Drivers of Merger and Acquisition Activities in Vietnam: Insights from Targets’ Perspectives and Deal Characteristics

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dc.citation.issue1
dc.citation.volume13
dc.contributor.authorBui K
dc.contributor.authorLe T
dc.contributor.authorNgo T
dc.date.accessioned2025-04-30T23:48:10Z
dc.date.available2025-04-30T23:48:10Z
dc.date.issued2025-03
dc.description.abstractThis study empirically examines the determinants of merger and acquisition (M&A) activities in Vietnam from 2005 to 2020, which has not been examined before, using a fixed-effects model for a sample of 674 completed M&A deals. The results indicate that targets’ corporate governance and deal characteristics have mixed effects on M&A decisions. More specifically, the independent member of the board and CEO duality of the target is negatively associated with most M&A types, except for cross-border mergers. However, the impact of targets’ blockholders is consistently positive regardless of M&A types. When observing the deal characteristics, mixed evidence is also found in the case of M&A payment form, industry-relatedness between the bidder and the target, the bidder’s stake in the target, and foreign ownership in the bidder’s stake. More interesting, our study emphasizes that voluntary agreement is seemingly critical to M&A decisions regardless of different types. Our results suggest several important implications, including balancing independent directors on the board, accounting for CEOs’ and other blockholders’ interests and influence, considering the types of M&A payments, and involving foreign investors in M&A activities. By understanding these implications, firms can better navigate the complexities of M&A transactions, enhancing their decision-making processes and ultimately contributing to improved shareholder value.
dc.description.confidentialfalse
dc.edition.editionMarch 2025
dc.identifier.citationBui K, Le T, Ngo T. (2025). Drivers of Merger and Acquisition Activities in Vietnam: Insights from Targets’ Perspectives and Deal Characteristics. International Journal of Financial Studies. 13. 1.
dc.identifier.doi10.3390/ijfs13010019
dc.identifier.eissn2227-7072
dc.identifier.elements-typejournal-article
dc.identifier.number19
dc.identifier.urihttps://mro.massey.ac.nz/handle/10179/72828
dc.languageEnglish
dc.publisherMDPI
dc.publisher.urihttps://www.mdpi.com/2227-7072/13/1/19
dc.relation.isPartOfInternational Journal of Financial Studies
dc.rights(c) 2025 The Author/s
dc.rightsCC BY 4.0
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectmerger and acquisition (M&A)
dc.subjectCEO duality
dc.subjectblockholders
dc.subjectM and A deal
dc.subjectcorporate governance
dc.subjectvoluntary M and A
dc.titleDrivers of Merger and Acquisition Activities in Vietnam: Insights from Targets’ Perspectives and Deal Characteristics
dc.typeJournal article
pubs.elements-id500397
pubs.organisational-groupOther
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