アハマド, カシフKashif AHMED
|役職 / Title||助手 / Research Associate|
|研究部門 / Research Division||企業競争力研究部門 / Corporate Competitiveness|
|学歴 / Education||
|職歴/ Employment History||
|研究分野/ Research Area||国際経営|
|研究課題 / Research Topic||
研究活動＜概要＞ / Research Activities (Summary)
My research is broadly related to cross-border acquisitions. In my master’s thesis, I examined whether Japanese firms pay higher premium to cross-border acquisition targets than domestic acquisition targets. Premium refers to the amount (expressed as percentage) that an acquirer pays over the market value of target shares. For example, if an acquirer pays 120 million yen to buy a target whose shares are worth 100 million yen, the premium is 20% [calculated as (120-100)/100)]. The results of my master’s thesis showed that Japanese firms pay higher premium to cross-border targets than domestic targets, especially if the target is in the United States.
In another study, Dr. Bebenroth and I showed that Japanese firms pay lower premium to domestic targets when acquirers have high debt or high market-to-book ratio. However, in case of cross-border targets, the negative effect of acquirer debt and acquirer market-to-book ratio on premium disappears. The major contribution of this study is that it highlights variables (acquirer leverage and acquirer market-to-book ratio) that explain why Japanese firms overpay for cross-border targets. This study has been recently published in “International Finance” journal (Bebenroth & Ahmed, 2021).
My doctoral research was related to the choice of partial versus full acquisitions. When companies make cross-border acquisitions, they can acquirer the target either partially or fully. A full acquisition means that an acquirer buys 100% shares of its target. In contrast, a partial acquisition means that an acquirer buys target shares less than 100% such as 30% or 70%. Both acquisition modes have their own advantages. Conducting an acquisition with an inappropriate mode may result in a severe financial and reputation loss. Thus, my research helps firms in identifying appropriate acquisition mode for their specific targets. Focusing on Japanese cross-border mergers and acquisitions, my doctoral research examined the factors that affect firms’ decision to acquirer their cross-border targets either partially or fully. The thesis is comprised of four studies.
The first study examined whether the size and the strategy of firms (vis-à-vis consistent and flexible) affect the acquisition behavior. Results showed that large Japanese firms prefer full acquisitions whereas small Japanese firms prefer partial acquisitions. Also, small-sized consistent strategy firms are more likely to choose full acquisitions over partial acquisitions than small-sized flexible strategy firms. This study has been accepted for publication at “Journal for Global Business Advancement” (Ahmed & Bebenroth, forthcoming).
The second study compared the acquisition behavior of Japanese firms based on Miles and Snow typology—prospectors (innovation-oriented firms), defenders (cost efficiency-oriented firms) and analyzers (firms that focus on both innovation and cost efficiency). Results showed that Japanese prospectors and analyzers are more likely to choose full acquisitions over partial acquisitions than Japanese defenders. The study has been published in “International Journal of Management Practice” (Ahmed & Bebenroth, 2020).
The third study compared the acquisitions behavior of emerging market multinationals (EMMS) and developed market multinationals (DMMs) for their Japanese cross-border targets. Results showed that EMMs are more likely to prefer partial acquisitions over full acquisitions than DMMs, particularly if acquirer size is small. The study has been published in “Organizations and Markets in Emerging Economies” (Ahmed & Bebenroth, 2019a).
The last study investigated whether the choice of partial versus full acquisitions is affected by disaggregated formal institutional distance (FID) variables measured by Worldwide Governance Indicators—a country-level governance data of six dimensions. Results showed that acquisition mode choice is affected by only three dimensions. The study received the Best Paper Award at Conference on Interdisciplinary Business and Economics Research (CIBER), Osaka, 4th - 5th July 2019, organized by The Society of Interdisciplinary Business Research (SIBR) (Ahmed & Bebenroth, 2019b).
I have also conducted a research with Dr. Bebenroth and Dr. Hennart—a senior international business scholar. We examined whether the effect of host country institutional uncertainty on the percentage of equity sought is moderated by host country industry (i.e. targets from the technology industry versus the rest). Our results showed that Japanese firms prefer lower equity in institutionally less developed countries, particularly if the target is from the technology industry. The study was first published as a discussion paper in RIEB discussion paper series (Ahmed, Bebenroth, & Hennart, 2020b). The updated version was later published in “Review of International Business and Strategy” (Ahmed, Bebenroth, & Hennart, 2020a). The study has important implications in the cross-border acquisitions literature. We showed that researchers should consider the contingent role of industry on acquisition outcome. For this paper, I received the Outstanding Paper Award at 2021 Literati Award by Emerald Publishing.
研究業績 / Research Achievements
- 学会報告活動 / Conference Presentations
- その他 (奨学金・受賞歴など) / Awards
論文 / Publications
|"The Impact of Disaggregated Formal Institutional Distance Variables on Entry Mode Decision: Evidence from Japan"||(with R. Bebenroth) Journal of Management & Organization||forthcoming|
|"Positive fuel price elasticities of expressway traffic flows: Insights for policymakers and management strategists"||(with T. Kamihigashi and M. Matsuo) Transport Policy||forthcoming|
|"Influence of target industry growth on premiums in cross-border acquisitions"||(with R. Bebenroth) Multinational Business Review||forthcoming|
|"Entry mode decisions in cross-border acquisitions: The role of strategic consistency and flexibility"||(with R. Bebenroth) Journal for Global Business Advancement 15 (2), 130-154||2023年1月|
|"Japanese firms' overpayments for cross‐border acquisitions"||(with R. Bebenroth) International Finance 24 (2), 257-273||2021年|
|"Individual Investments Biased by the Size of a Foreign Investor: An Experimental Study"||(with H. Umer, M.N. Jadoon) Organizations and Markets in Emerging Economies 12 (1), 27-50||2021年|
|"Formal institutional uncertainty and equity sought on foreign market entry: does industry matter?"||(with R. Bebenroth, J.F. Hennart) Review of International Business and Strategy 30 (3), pp.421-440||2020年9月|
|"Chinese Cross-Border Acquisition Strategies in Japan–Changing from a Resource-Driven to a Market-Driven Approach"||(with F. Chen, R. Bebenroth) Organizations and Markets in Emerging Economies 11 (1), 35-54||2020年5月|
|"Strategy impact on the choice of partial versus full acquisitions: evidence from Japanese outbound acquisitions"||(with R. Bebenroth) International Journal of Management Practice 13 (4), 373-400||2020年1月|
|"Acquisition behavior of emerging versus developed market multinationals"||(with R. Bebenroth) Organizations and Markets in Emerging Economies 10 (1), 9-30||2019年3月|
|"Japanese outbound acquisitions: Explaining what works"||Asia Pacific Business Review 25 (3), 450-454||2019年|
|"Formal Institutional Uncertainty and Equity Sought on Foreign Market Entry: Does Industry Matter?"||(with R. Bebenroth, J.F. Hennart), Discussion Paper Series No. DP2020-03, RIEB, Kobe University, 22pp.||2020年1月|
|“Effect of disaggregated formal institutional distance variables on the choice of partial versus full acquisitions"||(with R. Bebenroth) at Conference on Interdisciplinary Business and Economics Research (CIBER), Osaka, 4th - 5th July 2019, organized by The Society of Interdisciplinary Business Research (SIBR).||2019年7月|
|"Japanese outbound acquisitions: explaining what works"||Pages 450-454||2019年5月|
学会報告活動 / Conference Presentations
|(Invited) "Cross-border Business Mergers and Acquisitions"||PSA-J Kansai Talk Series (Online)||February 11, 2023|
|"Positive Fuel Price Elasticities of Expressway Traffic Flows: Evidence from Japan"||CCSS International Workshop on Computational Social Science (Kobe University / Online)||November 30, 2022|
- 日本経営学会 / Japan Academy of the Business Administration (JABA)
|2023～2024年度||科学研究補助金：若手研究 "The Choice of Partial versus Full Acquisition Modes in Cross-border Deals and the Contingent Role of Industries"（研究代表者）|
その他 (奨学金・受賞歴など) / Awards
Top Downloaded Article on "Japanese Firms' Overpayments for Cross-border Acquisitions", (with R. Bebenroth), International Finance, Wiley
Literati Award 2021 (Outstanding Paper) on "Formal institutional uncertainty and equity sought on foreign market entry: does industry matter?", (with R. Bebenroth and J.F. Hennart), Review of International Business and Strategy, Emerald Publishing
Best Paper Award, at Conference on Interdisciplinary Business and Economics Research (CIBER), The Society of Interdisciplinary Business Research (SIBR)