Влияние выбора акций как средства платежа на эффективность сделок M&A в условиях информационной асимметрии

The choice of stock as a method of payment in M&A deals is usually considered by researchers as a signal of acquirer’s stock overvaluation that is proved by its negative impact on M&A performance. However, this view doesn’t take into account information asymmetry faced by the acquirer. The choice of stock payment may be used by the acquirer as a mechanism to reduce risks caused by information asymmetry, and thereby send a positive signal to the market. In this paper, drawing on evidence from 713 and 468 cross-border M&As, initiated by companies from US and BRIC respectively, over 2002-2017, we show that stock payment may be beneficial when target firm is a high-tech company and when the cultural distance between acquirers and targets is large. For M&As, initiated by US firms, stock payment may be also beneficial in deals with private targets, and for acquirers from BRIC — in deals with targets located in a weaker political environment.