Abstract
Cross-Border Mergers and Acquisitions (CBMAs) are one of the vehicles for Foreign Direct Investment (FDI) and remain a popular external growth strategies by firms worldwide. However, World Investment Report 2015 (UNCTAD, 2015) reports a slight decrease of 16% in global FDI for year 2014. Nevertheless, FDI inflow to emerging economies especially the Association of Southeast Asian Nations (ASEAN) member countries increase by 5%. With the intensity of CBMAs in ASEAN member countries, this paper reviews the six ASEAN member countries which actively involved in CBMAs from January 2002 to December 2014. Discussion is also centered on how the main research stream on CBMAs (antecedents, impact of CBMA and determinants of firm performance) relates to CBMA trends by ASEAN member countries. Corporate governance spillover hypothesis is anticipated to explain the CBMA motivations of the ASEAN firms and also the variation in ASEAN firms' performance following CBMAs.
Highlights
The CROSS-BORDER MERGERS AND ACQUISITIONS (CBMAs) trends involving Association of Southeast Asian Nations (ASEAN) countries is likely to continue in line with the contention made by Metwalli and Tang (2009) that numerous bilateral and regional free trade agreements involving ASEAN countries would spur CBMA expansion in Southeast Asia
This paper reviewed the CBMA trends involving firms from ASEAN member countries from January 2002 to December 2014
The main research streams on CBMAs related to antecedents, impact and determinants of firm performance was discussed
Summary
Cross-Border Merger and Acquisition (CBMA) is defined as the transactions that involve at least two firms (Chen & Findlay, 2003; Reddy, 2012) which belongs to two different economies (Chen & Findlay, 2003), nations or home countries (Reddy, 2012) and transactions that span national borders (Hopkins, 1999). FDI inflow to emerging economies increased driven by the emerging Asian countries, whilst the flow to Latin America recorded a reduction and to Africa remained stagnant. This statistic is consistent with Jongwanich, Brooks and Kohpaiboon (2013) who claimed that CBMAs from emerging countries mostly originated from Asian nation. The most active CBMA players among ASEAN member countries are Singapore, Malaysia, Indonesia, Thailand, Vietnam and Philippines. These countries are top six countries with the highest market capitalisation in Southeast Asia (Quandl, 2012)
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