Out of Africa? Locational determinants of South African cross-border mergers and acquisitions

References

• Amal, M., and P. L. Kegel. 2012. “Determinants of Brazilian Outward Foreign Direct Investment: A Home Country Perspective.” In Impacts of Emerging Economies and Firms on International Business, edited by M. A. Marinov and S. T. Marinova, 168–188. London: Palgrave Macmillan UK.
   Google Scholar
• Amal, M., and B. T. Tomio. 2012. Determinants of Brazilian Outward Foreign Direct Investment (OFDI): A Host Country Perspective. http://www.anpad.org.br/admin/pdf/2012_ESO305.pdf
   Google Scholar
• Anwar, A., and M. Mughal. 2012. “Economic Freedom and Indian Outward Foreign Direct Investment: An Empirical Analysis.” Economics Bulletin 32 (4): 2991–3007.
   Google Scholar
• Anwar, A., and M. Mughal. 2013. “The Role of Diaspora in Attracting Indian Outward FDI.” International Journal of Social Economics 40 (11): 944–955. doi:10.1108/IJSE-11-2011-0083.
   Google Scholar
• Anwar, A., and M. Mughal. 2015. “Determinants of Russian Firms’ Merger and Acquisition Activities.” Economics Bulletin 35 (4): 2382–2394.
   Web of Science ®Google Scholar
• Bevan, A., S. Estrin, and K. Meyer. 2004. “Foreign Investment Location and Institutional Development in Transition Economies.” International Business Review 13 (1): 43–64. doi:10.1016/j.ibusrev.2003.05.005.
   Google Scholar
• Blonigen, B. A. 1997. “Firm-Specific Assets and the Link between Exchange Rates and Foreign Direct Investment.” The American Economic Review 87 (3): 447–465.
   Web of Science ®Google Scholar
• Blonigen, B. A. 2005. “A Review of the Empirical Literature on FDI Determinants.” Atlantic Economic Journal 33 (4): 383–403. doi:10.1007/s11293-005-2868-9.
   Google Scholar
• Brainard, S. L. (1997). An Empirical Assessment of the Proximity-Concentration Trade-Off between Multinational Sales and Trade (Working Paper No. 4580).National Bureau of Economic Research. Retrieved from http://www.nber.org/papers/w4580
   Google Scholar
• Buckley, P. J., and M. Casson. 1976. Future of the Multinational Enterprise. London: Springer.
   Google Scholar
• Buckley, P. J., and M. Casson. 1981. “The Optimal Timing of a Foreign Direct Investment.” The Economic Journal 91 (361): 75–87. doi:10.2307/2231697.
   Web of Science ®Google Scholar
• Buckley, P. J., and M. C. Casson. 1998. “Analyzing Foreign Market Entry Strategies: Extending the Internalization Approach.” Journal of International Business Studies 29 (3): 539–561. doi:10.1057/palgrave.jibs.8490006.
   Web of Science ®Google Scholar
• Buckley, P. J., L. J. Clegg, A. R. Cross, X. Liu, H. Voss, and P. Zheng. 2007. “The Determinants of Chinese Outward Foreign Direct Investment.” Journal of International Business Studies 38 (4): 499–518. doi:10.1057/palgrave.jibs.8400277.
   Web of Science ®Google Scholar
• Buckley, P. J., N. Forsans, and S. Munjal. 2012. “Host–Home Country Linkages and Host–Home Country Specific Advantages as Determinants of Foreign Acquisitions by Indian Firms.” International Business Review 21 (5): 878–890. doi:10.1016/j.ibusrev.2011.10.001.
   Web of Science ®Google Scholar
• Calderon, A. A. B. 2014. Outward FDI in Brazil: A Matter of Economic Growth and Institutional Configuration, Buenos Aires, July 23–25. http://web.isanet.org/Web/Conferences/FLACSO-ISA%20BuenosAires%202014/Archive/fbf46b9f-95f0-4aa2-b9ab-60b89d693598.pdf
   Google Scholar
• Caves, R. E. 1971. “International Corporations: The Industrial Economics of Foreign Investment.” Economica 38 (149): 1–27. doi:10.2307/2551748.
   Web of Science ®Google Scholar
• CEPII. 2015. (CEPII – Database; accessed April 08, 2015). http://www.cepii.fr/cepii/en/bdd_modele/bdd.asp.
   Google Scholar
• Cheung, Y.-W., and X. Qian. 2009. “Empirics of China’s Outward Direct Investment.” Pacific Economic Review 14 (3): 312–341. doi:10.1111/per.2009.14.issue-3.
   Web of Science ®Google Scholar
• De Beule, F., and J.-L. Duanmu. 2012. “Locational Determinants of Internationalization: A Firm-Level Analysis of Chinese and Indian Acquisitions.” European Management Journal 30 (3): 264–277. doi:10.1016/j.emj.2012.03.006.
   Web of Science ®Google Scholar
• Dippenaar, A. 2009. “What Drives Large South African Corporations to Invest in Sub-Saharan Africa? CEO’s Perspectives and Implications for FDI Policies.” Natural Resources Forum 33 (3): 199–210. doi:10.1111/narf.2009.33.issue-3.
   Web of Science ®Google Scholar
• Doh, J. P., K. Bunyaratavej, and E. D. Hahn. 2009. “Separable but Not Equal: The Location Determinants of Discrete Services off Shoring Activities.” Journal of International Business Studies 40 (6): 926–943. doi:10.1057/jibs.2008.89.
   Web of Science ®Google Scholar
• Dunning, J. 2006. “Comment on Dragon Multinationals: New Players in 21st Century Globalization.” Asia Pacific Journal of Management 23 (2): 139–141. doi:10.1007/s10490-006-7161-1.
   Google Scholar
• Dunning, J. H. 1980a. “toward an Eclectic Theory of International Production: Some Empirical Tests.” Journal of International Business Studies 11 (1): 9–31. doi:10.1057/palgrave.jibs.8490593.
   Web of Science ®Google Scholar
• Dunning, J. H. 1980b. “Toward an Eclectic Theory of International Production.” The International Executive 22 (3): 1–3. doi:10.1002/(ISSN)1522-709X.
   Google Scholar
• Dunning, J. H. 1993. “Internationalizing Porter’s Diamond.” MIR: Management International Review 33: 7–15.
   Google Scholar
• Dunning, J. H. 1998. “Location and the Multinational Enterprise: A Neglected Factor?” Journal of International Business Studies 29 (1): 45–66. doi:10.1057/palgrave.jibs.8490024.
   Web of Science ®Google Scholar
• Dunning, J. H. 2000. “The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity.” International Business Review 9 (2): 163–190. doi:10.1016/S0969-5931(99)00035-9.
   Google Scholar
• Globerman, S., and D. Shapiro. 2002. “Global Foreign Direct Investment Flows: The Role of Governance Infrastructure.” World Development 30 (11): 1899–1919. doi:10.1016/S0305-750X(02)00110-9.
   Web of Science ®Google Scholar
• Grobbelaar, N. 2004. “Can South African Business Drive Regional Integration on the Continent?” South African Journal of International Affairs 11 (2): 91–106. doi:10.1080/10220460409545469.
   Google Scholar
• Guliwe, T. 2008. Unpacking the Behaviour of South Africa’s Multinational Corporations. http://www.global-labour-university.org/fileadmin/GLU_conference_Unicamp_2008/Submitted_papers/Unpacking_the_behaviour_of_South_Africa_s_multinational__..._by_Thulani_Guliwe.pdf
   Google Scholar
• He, C., X. Xie, and S. Zhu. 2015. “Going Global: Understanding China’s Outward Foreign Direct Investment from Motivational and Institutional Perspectives.” Post-Communist Economies 27 (4): 448–471. doi:10.1080/14631377.2015.1084716.
   Web of Science ®Google Scholar
• Horwitz, F., M. Ferguson, I. Rivett, and A. Lee. 2005. “An Afro-Asian Nexus: South African Multinational Firm Experiences in Chinese Labour Markets–Key Focus Areas.” South African Journal Bus Manage 36 (3): 29-40.
   Google Scholar
• Hymer, S. 1960. On Multinational Corporations and Foreign Direct Investment. The Theory of Transnational Corporations. London: Routledge for the United Nations.
   Google Scholar
• Johanson, J., and J. Vahlne. 1990. “The Mechanism of Internationalisation.” International Marketing Review 7 (4). doi:10.1108/02651339010137414.
   Google Scholar
• Johanson, J., and J.-E. Vahlne. 1977. “The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments.” Journal of International Business Studies 8 (1): 23–32. doi:10.1057/palgrave.jibs.8490676.
   Web of Science ®Google Scholar
• Kalotay, K., and A. Sulstarova. 2010. “Modelling Russian Outward FDI.” Journal of International Management 16 (2): 131–142. doi:10.1016/j.intman.2010.03.004.
   Web of Science ®Google Scholar
• Kaplan, D. E. 1983. “The Internationalization of South African Capital: South African Direct Foreign Investment in the Contemporary Period.” African Affairs 82 (329): 465–494.
   Web of Science ®Google Scholar
• Klein, S., and A. Wocke. 2007. “Emerging Global Contenders: The South African Experience.” Journal of International Management 13 (3): 319–337. doi:10.1016/j.intman.2007.05.002.
   Web of Science ®Google Scholar
• Kojima, K. 1973. “A Macroeconomic Approach to Foreign Direct.” Hitotsubashi Journal of Economics 14 (1): 1–21.
   Web of Science ®Google Scholar
• Kojima, K. 1975. “International Trade and Foreign Investment: Substitutes or Complements.” Hitotsubashi Journal of Economics 16 (1): 1–12.
   Web of Science ®Google Scholar
• Kolstad, I., and A. Wiig. 2012. “What Determines Chinese Outward FDI?” Journal of World Business 47 (1): 26–34. doi:10.1016/j.jwb.2010.10.017.
   Web of Science ®Google Scholar
• Lu, J., X. Liu, M. Wright, and I. Filatotchev. 2014. “International Experience and FDI Location Choices of Chinese Firms: The Moderating Effects of Home Country Government Support and Host Country Institutions.” Journal of International Business Studies 45 (4): 428–449. doi:10.1057/jibs.2013.68.
   Web of Science ®Google Scholar
• Luiz, J. M., and H. Charalambous. 2009. “Factors Influencing Foreign Direct Investment of South African Financial Services Firms in Sub-Saharan Africa.” International Business Review 18 (3): 305–317. doi:10.1016/j.ibusrev.2009.02.008.
   Web of Science ®Google Scholar
• Luiz, J. M., and H. Stephan. 2012. “The Multinationalisation of South African Telecommunications Firms into Africa.” Telecommunications Policy 36 (8): 621–635. doi:10.1016/j.telpol.2012.04.010.
   Web of Science ®Google Scholar
• Markusen, J. R., and A. J. Venables. 2000. “The Theory of Endowment, Intra-Industry and Multi-National Trade.” Journal of International Economics 52 (2): 209–234. doi:10.1016/S0022-1996(99)00055-0.
   Web of Science ®Google Scholar
• Miller, D. 2004. “South Africa Multinational Corporations, NEPAD and Competing Spatial Claims on Post-Apartheid Southern Africa.”  African Sociological Review 8 (1): 176-202.
   Google Scholar
• Mudambi, R., and P. Navarra. 2002. “Institutions and Internation Business: A Theoretical Overview.” International Business Review 11 (6): 635–646. doi:10.1016/S0969-5931(02)00042-2.
   Google Scholar
• Nunnenkamp, P., and M. S. Andres. 2014. “Ownership Choices of Indian Direct Investors: Do FDI Determinants Differ between Joint Ventures and Wholly Owned Subsidiaries?” South Asian Journal of Macroeconomics and Public Finance 3 (1): 39–78. doi:10.1177/2277978714525310.
   Google Scholar
• Pradhan, J. P. 2011. “Emerging Multinationals: A Comparison of Chinese and Indian Outward Foreign Direct Investment.” Institutions and Economies (Formerly Known as International Journal of Institutions and Economies) 3 (1): 113–148.
   Google Scholar
• Pradhan, J. P., and N. Singh. 2011. “Business Group Affiliation and Location of Indian Firms’ Foreign Acquisitions.” Journal of International Commerce, Economics and Policy 2 (1): 19–41. doi:10.1142/S1793993311000208.
   Google Scholar
• Ramasamy, B., M. Yeung, and S. Laforet. 2012. “China’s Outward Foreign Direct Investment: Location Choice and Firm Ownership.” Journal of World Business 47 (1): 17–25. doi:10.1016/j.jwb.2010.10.016.
   Web of Science ®Google Scholar
• Richardson, G. B. 1972. “The Organisation of Industry.” The Economic Journal 82 (327): 883–896. doi:10.2307/2230256.
   Web of Science ®Google Scholar
• Root, F. R., and A. A. Ahmed. 1979. “Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries.” Economic Development and Cultural Change 27 (4): 751–767. doi:10.1086/451139.
   Web of Science ®Google Scholar
• S&P. 2015. Standard and Poor Mergers and Acquisitions database. New York: McGraw Hill Financial.
   Google Scholar
• Schneider, F., and B. Frey. 1985. “Economic and Political Determinants of Foreign Direct Investment.” World Development 13 (2): 161–175. doi:10.1016/0305-750X(85)90002-6.
   Web of Science ®Google Scholar
• Tunyi, A. A., and C. G. Ntim. 2016. “Location Advantages, Governance Quality, Stock Market Development and Firm Characteristics as Antecedents of African M&As.” Journal of International Management 22 (2): 147–167. doi:10.1016/j.intman.2016.01.005.
   Web of Science ®Google Scholar
• UNCTAD. 2004. “World Investment Report. The Shift towards Services.” http://unctad.org/en/Docs/wir2004_en.pdf
   Google Scholar
• UNCTAD. 2006. “World Investment Report. FDI from Developing and Transition Economies: Implications for Development.” http://unctad.org/en/docs/wir2006_en.pdf
   Google Scholar
• UNCTAD. 2013. “World Investment Report. Adjusting to the Changing Dynamics of the World Economy”. Least Developed Countries Report. http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=636
   Google Scholar
• UNCTAD. 2015. “World Investment Report. Reforming International Investment Governance.” http://unctad.org/en/Docs/wir2004_en.pdf
   Google Scholar
• UNCTAD. 2016. “The United Nations Conference on Trade and Development Dataset.” http://unctadstat.unctad.org/
   Google Scholar
• United Nations, Comtrade database. 2015. https://comtrade.un.org/
   Google Scholar
• Verhoef, G. 2011. “The Globalisation of South African Conglomerates, 1990–2009.” Economic History of Developing Regions 26 (2): 83–106. doi:10.1080/20780389.2011.625242.
   Google Scholar
• Williamson, O. E. 1981. “The Economics of Organization: The Transaction Cost Approach.” American Journal of Sociology 87 (3): 548–577. doi:10.1086/227496.
   Web of Science ®Google Scholar
• World Bank. 2015. World Development Indicators.
   Google Scholar
• World Governance Indicators. 2015. World Governance Indicators (WGI).
   Google Scholar