THE ROLE OF INSTITUTIONAL DISTANCE, BUSINESS GROUP AFFILIATION AND OWNERSHIP LEVEL IN CROSS-BORDER M&As OF TURKISH FIRMS

Ayşe KAYACI

Makale detayları

THE ROLE OF INSTITUTIONAL DISTANCE, BUSINESS GROUP AFFILIATION AND OWNERSHIP LEVEL IN CROSS-BORDER M&As OF TURKISH FIRMS

Yazarlar:

Ayşe KAYACI

Yayıncı:

Zonguldak Bulent Ecevit University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

International Journal of Management Economics and Business 2020 Vol.16 Issue 3, pp.623-638

Belge Tipi:

Makale

Yayın Tarihi:

10/2020

Belge Dili:

Türkçe

Document ID (Org No.):

2000665956

Sıklık:

Üç Aylık

eISSN:

2147-9194

pISSN:

2147-9208

Özet:

 

Institutional environment has become a key phenomenon for internationalization studies of
emerging market firms. As the presence of emerging market firms has increased in global economy, the
investigation of the impacts of institutional environment on internationalization has become vital. The
aim of this study is to examine the impacts of formal and informal institutional environment differences
and business group affiliation on the choice of ownership level in cross border merger and acquisitions
of Turkish firms. The study has analyzed 280 completed cross border merger and acquisitions of Turkish
firms between years 1987-2018. As the formal institutional distance increases, Turkish firms prefer lower
level of equity ownership. In contrast, Turkish firms prefer higher level of ownership as the informal
institutional distance increases. Moreover, business group affiliation has a mitigating effect only in
informal institutional distance and ownership level relationship.

 

Institutional environment has become a key phenomenon for internationalization studies of
emerging market firms. As the presence of emerging market firms has increased in global economy, the
investigation of the impacts of institutional environment on internationalization has become vital. The
aim of this study is to examine the impacts of formal and informal institutional environment differences
and business group affiliation on the choice of ownership level in cross border merger and acquisitions
of Turkish firms. The study has analyzed 280 completed cross border merger and acquisitions of Turkish
firms between years 1987-2018. As the formal institutional distance increases, Turkish firms prefer lower
level of equity ownership. In contrast, Turkish firms prefer higher level of ownership as the informal
institutional distance increases. Moreover, business group affiliation has a mitigating effect only in
informal institutional distance and ownership level relationship.

Makale detayları

THE ROLE OF INSTITUTIONAL DISTANCE, BUSINESS GROUP AFFILIATION AND OWNERSHIP LEVEL IN CROSS-BORDER M&As OF TURKISH FIRMS

Yazarlar: Ayşe KAYACI

Yayıncı: Zonguldak Bulent Ecevit University

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: International Journal of Management Economics and Business 2020 Vol.16 Issue 3, pp.623-638

Belge Tipi: Makale

Yayın Tarihi: 10/2020

Belge Dili: Türkçe

Document ID (Org No.): 2000665956

Sıklık: Üç Aylık

eISSN: 2147-9194

pISSN: 2147-9208

Sayı

Yazarlar:

Ayşe KAYACI

Yayıncı:

Zonguldak Bulent Ecevit University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

International Journal of Management Economics and Business 2020 Vol.16 Issue 3, pp.623-638

Belge Tipi:

Makale

Yayın Tarihi:

10/2020

Belge Dili:

Türkçe

Document ID (Org No.):

2000665956

Sıklık:

Üç Aylık

eISSN:

2147-9194

pISSN:

2147-9208