International mergers and acquisitions in BRICS versus developed markets: a comparative study of different investment policies

Canestri, Ilaria (A.A. 2013/2014) International mergers and acquisitions in BRICS versus developed markets: a comparative study of different investment policies. Tesi di Laurea in Corporate strategies, LUISS Guido Carli, relatore Alessandro Marino, pp. 98. [Master's Degree Thesis]

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The primary purpose of this study is to determine the optimal Investment policy for multinational companies from a growth perspective between retaining and distributing the realized earnings within their subsidiaries, according to the location where M&As are executed, BRICS or developed countries. The main research question aims to understand whether a higher retention ratio is meaningful to explain a corresponding higher growth rate. A sample of representative cross-border deals was obtained for the years 2005-2013. There is no evidence of a significant relationship between the retention ratio and growth rate, expressed in terms of sales volume, when evaluating a general M&A context without taking into account the place where deals occur. However, a positive relationship holds between the two variables for those cross-border transactions with targets located in BRICS markets. This means that the fundamental determinant to experience an incremental growth after an M&A strategy, thanks to the retain-and-reinvest approach in earnings management, is the target’s belonging or not belonging to BRICS countries.


Bibliografia: pp. 94-98.

Thesis Type: Master's Degree Thesis
Institution: LUISS Guido Carli
Degree Program: Master's Degree Programs > Master's Degree Program in General Management, English language (LM-77)
Outstanding Thesis: Department of Business and Management
Chair: Corporate strategies
Thesis Supervisor: Marino, Alessandro
Thesis Co-Supervisor: Boccardelli, Paolo
Academic Year: 2013/2014
Session: Extraordinary
Uncontrolled Keywords: Realized earnings, Retention ratio, Growth rate, M&A, BRICS, Developed countries.
Additional Information: La tesi è vincitrice del Premio "Tesi d'Eccellenza" 2013/2014 ed è stata pubblicata online dalla LUISS University Press nella collana Working Paper.
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Deposited by: Alessandro Perfetti
Date Deposited: 09 Jun 2015 09:35
Last Modified: 27 Apr 2017 14:38


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