| Summary: | 碩士 === 銘傳大學 === 國際企業學系碩士班 === 102 === The cross-border mergers and acquisitions (M&As) and international joint ventures (IJVs) in MNEs have increased rapidly recent years, but less previous studies discussed the ownership of choice when MNEs conduct foreign direct investment. Most of the prior studies focus on manufacturing internationalization rather than service internationalization. This study investigates the factors would impact service multinationals to make ownership choice (partial versus full acquisitions). Furthermore, the study also examines whether M&As of service multinationals can produce short-term abnormal return for the acquirers.
One of factors that influence the ownership choice in MNEs is the type of the acquirers’ home countries (Great China or developed countries) based on the perspective of knowledge seeking. Secondly, this study investigates the impact of different industry characteristics on ownership choices, by categorizing service as soft services or hard services and comparing with manufacturing industry. The final factor is the type of cross-border M &As (horizontal, vertical, and diversification). The sample of this study are the MNEs conducting FDI in Great China (China, Taiwan, Hong Kong) and developed country (U.S.) from 2000 to 2013. The data collected from SDC Platinum, which contained 531 cases in Great China and 1204 cases in developed countries. This study applies multiple regression and binary logistic regression to explore the ownership choice of MNEs conducting FDI. In addition, this study also analyzes whether M&As of service multinationals can produce short-term abnormal returns.
The results show that (1) Soft service multinationals from Great China increases the likelihood of full acquisition over partial acquisition. (2) Hard service multinationals from developed countries increases the likelihood of partial acquisition over full acquisition. (3) Service multinationals in Conglomerate acquisitions from developed countries increases the likelihood of full acquisition over partial acquisition. (4) Soft service multinationals from Great China increases the likelihood of full acquisition over partial acquisition in developed country. (5) Hard service multinationals from developed countries increases the likelihood of partial acquisition over full acquisition in developed countries. (6) MNEs in Conglomerate acquisitions from developed countries increase the likelihood of full acquisition over partial acquisition in developed countries.
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