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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Abstract/Index
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.
References
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. |
| Related URLs: | |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 09 Jun 2015 09:35 |
| Last Modified: | 27 Apr 2017 14:38 |
| URI: | https://tesi.luiss.it/id/eprint/14137 |
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