Cross-national study of mergers and acquisitions practices : Germany and Japan.

• Main Authors: Koh, Vivian Wei Wen., Tan, Yu Wen., Yap, Ce Phei.
• Other Authors: Tsui-Auch, Lai Si
• Format: Final Year Project
• Language: English
• Published: 2010
• Subjects: DRNTU::Business::Finance::Banking::Mergers and acquisitions
• Online Access: http://hdl.handle.net/10356/21241
• Institution: Nanyang Technological University

This paper compares the differences in mergers and acquisitions (M&A) practices between Germany and Japan, two traditional stakeholder-oriented economies. We observed that M&A in Japan have a greater tolerance for Anglo-American shareholder-oriented practices while stakeholder-oriented practices remain entrenched in German M&A. We argue that these differences are results of dissimilar state-business-labour relations in the two countries. We analyzed how the state, businesses and labour unions interact with one another to shape the corporate governance system in each country, which eventually affect their M&A practices.