We are happy to invite you to the ABRI Lunch Seminar Board Effectiveness and Internalization Benefits: Theory and Evidence from Value Creation in Cross-Border Ac quisitions by prof. Xavier Martin (Tilburg School of Economics and Ma nagement, Tilburg University) organized by ABRI and the M&O Departmen t.
The seminar will take place on Thursday, May 15th, from 12: 00 to 13:00 (HG-04A43).
As this is a lunch seminar, we k indly ask you to confirm your attendance by accepting or declining yo ur emailed invitation by Friday, May 9, at 10:00 AM, to allow f or proper catering arrangements.
In addition, Xavier will intro duce the Journal of Management Scientific Reports (JOMSR) in his capa city as Senior Associate Editor, from 13:30 to 14:15 in the same room (HG-4A43). All colleagues interested in learning more about the jour nal or discussing a potential submission are warmly invited to join.< /p>
Furthermore, Xavier is happy to meet with PhD students and facu lty for one-on-one discussions. If you’d like to schedule a meeting , please contact our colleague Dr. Valérie Duplat (v.duplat@vu.nl).< /p>
Abstract
This study examines how t he value creation potential of technological and marketing intangible assets in foreign direct investment (FDI) varies with board effectiv eness conditions. Synthesizing internalization and agency theories, w e theorize that a firm is better positioned to leverage its intangibl es and create value through acquisitive FDI if its board is set up fo r effective monitoring and advising. Empirically, we implement an ori ginal three-part model to account for endogenous disclosure and expan sion decisions, and operationalize the "quad" elements of board effec tiveness, namely independence, expertise, bandwidth, and motivation. Analyzing 675 cross-border acquisitions by U.S. public firms (1998-20 16), we verify and extend core internalization results about the asso ciation between intangibles and abnormal returns upon FDI announcemen t. Advancing internalization research through corporate governance in sights, our findings support that board effectiveness moderates the v alue-creating effects of intangibles in multinational enterprises' fo reign expansion.
DESCRIPTION: The seminar will take place on Thursday, May 15th, from 1 2:00 to 13:00 (HG-04A43). As this is a lunch seminar, we kindl y ask you to confirm your attendance by accepting or declining your e mailed invitation by Friday, May 9, at 10:00 AM, to allow for p roper catering arrangements. In addition, Xavier will introduce the J ournal of Management Scientific Reports (JOMSR) in his capacity as Se nior Associate Editor, from 13:30 to 14:15 in the same room (HG-4A43) . All colleagues interested in learning more about the journal or dis cussing a potential submission are warmly invited to join. Furthermor e, Xavier is happy to meet with PhD students and faculty for one-on-o ne discussions. If you’d like to schedule a meeting, please contact our colleague Dr. Valérie Duplat (v.duplat@vu.nl). Ab stract This study examines how the value creation potential of technological and marketing intangible assets in foreign direct in vestment (FDI) varies with board effectiveness conditions. Synthesizi ng internalization and agency theories, we theorize that a firm is be tter positioned to leverage its intangibles and create value through acquisitive FDI if its board is set up for effective monitoring and a dvising. Empirically, we implement an original three-part model to ac count for endogenous disclosure and expansion decisions, and operatio nalize the "quad" elements of board effectiveness, namely independenc e, expertise, bandwidth, and motivation. Analyzing 675 cross-border a cquisitions by U.S. public firms (1998-2016), we verify and extend co re internalization results about the association between intangibles and abnormal returns upon FDI announcement. Advancing internalization research through corporate governance insights, our findings support that board effectiveness moderates the value-creating effects of int angibles in multinational enterprises' foreign expansion. We a re happy to invite you to the ABRI Lunch Seminar Board Effectiveness and Internalization Benefits: Theory and Evidence from Value Creation in Cross-Border Acquisitions by prof. Xavier Martin (Tilburg School of Economics and Management, Tilburg University) organized by ABRI an d the M&O Department. END:VEVENT END:VCALENDAR