Horizontal, vertical, and conglomerate cross-border acquisitions

Herger, Nils; McCorriston, Steve (2016). Horizontal, vertical, and conglomerate cross-border acquisitions. IMF Economic Review, 64(2), pp. 319-353. Palgrave Macmillan UK 10.1057/imfer.2015.42

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Using data on cross-border acquisitions (CBAs), this paper explores the distribution of alternative strategies pursued when multinational enterprises integrate foreign sub- sidiaries into their organizational structure. Based on a measure of vertical relatedness, each of the 165,000 acquisitions in our sample covering 31 source and 58 host countries can be classified as horizontal, vertical, or conglomerate. Three novel features of CBAs are highlighted. First, horizontal and vertical CBAs are relatively stable over time. Second, a considerable part of CBAs are conglomerate acquisitions whereby the financial sector is an important, though by far not the only, segment involved. Third, the wave-like growth of CBAs arises primarily from changes in conglomerate activity.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Economics

UniBE Contributor:

Herger, Nils

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

2041-4161

Publisher:

Palgrave Macmillan UK

Language:

English

Submitter:

Eva Marina Zuberbühler

Date Deposited:

11 Jul 2017 14:21

Last Modified:

11 Jul 2017 14:21

Publisher DOI:

10.1057/imfer.2015.42

Additional Information:

JEL Classifications F15 F21 F23 F33

URI:

https://boris.unibe.ch/id/eprint/93177

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