Determinants Of Acquisition Research Articles

A Bibliometric Analysis of Takeover in Family Firms: Current Themes and Prospects

This article highlights the crucial areas and recent dynamics of the takeover field in family firms and recommends avenues for further research. Employing a bibliometric examination, this study analyzes a sample of 63 studies from the Scopus database on acquisition involving family firms between 1997 and early 2021. The study also performed a systematic literature review of the most significant articles as revealed by the computation. We obtain the prominent authors based on citation analysis. We also find current themes and suggest future research avenues. Despite the worldwide prevalence of family firms, there is less study on the takeover of family firms. The results also show that most of the articles are based on the few most studied theories, such as agency theory, resource-based view and stewardship and stagnation perspective, and so on. The scant studies on the takeover of family firms center around acquisition decisions, determinants of acquisition, and acquisition outcomes, with relatively less attention on measuring non-economic goals, board structure, and generation of family members. Finally, the results indicate that very few studies have focused on cross-industry and cross-country to examine the effect of family ownership on takeover events.

Determinants of Acquisition, Persistence, and Clearance of Oncogenic Cervical Human Papillomavirus Infection in the Philippines Using a Multi-Omics Approach: DEFEAT HPV Study Protocol

HPV infection is one of the most studied risk factors in cervical cancer-the second most common cancer site and cause of death due to cancer in the Philippines. However, there is a lack of population-based epidemiological data on cervical HPV infection in the Philippines. Local reports on co-infections with other lower genital tract pathogens, commonly reported globally, are also lacking, which emphasizes the need to increase efforts in targeting HPV prevalence, genotype, and distribution. Hence, we aim to determine the molecular epidemiology and natural history of HPV infection among reproductive-age Filipino women using a community-based prospective cohort design. Women from rural and urban centers will be screened until the target sample size of 110 HPV-positive women (55 from rural sites and 55 from urban sites) is reached. Cervical and vaginal swabs will be collected from all screened participants. For HPV-positive patients, HPV genotypes will be determined. One hundred ten healthy controls will be selected from previously screened volunteers. The cases and controls will comprise the multi-omics subset of participants and will be followed up after 6 and 12 months for repeat HPV screening. Metagenomic and metabolomic analyses of the vaginal swabs will also be performed at baseline, after 6 months, and after 12 months. The results of this study will update the prevalence and genotypic distribution of cervical HPV infection among Filipino women, determine whether the current vaccines used for HPV vaccination programs capture the most prevalent high-risk HPV genotypes in the country, and identify vaginal community state types and bacterial taxa associated with the natural history of cervical HPV infection. The results of this study will be used as the basis for developing a biomarker that can help predict the risk of developing persistent cervical HPV infection in Filipino women.

536. Clostridium difficile Colonization in the First Year of Life

BackgroundRecent years have witnessed an explosive increase in community-associated Clostridium difficile infection (CA-CDI) in adults. Contact with infants, a population known to be asymptomatically colonized by C. difficile (CD), has been identified as a risk factor for CA-CDI, rendering it vital to explore the epidemiology and determinants of acquisition in babies.MethodsIn this prospective cohort study, healthy infants attending a demographically diverse suburban pediatric practice were enrolled at birth and followed through their 2-month, 6-month, and 12-month well child visit. At each visit, stool samples were collected, and questionnaires including interim exposure to potential risk factors for CD acquisition were administered. Stool was inoculated on pre-reduced CCFA agar with a graduated loop. Among CD isolates, toxin genes were identified by PCR.ResultsFifty infants were recruited; 90% of samples and questionnaires were completed. The average gestational age was 39 weeks and 46% were male. Twenty-eight (56%) infants had at least one sample positive for CD during the study: cross sectional incidence was 0/50 at birth; 9/47 (19%) at 2 months; 22/43 (51%) at 6 months; 6/37 (16%) at 1 year. Of those with positive stool cultures, three(11%) tested positive at multiple visits. Of the 37 (81%) isolates, 30 were PCR-positive for CD toxin. Five stool samples harbored >4.5 log10 cfu of toxigenic CD/g of stool. Proportions of CD+ vs. CD− subjects, respectively, with interim exposure to selected CD risk factors at each visit were as follows: infant healthcare visit 45% vs. 42%; household member healthcare visit 17% vs. 23%; household member with diarrhea 14% vs. 29%; antibiotic exposure 5% vs. 4%; antacid exposure 7% vs. 3%, all P > 0.05. Regarding risks for acquisition of enteric pathogens in general: breastmilk-including nutrition 57% vs. 73% (P < 0.05 only at 2-month visit); 48% CD+ infants had interim daycare attendance vs. 25% CD− (but P > 0.05 at each visit).ConclusionAsymptomatic carriage of toxigenic CD occurred in over half of healthy infants during the first year of life, and several had a high organism burden that could increase the risk for transmission. While daycare attendance was more common among colonized infants, the majority of infants who were CD+ had no daycare exposure.Disclosures All authors: No reported disclosures.

Expansion Mode Choices: The Case of US Multinationals in Brazil

The traditional theory of expansion modes argue that local experience would bring Multinationals (MNEs) more knowledge of the particularities of the local market, mitigating subsequent same local expansion risk and will choose greenfield and wholly-owned subsidiary. However, local complementary inputs become relevant in this expansion decision, when local complementary assets are not always available and freely negotiated (Hennart, 2009). This paper analyzes the sequential expansion decision made by 10 major and large experienced US multinationals in Brazil between 2004 and 2013, identifying the possible motives for this decision considering MNEs expansion theories and Brazilian inter-regions differences. We found evidence that supports Hennart Bundling Model: i) the experience of multinationals in Brazil not always increases multinationals’ commitment in the host countries by establishment of new wholly-owned subsidiaries; ii) US MNEs make acquisitions when they need to enter in a new region with significant difference of local economic development from where MNE already operated; iii) also, Brazilian regional factors such as concentration, growth and industries’ intrinsic features are determinants of acquisitions and joint ventures choices

Determinants of acquisitions in Chinese technology firms: an empirical investigation

Purpose– Globalization, increasing intensity of competition and access to capital markets have enabled emerging market firms to explore inorganic growth through merger and acquisitions (M &amp; A) over the past two decades. The purpose of this paper is to analyze the role of firm-specific factors on M &amp; A propensity in Chinese technology firms.Design/methodology/approach– The authors analyze data on 152 firms from Mainland China, Hong Kong and Taiwan over a period of 2001-2011 using logistic and count data regression.Findings– The authors find that the factors that influence M &amp; As in these firms differ from the established factors found in M &amp; A in developed economies. Large, low-debt firms have higher acquisition propensity irrespective of their technological strength and they tend to be serial acquirer too.Originality/value– The findings provide new insights into inorganic growth behavior of emerging market technology firms and indicate presence of both exploitative and exploratory motives.

Banking mergers – an application of matching strategy

Purpose – ASEAN region has emerged as a major hotspot for banking mergers and acquisitions (M&amp;A) in Asia. This paper aims to examine the determinants of acquisitions for 47 acquired banks and 33 acquiring banks in ASEAN from 2003 to 2011 by applying matching strategy. Design/methodology/approach – Three binary logistic regressions are estimated in the study to identify the determinants of acquisitions in the ASEAN banking industry. Furthermore, the paper examines the ex ante bank-specific and country-specific characteristics of acquiring and acquired banks which motivate bank acquisitions. Findings – The division of the sample into sub-samples reflects significant changes in the determinants of the likelihood of being acquired over different time periods. In the normal period prior to the financial crises, acquired banks are also found to have greater loan activities. Asset quality and liquidity played important roles in determining the likelihood of being acquired in the period after the onset of the 2007 global financial crisis and the European sovereign debt crisis. Larger banks with higher growth and greater profitability are more likely to engage in acquisitions as acquiring banks rather than as acquired banks. The study indicates that financial crises bring about a change in the determinants of bank acquisitions. Research limitations/implications – The results for the bank-specific determinants are consistent with the growth-resource and inefficient management hypotheses. It is obvious that the involvement of ASEAN banks in acquisitions is strongly motivated by the pursuit of growth, consistent with the rapid economic growth in the region. Originality/value – The study identifies the bank-specific and country-specific characteristics of acquiring and acquired banks which influence their involvement in M&amp;A. The uniqueness of this paper lies in the applied methodology on matching strategy.

Interferon-γ-induced upregulation of immunoproteasome subunit assembly overcomes bortezomib resistance in human hematological cell lines

BackgroundDespite encouraging results with the proteasome inhibitor bortezomib in the treatment of hematologic malignancies, emergence of resistance can limit its efficacy, hence calling for novel strategies to overcome bortezomib-resistance. We previously showed that bortezomib-resistant human leukemia cell lines expressed significantly lower levels of immunoproteasome at the expense of constitutive proteasomes, which harbored point mutations in exon 2 of the PSMB5 gene encoding the β5 subunit. Here we investigated whether up-regulation of immunoproteasomes by exposure to interferon-γ restores sensitivity to bortezomib in myeloma and leukemia cell lines with acquired resistance to bortezomib.MethodsRPMI-8226 myeloma, THP1 monocytic/macrophage and CCRF-CEM (T) parental cells and sub lines with acquired resistance to bortezomib were exposed to Interferon-γ for 24-48 h where after the effects on proteasome subunit expression and activity were measured, next to sensitivity measurements to proteasome inhibitors bortezomib, carfilzomib, and the immunoproteasome selective inhibitor ONX 0914. At last, siRNA knockdown experiments of β5i and β1i were performed to identify the contribution of these subunits to sensitivity to proteasome inhibition. Statistical significance of the differences were determined using the Mann-Whitney U test.ResultsInterferon-γ exposure markedly increased immunoproteasome subunit mRNA to a significantly higher level in bortezomib-resistant cells (up to 30-fold, 10-fold, and 6-fold, in β1i, β5i, and β2i, respectively) than in parental cells. These increases were paralleled by elevated immunoproteasome protein levels and catalytic activity, as well as HLA class-I. Moreover, interferon-γ exposure reinforced sensitization of bortezomib-resistant tumor cells to bortezomib and carfilzomib, but most prominently to ONX 0914, as confirmed by cell growth inhibition studies, proteasome inhibitor-induced apoptosis, activation of PARP cleavage and accumulation of polyubiquitinated proteins. This sensitization was abrogated by siRNA silencing of β5i but not by β1i silencing, prior to pulse exposure to interferon-γ.ConclusionDownregulation of β5i subunit expression is a major determinant in acquisition of bortezomib-resistance and enhancement of its proteasomal assembly after induction by interferon-γ facilitates restoration of sensitivity in bortezomib-resistant leukemia cells towards bortezomib and next generation (immuno) proteasome inhibitors.

Determinants of acquisitions: an Indian perspective

PurposeThe purpose of this paper is to identify and investigate firm level determinants of the firm's decision on acquisition strategy.Design/methodology/approachA total of 360 firms across fast growing sectors in India, namely automobile, FMCG and pharmaceutical were selected for six years, i.e. from 2004‐2010, thus making a sample of 360 firms. Hypothesis were tested using panel logit regression and instrumental IV variable regression.FindingsFindings suggest that earnings volatility and business group affiliation are statistically significant determinants of the firm's acquisition decision. Earnings volatility follows inverted “U” curvilinear relationship with a firm's propensity to bid for acquisition and business group affiliation is a quasi moderator, i.e. has both direct and moderating impact on earnings volatility and acquisition likelihood relationship.Research limitations/implicationsOut of several manufacturing and service sectors only three fastest growing sectors are selected. Moreover, though study has been conducted in emerging market, i.e. India. For further generalization, other emerging economies should have also been selected. However, availability of data restricts scope of study.Practical implicationsManagers can look at strategies like acquisition to reduce their volatility. However, they have to make this decision in a prudent manner as acquisition itself is a risky strategy. Moreover, managers of stand alone firms should seek to find solutions of resource scarcity.Originality/valueDeterminants mentioned above have not been investigated earlier with respect to acquisition decision especially in emerging market context.

Determinants of Acquisition

Determinants of Acquisition

Acquistion Targets and Motives in the Banking Industry

This paper uses a large sample of individual banking organizations, observed from 1996 to 2005, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing-risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in-state and out-of-state acquirers. We also employ a subsample of publicly traded banking organizations to investigate the role of managerial ownership in explaining the likelihood of acquisition. The hypothesis that acquisitions serve to transfer resources from less efficient to more efficient uses receives substantial support from our results, as do a number of other relevant hypotheses.

Acquisition Targets and Motives in the Banking Industry

This paper uses a large sample of individual banking organizations, observed from 1996 to 2005, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing‐risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in‐state and out‐of‐state acquirers. We also employ a subsample of publicly traded banking organizations to investigate the role of managerial ownership in explaining the likelihood of acquisition. The hypothesis that acquisitions serve to transfer resources from less efficient to more efficient uses receives substantial support from our results, as do a number of other relevant hypotheses.

Acquisition Targets and Motives in the Banking Industry

This paper uses a large sample of individual banking organizations, observed from 1996 to 2003, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing-risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in-state and out-of-state acquirers. The hypothesis that acquisitions serve to transfer resources from less efficient to more efficient uses receives substantial support from our results, as do a number of other relevant hypotheses.

The determinants of acquisition of outside investment management service providers in public and corporate pension plans and endowments

This study of investment management service providers examines Performance-related and Business Relationship factors important to pension plan and endowment managers purchasing outside investment management services. These characteristics are examined across four asset categories: Equities, Fixed Income, Real Estate and Derivative/Commodities/Currencies. The results discuss the importance of the factors in the initial hiring decision and examine implications and applications for both buyers and sellers of investment management services providers..

Determinants of Acquisition and Failure: Stylized Facts and Lessons for Empirical Studies

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also o ers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly di erent from surviving firms on a number of firm-specific characteristics, however the characteristics are similar for failing and acquired firms. This implies that firm failure and acquisition should be analyzed in combination. Second, we find that the industry distribution is significantly di erent for failure and acquisitions. This calls for some kind of industry-adjustment in empirical analyses. Third, the di erences between surviving and failing (acquired) firms are similar, irrespective whether the respective firm characteristic is observed one or up to four or more years before failure (acquisition). This validates the findings of studies that use lags of only one year for explanatory variables.

Prevalence of anti-human papillomavirus type 16, 18, 31, and 58 virus-like particles in women in the general population and in prostitutes.

Genital human papillomavirus (HPV) infection is sexually transmitted. The aim of the study was to characterize serological responses to HPV types 16, 18, 31, and 58 by exploring type-specific virus-like particles (VLPs) in two groups of women with very distinct sexual behaviors. Anti-VLP antibodies for types 16, 18, 31, and 58 and HPV DNA in cervical cells were investigated with 177 prostitutes and 283 age-matched controls from the female general population in Spain. Anti-VLP positivity increased with number of lifetime sexual partners in women from the general population, and no seroresponse was found in virgins. However, in prostitutes HPV infection was characterized by higher multireactivity to three or four VLPs (25%) than the general population (3%) and by a more frequent antibody response to HPV-58 than in the general population. About 75% of the women seropositive for type 58 had been born in a Latin American country. Seroprevalence of HPV and cervical HPV DNA in prostitutes were 14 and 10 times higher than observed in women in the general population (prevalence odds ratio [POR] of HPV seropositivity, 14.04 [95%; CI = 8.4 to 23.6] and POR for HPV DNA, 10.4 [95% CI = 3.9 to 27.6). Our results indicate that prostitutes are at an increased risk of oncogenic HPV infections, and they confirm the validity of anti-VLPs as markers of present or past HPV infection, that the number of sexual partners is the major determinant in acquisition of oncogenic HPV, and that anti-VLPs could be used as a marker of repeated infection in prostitutes.

Determinants of acquisition of MR imaging units in an era of prospective payment.

A survey was undertaken to examine the impact of Medicare's Prospective Payment System (PPS) and other recent changes in the health care environment on providers' decisions regarding acquisition of high-cost technologic equipment. The survey group included 199 hospitals and freestanding imaging centers known to have acquired magnetic resonance (MR) imaging units, as well as a random sample of 400 hospitals whose acquisition decisions were unknown to the authors. Fifty-eight percent of the known adopters and 61% of the randomly selected hospitals responded to the survey. Nonadopters' decisions were dominated by economic considerations, including the high cost of MR imagers and concerns about Medicare's reimbursement policies. Competition and a desire to provide the highest quality of care are counterbalancing the retardant effects of PPS, however, and are stimulating widespread diffusion of MR imagers.

EDUCATIONAL SET: A DETERMINANT OF ACQUISITION.

EDUCATIONAL SET: A DETERMINANT OF ACQUISITION.