from Chinese acquiring firms
    (Wiley, 2021-07-02) Boateng, Agyenim; Du, Min; Bi, Xiaogang; Kwabi, Frank; Glaister, Keith W.
    Using data of Chinese acquirers in strategic sectors, we assess the role of home government, and the effects of the interaction between ownership type and government-directed investment policies on acquiring firm value in cross-border acquisitions (CBA). We find that CBA activities in strategic sectors encouraged by the home country government through its investment policies experience significant increase in value. We also find that firms investing in government-designated strategic sectors generate wealth for acquirers, but, contrary to efficiency logic rooted in agency theory, state-owned enterprises (SOEs) appear to outperform private-owned enterprises (POEs). Further analysis indicates that three financial incentives associated with government-directed policies – namely, interest-rate reduction, tax incentives and direct subsidies – constitute sources of firm value. Our results raise several policy implications including the need for transparent and rule-based policies and governance systems to be developed and implemented by governments in the home and host countries to regulate state-supported firms investing in sensitive strategic sectors.