Cross-border mergers and acquisitions and default risk

Article

Koerniadi, Hardjo, Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza. 2015. "Cross-border mergers and acquisitions and default risk ." International Review of Financial Analysis. 42, pp. 336-348. https://doi.org/10.1016/j.irfa.2015.08.009
Article Title

Cross-border mergers and acquisitions and default risk

ERA Journal ID19556
Article CategoryArticle
AuthorsKoerniadi, Hardjo (Author), Krishnamurti, Chandrasekhar (Author) and Tourani-Rad, Alireza (Author)
Journal TitleInternational Review of Financial Analysis
Journal Citation42, pp. 336-348
Number of Pages13
Year2015
PublisherElsevier
Place of PublicationNetherlands
ISSN1057-5219
Digital Object Identifier (DOI)https://doi.org/10.1016/j.irfa.2015.08.009
Web Address (URL)http://www.journals.elsevier.com/international-review-of-financial-analysis
Abstract

We examine the impact of cross-border mergers on acquirers’ post-merger default risk using a sample of 375 US acquiring firms from 1997 to 2011. After controlling for cultural, institutional, geographic and managerial factors between the US and target firm countries, we find that on average, cross-border transactions decrease the level of default risk of the acquiring firms. Our results are consistent with the asymmetric information hypothesis that managers take advantage of the overvaluation and volatility of their stock prices. We also observe that the geographic distance and industrial relatedness play significant roles in affecting post-merger default risk but find limited evidence indicating the relevance of institutional environments and cultural factors on changes in default risk. Another significant finding is that managers use cross-border mergers to manage the extant risk of their firms. However, their incentives to use cross-border mergers to manage risk is mitigated by option compensation.

Keywordscross-border mergers; default risk; idiosyncratic risk
ANZSRC Field of Research 2020350202. Finance
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File reproduced in accordance with the copyright policy of the publisher/author.

Byline AffiliationsAuckland University of Technology, New Zealand
School of Commerce
Institution of OriginUniversity of Southern Queensland
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