Agyei-Boapeah, Henry orcid.org/0000-0003-4798-6324 (2015) Cross-border acquisitions and financial leverage of UK acquirers. Accounting Forum. pp. 97-108. ISSN 0155-9982
Abstract
Based on a sample of 782 acquisitions by UK firms during 1982-2009, this paper examines the impact of cross-border acquisitions on financial leverage. The paper shows that cross-border acquisitions have a negative impact on the financial leverage of acquiring firms. However, the negative impact of cross-border acquisitions disappears when acquirers choose targets from developed countries, and also when the acquisitions are undertaken by multinational firms. Collectively, the findings imply that exposure to foreign markets reduces the borrowing ability of acquiring firms especially when they choose targets from developing countries, and when they have no experience in foreign markets.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © 2015,Elsevier Ltd. This is an author-produced version of a paper accepted for publication. Uploaded with permission of the publisher/copyright holder. Further copying may not be permitted; contact the publisher for details |
Keywords: | Financial leverage,Cross-border acquisitions,internationalisation,M&A,UK |
Dates: |
|
Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > The York Management School |
Depositing User: | Pure (York) |
Date Deposited: | 24 Feb 2016 16:14 |
Last Modified: | 16 Oct 2024 12:45 |
Published Version: | https://doi.org/10.1016/j.accfor.2015.03.002 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1016/j.accfor.2015.03.002 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:93365 |