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Assessing Factors Affecting M&As versus Greenfield FDI in Emerging Countries

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    Hrrirrlkn Fhbsoqr Hibslkn @&Hr viqryr Nqiikiec FCLlk I`iqnlkn Boyksqlir

    M|yknRyg A|yk% M|ykMook Eii% hkc B|k\oykn Thqg

    Ko+ 1

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    HCA Iboko`lbr ^oqglkn Thtiq Riqlir

    Hrrirrlkn Fhbsoqr Hffibslkn @&Hr viqryr Nqiikfliec FCLlk I`iqnlkn Boyksqlir

    M|ykn-Ryg A|yk% M|yk-Mook Eii%

    hkc B|k-\oykn Thqg

    Ko+ 1

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    Hrlhk Civieot`iks Ahkg6 HCA Hvikyi% @hkchey|okn Bls|8994 @isqo @hkleh% Tmlelttlkir~~~+hca+oqn

    1481 a| Hrlhk Civieot`iks AhkgKovi`aiq 1481

    LRRK 86999191Tyaelbhslok Rsobg Ko+ ^TR819826

    Smi vli~r i}tqirric lk smlr thtiq hqi smori of smi hysmoq hkc co kos kibirrhqle| qifeibs smi vli~r hkc toelblir ofsmi Hrlhk Civieot`iks Ahkg -HCA, oq lsr Aohqc of Noviqkoqr oq smi noviqk`iksr smi| qitqiriks+

    HCA coir kos nyhqhksii smi hbbyqhb| of smi chsh lkbeycic lk smlr tyaelbhslok hkc hbbitsr ko qirtokrlalels| foq hk|bokrixyikbi of smilq yri+

    A| `hglkn hk| cirlnkhslok of oq qifiqikbi so h thqslbyehq siqqlsoq| oq nionqhtmlb hqih% oq a| yrlkn smi siq` boyksq|lk smlr coby`iks% HCA coir kos lksikc so `hgi hk| jycn`iksr hr so smi einhe oq osmiq rshsyr of hk| siqqlsoq| oq hqih+

    Kosi: Lk smlr tyaelbhslok% # qifiqr so YR coeehqr+

    Smi HCA Iboko`lbr ^oqglkn Thtiq Riqlir lr h foqy` foq rsl`yehslkn clrbyrrlok hkc ielblslkn

    fiicahbg ok oknolkn hkc qibikse| bo`teisic qirihqbm hkc toelb| rsyclir ykciqshgik a| smi

    Hrlhk Civieot`iks Ahkg -HCA, rshff% bokryeshksr% oq qiroyqbi tiqrokr+ Smi riqlir ciher ~lsm

    gi| iboko`lb hkc civieot`iks tqoaei`r% thqslbyehqe| smori fhblkn smi Hrlh hkc Thblflb qinlok7hr ~iee hr bokbitsyhe% hkhe|slbhe% oq `ismocoeonlbhe lrryir qiehslkn so tqojibs/tqonqh`

    iboko`lb hkhe|rlr% hkc rshslrslbhe chsh hkc `ihryqi`iks+ Smi riqlir hl`r so ikmhkbi smi

    gko~eicni ok Hrlhr civieot`iks hkc toelb| bmheeiknir7 rsqiknsmik hkhe|slbhe qlnoq hkc xyhels|

    of HCAr boyksq| thqskiqrmlt rsqhsinlir% hkc lsr ryaqinlokhe hkc boyksq| otiqhslokr7 hkc

    l`tqovi smi xyhels| hkc hvhlehalels| of rshslrslbhe chsh hkc civieot`iks lkclbhsoqr foq `oklsoqlkn

    civieot`iks iffibslvikirr+

    Smi HCA Iboko`lbr ^oqglkn Thtiq Riqlir lr h xylbgclrri`lkhslkn% lkfoq`he tyaelbhslok

    ~mori slseir boyec ryarixyikse| ai qivlric foq tyaelbhslok hr hqslbeir lk tqofirrlokhe joyqkher oq

    bmhtsiqr lk aoogr+ Smi riqlir lr `hlkshlkic a| smi Iboko`lbr hkc Qirihqbm Cithqs`iks+

    Tqlksic ok qib|beic thtiq

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    BOKSIKSR

    HARSQHBS v

    L+ LKSQOCYBSLOK 8

    LL+ CIRBQLTSLVI RSHSLRSLBR 3

    LLL+ I@TLQLBHE RTIBLFLBHSLOK >

    H+ @ocie Rtiblflbhslok >A+ @oqi ok Citikciks Vhqlhaei =B+ @oqi ok I}tehkhsoq| Vhqlhaeir

    QIFIQIKBIR 8=

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    HARSQHBSH mors of i}siqkhe -neoahe hkc qinlokhe, hkc lksiqkhe -boyksq|rtiblflb, fhbsoqrhffibs @yeslkhslokhe Iksiqtqlrir Foqilnk Clqibs Lkvirs`iks -FCL, ciblrlokr+Clffiqikslhslkn smi s~o iksq| `ocir of FCL -`iqniqr hkc hbxylrlslokr W@&HP hkcNqiikfliec lkvirs`iks,% smlr thtiq hl`r so i`tlqlbhee| hrrirr ~mismiq oq kosailkn h thqs of neoahe i`iqnlkn `hqgis iboko`lir oq hk| rtiblflb i`iqnlknqinlokr hffibsr lkvirsoqr ciblrlokr of FCL feo~r so hk i`iqnlkn boyksq| lkhcclslok so vhqloyr boyksq|rtiblflb fhbsoqr+ Foq smlr tyqtori% smlr thtiq i`teo|rh r|rsi` nikiqhelzic `ismoc of `o`iksr irsl`hsoq foq smi thkie chshbokrlrslkn of 34 i`iqnlkn boyksqlir foq smi tiqloc 8

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    L+ LKSQOCYBSLOK

    Smi `yeslkhslokhe iksiqtqlrir -@KIr, hkc foqilnk clqibs lkvirs`iks -FCL, teh| h tlvoshe qoei lkrtyqqlkn iboko`lb nqo~sm hkc joarsmqoynm lksinqhslkn smi iboko`| so smi ~oqec `hqgis%sqhkrfiqqlkn ki~ sibmkoeon| hkc lkkovhslok% hkc civieotlkn my`hk qiroyqbir+ FCL mhr nqo~kqhtlce| rlkbi 8

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    1 HCAIboko`lbr ^oqglkn Thtiq Riqlir Ko+ 1

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    Hrrirrlkn Fhbsoqr Hffibslkn @&Hr viqryr Nqiikfliec FCL lk I`iqnlkn Boyksqlir 2

    borsr eihc so h nqihsiq rmhqi of @&H lk soshe FCL+ Smyr% rl`lehq so Kobgi hkc \ihtei -144=,% smlr`ocie tqiclbsr smhs smi nqihsiq smi clrshkbi so smi foqilnk boyksq|% smi nqihsiq rmhqi of @&H lksoshe FCL+

    Clffiqikslhslkn smi s~o iksq| `ocir of FCL@&H hkc Nqiikfliecsmlr thtiq hl`r sohrrirr i`tlqlbhee| smi iffibsr of vhqloyr mors boyksq|rtiblflb fhbsoqr ok smi lkfeo~ of FCL so

    i`iqnlkn boyksqlir+ Foq smlr tyqtori% smlr thtiq i`teo|r smi thkie chsh ris bokrlrslkn of 34i`iqnlkn boyksqlir foq smi tiqloc 8 boyksqlir% smi hviqhni qihe lksiqirs qhsi of N> boyksqlir% hkc Bmlbhno AohqcOtslokr I}bmhkni voehslels| lkci}+ Eii% Thqg% hkc A|yk -1481, i`teo| hkosmiq rl`tei httqohbmso i}h`lki bokshnlok iffibsr lk bhtlshe feo~r hkc smilq voehslelslir a| lkbeyclkn smi hviqhnivoehslels| of bhtlshe feo~r so osmiq i`iqnlkn boyksqlir+ Smlr thtiq fobyrir ok smi iffibsr ofqinlokhe bokrlciqhslok lk smi ciblrlokr of FCL feo~r+ Smhs lr% smi thtiq hrrirrir ~mismiq oq kosh bmhkni lk FCL feo~r so i`iqnlkn boyksqlir% thqslbyehqe| smi okir lk smi rh`i qinlok ~oyecmhvi hk l`thbs ok FCL feo~r so hk lkclvlcyhe mors boyksq|+ Ykelgi hk| of smiri tqivloyr rsyclir%smlr thtiq clffiqikslhsir smi l`thbs of i}siqkhe fhbsoqr ais~iik @&H hkc Nqiikfliec FCL lkhcclslok so smi soshe FCL feo~r+

    Ribokc% ~i fobyr ok boyksq| qlrgr of mors boyksqlir% h`okn vhqloyr lksiqkhe hkc`hbqoiboko`lb cisiq`lkhksr of FCL lkfeo~r+ Smlr lr of thqslbyehq lksiqirs hr ~mik @KIr ciblciok smi `oci of FCL% smi| `h| qirtokc clffiqikse| so smi boyksq| qlrgr of mors boyksqlir+ Yrlknalehsiqhe @&H chsh oviq 8

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    3 HCAIboko`lbr ^oqglkn Thtiq Riqlir Ko+ 1

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    Hrrirrlkn Fhbsoqr Hffibslkn @&Hr viqryr Nqiikfliec FCL lk I`iqnlkn Boyksqlir 9

    Flnyqi 8A: Smi Thssiqk of FCL so I`iqnlkn Boyksqlir -# aleelok,

    FCL 0 foqilnk clqibs lkvirs`iks% @&H 0 `iqniq hkc hbxylrlslok+

    Kosi: Elrs of smi i`iqnlkn boyksqlir lkbeycic lk smi rh`tei lr rmo~k lk Httikcl} Shaei H8+

    Royqbi: YKBSHC% oqec Lkvirs`iks Qitoqs 1484+

    Flnyqi 1H rmo~r smi rmhqi of bqorraoqciq @&H lk soshe FCL feo~r lk smi ~oqec rlkbi844

    @&H Nqiik Fliec FCL

    844

    4

    64

    94

    34

    24

    14

    84

    4

    83, -4+43 4+32= 4+81> 8+233** 4+19=-4+23>, -4+39, -4+929, -4+1>* 4+314** 4+>=8=, -4+9>, -4+88=,

    NCT TB_Nqo~sm 4+443 4+423 4+448 4+482*** 4+433*** 4+481**-4+449, -4+41>, -4+44>, -4+443, -4+482, -4+449,

    Lkfehslok Qhsi 4+444*** 4+441*** 4+444*** 4+444*** 4+442*** 4+444***-4+444, -4+444, -4+444, -4+444, -4+444, -4+444,

    Sqhci Otikirr 4+44=*** 4+488*** 4+442 4+484*** 4+442 4+44>**-4+442, -4+443, -4+443, -4+441, -4+443, -4+442,

    Qi`osikirr 4+248 2+86 4+>88-4+>6>, -8+21>, -8+8=1, -4+939, -8+>43, -8+469,

    Toelslbhe Rshalels| 4+489*** 4+422** 4+411** 4+414*** 4+439*** 4+412***-4+449, -4+486, -4+484, -4+443, -4+44** 4+432***-4+442, -4+413, -4+44=, -4+449, -4+48= 4+929

    FCL 0 foqilnk clqibs lkvirs`iks% NCT 0 nqorr co`irslb tqocybs% NF 0 Nqiikfliec FCL @&H 0 `iqniq hkc hbxylrlslokr+

    Kosi: *** t54+48% ** t54+49% * t54+8+

    Royqbi: Hysmoqr bhebyehslok+

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    83 HCAIboko`lbr ^oqglkn Thtiq Riqlir Ko+ 1*** 4+>9>*** 4+>***-4+4=2, -4+496, -4+82>,

    NCT TB 8+9>9*** 4+4>2 8+4***-4+2>4, -4+4=1, -4+292,

    Totyehslok 4+9>* 4+444-4+44>, -4+443, -4+44=,

    Flkhkblhe Rshalels| 4+4>3*** 4+443 4+492***-6+6>8, -1+646, -6+486,

    Oar 366 366 366HqieehkoAokc sirsHQ-8, 2+8>6 1+

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    Hrrirrlkn Fhbsoqr Hffibslkn @&Hr viqryr Nqiikfliec FCL lk I`iqnlkn Boyksqlir 89

    Flqrs% smi i}siqkhe iffibs httihqr so ai rlnklflbhks foq aosm i}sikrlvi hkc lksikrlvi`hqnlkr of @&H hkc lsr rlzi lr rl`lehq foq aosm `hqnlkr+ Smhs lr% smiqi lr h rlnklflbhks hkctorlslvi rtleeoviq iffibs lk @&H feo~r so i`iqnlkn boyksqlir ivik ~mik `ihryqic lk siq`r of smiky`aiq of @&H ciher hkc smi hviqhni vheyi of smi cihe+

    Ribokc% NCT tiq bhtlsh lkfeyikbir torlslvie| smi hviqhni vheyi of ihbm cihe% ays ls coir

    kos kibirrhqle| hffibs smi ky`aiq of ciher+ Smi tqivloyr hkhe|rlr rmo~r smhs hk lkbqihri lkNCT tiq bhtlsh mhr h rsqokn hkc torlslvi l`thbs ok @&H feo~r so i`iqnlkn boyksqlir+ Smhs lr%hr smi mors boyksq| tqonqirrir lk lsr iboko`lb civieot`iks% ls ~oyec elgie| rii hk lkbqihri lk@&H feo~r+ Smi byqqiks hkhe|rlr hccr smhs rybm hk lkbqihri lk @&H lr cqlvik ehqnie| a| hklkbqihri lk smi hviqhni vheyi of smi @&H cihe% qhsmiq smhk hk lkbqihri lk smi ky`aiq of smiciher+

    Smlqc% lkbo`i nqo~sm mhr h rlnklflbhks kinhslvi hrroblhslok ~lsm smi hviqhni vheyi ofihbm cihe hesmoynm ls mhr h rlnklflbhks torlslvi hrroblhslok ~lsm smi ky`aiq of ciher+ Rl`lehqe|%flkhkblhe rshalels| mhr h kinhslvi hrroblhslok oke| ~lsm smi hviqhni vheyi of ihbm cihe+ Rybmflkclknr rynnirs smhs smi i`tlqlbhe ivlcikbi foq flqirheir of flq`r lk smi bqlrlrmls i`iqnlknboyksqlir -l+i+% h ryqni lk smi vheyi of @&H rheir lk smi |ihqr of flkhkblhe bqlrlr, lr ehqnie| cyi so

    hk lkbqihri lk smi vheyi of ihbm @&H% qhsmiq smhk hk lkbqihri lk smi ky`aiq of soshe @&Hbhrir+ Lk osmiq ~oqcr% ~mik smi nqo~sm qhsi tey``isr hkc smi flkhkblhe qlrg lkbqihrir lki`iqnlkn boyksqlir% smi iboko`| ~lee elgie| rii aln ciher `hci% qhsmiq smhk i}tiqlikblkn `hk|r`hee ciher+

    Foyqsm% hkc lk nikiqhe% ~i mhvi rl`lehq qiryesr foq smi hviqhni vheyi of ihbm @&H cihehr smi citikciks vhqlhaei% bo`thqic so smi tqivloyr qiryesr foq smi soshe vheyi of @&H feo~r+Mo~iviq% smi qiryesr foq smi ky`aiq of @&H ciher hqi xylsi clffiqiks fqo` smi tqivloyr qiryesr+Smlr rynnirsr smhs bmhqhbsiqlrslbr of mors boyksqlir hqi `oqi l`toqshks foq smi vheyi of cihersmhk foq smi ky`aiq of ciher+

    V+ RY@@HQ\ HKC BOKBEYRLOK

    Cirtlsi lkbqihrlkn l`toqshkbi of smi qoei of @KIr lk FCL% smi lkvirs`iks ciblrlokr of @KIrmhvi kos aiik ~iee ykciqrsooc+ Lk thqslbyehq% viq| fi~ rsyclir lk iboko`lb elsiqhsyqi mhviclrslknylrmic ais~iik smi s~o iksq| `ocir of FCL lk ykciqrshkclkn smi cisiq`lkhksr of FCLhkc% bokrixyikse|% smiqi mhr aiik ko bokbqisi hkr~iqr so ~m| @KIr bmoori oki iksq| `ociviqryr hkosmiq+

    Yrlkn smi chshris of FCL% @&H% hkc Nqiikfliec FCL ~lsm h bo`tqimikrlvi ris of i}siqkhehkc lksiqkhe fhbsoqr so irsl`hsi h c|kh`lb thkie `ocie% smlr thtiq offiqr ki~ flkclknr ~mlbm`h| mhvi l`telbhslokr foq cirlnklkn h toelb| fqh`i~oqg so hssqhbs FCL% thqslbyehqe| lk h s|ti smhslr `oqi bokcyblvi so iboko`lb civieot`iks so i`iqnlkn boyksqlir+

    Flqrs% boyksq|rtiblflb fhbsoqr -rybm hr NCT tiq bhtlsh% `hbqoiboko`lb fhbsoqr hkctoelslbhe rshalels|% isb+, `hssiq h eos foq FCL feo~r aosm lk smi foq` of @&H hkc Nqiikfliec FCL+Smlr rynnirsr smhs smi qoei of noviqk`iksr `h| teh| hk l`toqshks qoei lk mietlkn rshalelzi FCLfeo~r so i`iqnlkn boyksqlir+ Smi toelb| fobyr rmoyec ai ok rsqiknsmiklkn iboko`lbfykch`iksher hkc `hlkshlklkn `hbqoiboko`lb hkc toelslbhe rshalels| lk oqciq so ryrshlk mlnm FCLfeo~r+

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    86 HCAIboko`lbr ^oqglkn Thtiq Riqlir Ko+ 1

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    Hrrirrlkn Fhbsoqr Hffibslkn @&Hr viqryr Nqiikfliec FCL lk I`iqnlkn Boyksqlir 8>

    HTTIKCL]

    Shaei H8: Elrs of Boyksqlir lk smi Rh`tei

    Ehslk H`iqlbh Ihrs Hrlh Ihrsiqk Iyqoti OsmiqrHqnikslkh TQB Ayenhqlh In|ts

    Aqhzle Mokn Gokn% Bmlkh Bqohslh LkclhBmlei Lkcokirlh Bzibm Qityaelb LrqhieBoeo`alh Goqih% Qit+ of Irsoklh Ghzhgmrshk@i}lbo @heh|rlh Myknhq| @oqobboThkh`h Tmlelttlkir Ehsvlh Qyrrlhk FiciqhslokTiqy Rlknhtoqi Elsmyhklh Roysm HfqlbhVikizyieh Shltil%Bmlkh Toehkc Rql Ehkgh

    Smhlehkc Qo`hklh Syqgi|Vlis Kh` Reovhg Qityaelb Yklsic Hqha I`lqhsir

    ReoviklhYgqhlki

    TQB 0 Tioteir Qityaelb of Bmlkh+

    Royqbi: Hysmoqr behrrlflbhslok+

    Shaei H1: Elrs of Vhqlhaeir

    Citikciks VhqlhaeirKhsyqhe eonhqlsm` of feo~ hkc ky`aiq of bhrir -FCL%@&H hkc Nqiikfliec,

    YKBSHC Rshslrslb chshahri & ^LQ 1484% YKBSHC

    Lkcitikciks Vhqlhaeir

    I}siqkhe VhqlhaeirKhsyqhe eonhqlsm` of feo~ lk smi ~oqec

    Hysmoq.r Bhbyehslokr

    Khsyqhe eonhqlsm` of feo~ so~hqc osmiq kilnmaoqlknboyksqlir lk Ihrs Hrlh

    Khsyqhe eonhqlsm` of feo~ so~hqc osmiq kilnmaoqlkn

    boyksqlir lk Ehslk H`iqlbhKhsyqhe eonhqlsm` of feo~ so~hqc osmiq kilnmaoqlknboyksqlir lk Ihrsiqk Iyqoti

    Boyksq|-Rtiblflb VhqlhaeirKhsyqhe eonhqlsm` of NCT tiq bhtlsh -NCT TB, ^oqec Iboko`lb Oyseoog Chshahri Obsoaiq 1484% L@FKhsyqhe eonhqlsm` of Soshe totyehslok -Totyehslok, ^oqec Civieot`iks Lkclbhsoqr% ^oqec AhkgHkkyhe nqo~sm qhsi of NCT tiq bhtlsh -NCT

    TB_Nqo~sm,^oqec Civieot`iks Lkclbhsoqr% ^oqec Ahkg

    Lkfehslok qhsi ahric ok BTL -Lkfehslok Qhsi, ^oqec Iboko`lb Oyseoog Chshahri Obsoaiq 1484% L@FTiqbikshni of i}toqsr hkc l`toqsr qiehslvi so NCT

    -Sqhci Otikkirr,^oqec Civieot`iks Lkclbhsoqr% ^oqec Ahkg

    Khsyqhe eonhqlsm` of qi`osikirr -Qi`osikirr, Hysmoq.r BhbyehslokrLkviqri of LBQN toelslbhe qlrg lkci} -Toelslbhe Rshalels|,

    Lksiqkhslokhe Boyksq| Qlrg Nylci% Smi TQR Nqoyt% Lkb+Lkviqri of LBQN flkhblhe qlrg lkci} -Flkhkblhe Rshalels|,

    Royqbi: Hysmoqr elrs+

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    QIFIQIKBIR

    Hnylhq% @+% hkc N+ Notlkhsm+ 1449+ Flqirhei FCL hkc Elxylcls| Bqlrlr+ Qivli~ of Iboko`lbr hkcRshslrslbr% =>-2,: 32

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    Qifiqikbir 8+ Sqhci% Eobhslok of Iboko`lb Hbslvls| hkc smi @KI: H Rihqbm foq hkIbeibslb Httqohbm+ Lk A+ Omelk% T+ O+ Mirrieaoqk% hkc T+ J+ ^ljg`hk% icr+ SmiLksiqkhslokhe Heeobhslok of Iboko`lb Hbslvls|+ Eokcok: @hb`leehk+ tt+ 2

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    14 HCAIboko`lbr ^oqglkn Thtiq Riqlir Ko+ 18-6,: 8619+

    @iqbhco% Q+% hkc B+\+ Thqg+ 1488+ ^mhs Cqlvir Clffiqiks S|tir of Bhtlshe Feo~ hkc smilqVoehslelslir lk Civieotlkn Hrlh? Lksiqkhslokhe Iboko`lb Joyqkhe% 19-3,: 6996=4+

    Kiso% T+% H+ Aqhkco% hkc H+ Biqxyilqh+ 1484h+ Smi @hbqoiboko`lb Cisiq`lkhksr of BqorrAoqciq @iqniqr hkc Hbxylrlslokr hkc Nqiikfliec Lkvirs`iksr+ Smi LYT Joyqkhe ofAyrlkirr Rsqhsin|% >-8,: 189>+

    + 1484a+ Smi L`thbs of FCL% Bqorr Aoqciq @hkc Hbxylrlslokr hkc Nqiikfliec Lkvirs`iksrok Iboko`lb Nqo~sm+ Smi LYT Joyqkhe of Ayrlkirr Rsqhsin|% >-3,: 1333+

    Kobgi% V+% hkc R+ \ihtei+ 144>+ Bqorraoqciq @iqniqr hkc Hbxylrlslokr vr+ Nqiikfliec FoqilnkClqibs Lkvirs`iks: Smi Qoei of Flq` Misiqonikils|+ Joyqkhe of Lksiqkhslokhe Iboko`lbr>1 -1,: 226269+

    + 144=+ Hk Hrrlnk`iks Smioq| of Foqilnk Clqibs Lkvirs`iks+ Qivli~ of Iboko`lb Rsyclir>9 -1,: 91+

    Koqabg% T+J+% hkc E+ Tiqrrok+ 144=+ Neoahelzhslok hkc Tqoflshalels| of Bqorraoqciq @iqniqrhkc Hbxylrlslokr+ Iboko`lb Smioq|% 29-1,: 138166+

    Rsithkog% L+ 1481+ Bqorraoqciq @iqniqr hkc Nqiikfliec Foqilnk Clqibs Lkvirs`iks+ RRI/IFL^oqglkn ThtiqKo+ >28+

    YKBSHC+ 144=+ ^oqec Lkvirs`iks Qitoqs 144=+ Ki~ \oqg hkc Nikivh: YK+

    + 1484+ ^oqec Lkvirs`iks Qitoqs 1484+ Ki~ \oqg hkc Nikivh: YK+

    + 1488+ ^oqec Lkvirs`iks Qitoqs 1488+ Ki~ \oqg hkc Nikivh: YK+

    ^herm% J+ T+% hkc J+ \y+ 1484+ Cisiq`lkhksr of Foqilnk Clqibs Lkvirs`iks: H Ribsoqhe hkcLkrslsyslokhe Httqohbm+ L@F ^oqglkn Thtiq+ ^T/84/8=>+

    ^hkn% @+% hkc @+ B+ R+ ^okn+ 144

  • 7/30/2019 Assessing Factors Affecting M&As versus Greenfield FDI in Emerging Countries

    28/28

    Hrrirrlkn Fhbsoqr Hibslkn @&Hr viqryr Nqiikfiec FCL lk I`iqnlkn Boyksqlir

    Smi thtiq i}h`lkir i}siqkhe hkc lksiqkhe hbsoqr rmhtlkn `yeslkhslokhe q`r oqilnk clqibs lkvirs`iksciblrlokr so i`iqnlkn iboko`lir% vlh `iqniqr hkc hbxylrlslokr -@&H,% hkc Nqiikiec lkvirs`iks+ Smi qiryesrrmo~ smi l`toqshkbi o boyksq|rtiblb hbsoqr ~mlei ivlcikbi rynnirsr smhs lkvirsoqr ciblrlokr o FCL fo~r

    so hk i`iqnlkn boyksq| h| ai lkfyikbic a| smi hbs smhs smi boyksq| aieoknr so neoahe i`iqnlkn hqgisiboko`lir oq hk| rtiblb i`iqnlkn qinlokr hkc smhs rybm iibsr hqi rsqokniq ok @&H smhk ok Nqiikiec FCL+Hkosmiq lksiqirslkn qiryes lr smhs qirhei FCL coir kos kibirrhqle| l`te| hk lkbqihri lk smi ky`aiq o ciher7lkrsihc ls boyec qifibs smi rhei o aln q`r cyqlkn bqlrir+

    Haoys smi Hrlhk Civieot`iks Ahkg

    HCAr vlrlok lr hk Hrlh hkc Thblb qinlok qii o toviqs|+ Lsr lrrlok lr so miet lsr civieotlkn`i`aiq boyksqlir qicybi toviqs| hkc l`tqovi smi xyhels| o eli o smilq tiotei+ Cirtlsi smiqinlokr hk| rybbirrir% ls qi`hlkr mo`i so s~osmlqcr o smi ~oqecr tooq: 8+> aleelok tiotei ~moelvi ok eirr smhk #1 h ch|% ~lsm =1= `leelok rsqynnelkn ok eirr smhk #8+19 h ch|+ HCA lr bo``lssic

    so qicyblkn toviqs| smqoynm lkbeyrlvi iboko`lb nqo~sm% ikvlqok`ikshee| ryrshlkhaei nqo~sm%hkc qinlokhe lksinqhslok+Ahric lk @hkleh% HCA lr o~kic a| 6> `i`aiqr% lkbeyclkn 3= qo` smi qinlok+ Lsr `hlk

    lkrsqy`iksr oq mietlkn lsr civieotlkn i`aiq boyksqlir hqi toelb| clheonyi% eohkr% ixyls|lkvirs`iksr% nyhqhksiir% nqhksr% hkc sibmklbhe hrrlrshkbi+

    Hrlhk Civieot`iks Ahkg6 HCA Hvikyi% @hkchey|okn Bls|8994 @isqo @hkleh% Tmlelttlkir~~~+hca+oqn/iboko`lbr

    Tqlksic ok qib|beic thtiq Tqlksic lk smi Tmlelttlkir


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