International Journal of Emerging Markets

Journal Information
ISSN : 17468809
Current Publisher: Emerald (10.1108)
Total articles ≅ 555
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A.K. Giri, Deven Bansod
International Journal of Emerging Markets, Volume 14, pp 1032-1059; doi:10.1108/ijoem-10-2017-0422

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Ron Berger, Ram Herstein, Daniel McCarthy, Sheila Puffer
International Journal of Emerging Markets, Volume 14, pp 916-943; doi:10.1108/ijoem-06-2018-0292

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Shibananda Nayak, Mirza Allim Baig
International Journal of Emerging Markets, Volume 14, pp 1081-1101; doi:10.1108/ijoem-10-2018-0536

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Muhammad Hanif
International Journal of Emerging Markets, Volume 14, pp 967-987; doi:10.1108/ijoem-02-2018-0088

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Segundo Camino-Mogro, Natalia Bermúdez-Barrezueta
International Journal of Emerging Markets, Volume 14, pp 831-872; doi:10.1108/ijoem-07-2018-0371

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Alex Lundqvist, Eva Liljeblom, Anders Löflund, Benjamin Maury
International Journal of Emerging Markets, Volume 14, pp 873-898; doi:10.1108/ijoem-05-2018-0223

Abstract:Purpose The cultural and legal differences between foreign acquirers and African target firms can be substantial. There is also a large variation in cultures and legal systems within Africa. However, there is limited research on merger and acquisition (M&A) performance by foreign firms in Africa. The purpose of this paper is to fill this gap by exploring the “spillover by law” hypothesis (Martynova and Renneboog, 2008) that focuses on the influence of the external environment on the governance and performance of foreign M&As in Africa. Design/methodology/approach The data set covers 415 M&A transactions by foreign firms in Africa during the period of 1999–2016. Dynamic data covering the country’s legal, cultural and political environment are collected from the World Bank, the Heritage Foundation and Transparency International. Findings The authors find that the legal environment significantly affects the returns of bidders on African firms. For complete acquisitions, bidder returns are significantly higher when the bidder’s country has higher shareholder protection and higher creditor protection compared with the target firm’s country. The results show that the effects are significant when there is a full control change (including a change in the target firm’s nationality) but not in the case of partial control transfers. The results are consistent with the “spillover by law” hypothesis. Originality/value The authors contribute to the literature on cross-border M&As by separately studying the valuation effects of full, majority and minority changes in control; by being the first study of the legal spillover effects in Africa; and by being the most extensive study of the legal determinants of the valuations of non-African acquirers of African firms.
Mohamed Albaity, Mahfuzur Rahman
International Journal of Emerging Markets, Volume 14, pp 988-1012; doi:10.1108/ijoem-05-2018-0218

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Augusto Ferreira Da Costa Neto, Marcelo Cabus Klotzle, Antonio Carlos Figueiredo Pinto
International Journal of Emerging Markets, Volume 14, pp 944-966; doi:10.1108/ijoem-04-2018-0195

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Serhan Cevik
International Journal of Emerging Markets, Volume 14, pp 899-915; doi:10.1108/ijoem-09-2018-0479

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Abel Mawuko Agoba, Joshua Yindenaba Abor, Kofi Osei, Jarjisu Sa-Aadu, Benjamin Amoah, Gloria Clarissa Odortor Dzeha
International Journal of Emerging Markets, Volume 14, pp 809-830; doi:10.1108/ijoem-08-2018-0423

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