Title: A comparative study of cross-border mergers and acquisitions by privately- and state-owned enterprises

Authors: Michael V. Gestrin

Addresses: OECD Investment Division, 2 rue André-Pascal, 75775 Paris CEDEX 16, France

Abstract: This paper empirically examines the proposition that SOE and POE cross-border investments are different. It does so by comparing all M&A by SOEs and POEs (with a value greater than USD 5 million) undertaken between 1 January 1996 and 31 December 2013. This amounts to more than 200,000 deals collectively valued at USD 50 trillion. The main objective is to identify differences in the ways that privately-owned and state-owned enterprises expand into international markets using M&A, a primary vehicle for international direct investment.

Keywords: mergers and acquisitions; M&A; cross-border investments; investment data.

DOI: 10.1504/IJPP.2017.086060

International Journal of Public Policy, 2017 Vol.13 No.3/4/5, pp.139 - 152

Received: 29 Aug 2015
Accepted: 11 Apr 2016
Published online: 22 Aug 2017 *

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