EQUITY PARTICIPATION LEVEL OF MULTINATIONAL ENTERPRISES IN CROSS-BORDER MERGER AND ACQUISITIONS: A STUDY IN TURKEY CONTEXT

Abstract

This study tries to examine how industry and institutional environment differences in cross-border merger and acquisitions affect equity participation level of multinational enterprises in an emerging market. We have based our research model and hypotheses on transaction cost based and institution-based view. Since industry and institutional environment differences cause risk and uncertainty to MNEs which lead higher transaction costs for these firms, these two theoretical approaches would be still relevant to understand MNEs' strategic behavior in emerging market contexts. Our findings support the positive influence of industry relatedness on ownership participation but we cannot find support for the moderating influence of both formal and informal institutions on the relationship between industry relatedness and equity participation level. Consequently, our study has shown that transaction cost-based view is still relevant for MNEs' foreign investment decisions in emerging markets and despite institutional voids perspective, formal and informal institutions could not hinder MNEs to take risk in strategic choices.

Keywords

• Cross-border merger and acquisitions
• multinational enterprises
• industry relatedness
• institutional distance
• Turkey

ÇOK ULUSLU İŞLETMELERİN ULUSLARARASI BİRLEŞME VE SATIN ALMALARDAKİ MÜLKİYET ORTAKLIĞI DÜZEYİ: TÜRKİYE BAĞLAMINDA BİR ÇALIŞMA

Abstract

Bu çalışmada gelişmekte olan ülkelerde gerçekleşen uluslararası birleşme ve satın almalarda tercih edilen mülkiyet ortaklığı düzeyinin endüstri ve kurumsal çevre farklılıklarından nasıl etkilendiği tespit edilmeye çalışılmıştır. Araştırma modelimiz ve hipotezlerimiz, işlem maliyeti ve kurumsal temelli bakış açısı etrafında oluşturulmuştur. Endüstri ve kurumsal çevre koşullarından kaynaklanan risk ve belirsizliğin çok uluslu işletmeler için daha yüksek işlem maliyetlerine yol açması, bu iki teorik bakış açısının çok uluslu işletmelerin gelişmekte olan ülkelerdeki stratejik davranışlarını açıklamakta hala geçerli olduğunu göstermektedir. Hipotezlerimiz, Türkiye’de 1999-2017 yılları arasında gerçekleştirilmiş uluslararası birleşme ve satın almalardan oluşan bir örneklemde çoklu regresyon yöntemi ile analiz edilmiştir. Ülke, endüstri ve firma düzeyinde ilgili ikincil veriler bir araya getirildi. Araştırma bulgularımız ilişkili endüstride olmanın sahiplik katılımı üzerindeki pozitif etkisini desteklemiştir fakat resmi ve gayrı resmi kurumların, ilişkili endüstri ve mülkiyet ortaklığı düzeyi arasındaki ilişkide düzenleyici etkisine dair dayanak bulunamamıştır. Sonuç olarak, çalışmamız işlem maliyeti temelli bakış açısının çok uluslu işletmelerin gelişmekte olan ülkelerdeki yabancı yatırımlarında hala geçerli olduğunu ve kurumsal boşluklar bakış açısının aksine resmi ve gayrı resmi kurumların çok uluslu işletmelerin stratejik tercihlerinde risk almalarını engelleyemediğini göstermiştir.

Keywords

• Uluslararası birleşme ve satın almalar
• çok uluslu işletmeler
• ilişkili endüstri
• kurumsal mesafe
• Türkiye

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