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Cross-border acquisitions and financial leverage of UK acquirers

Agyei-Boapeah, Hebry

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Hebry Agyei-Boapeah


Based on a sample of 782 acquisitions by UK firms during 1982-2009, this paper examines the impact of cross-border acquisitions on financial leverage. The paper shows that cross-border acquisitions have a negative impact on the financial leverage of acquiring firms. However, the negative impact of cross-border acquisitions disappears when acquirers choose targets from developed countries, and also when the acquisitions are undertaken by multinational firms. Collectively, the findings imply that exposure to foreign markets reduces the borrowing ability of acquiring firms especially when they choose targets from developing countries, and when they have no experience in foreign markets.


Agyei-Boapeah, H. (2015). Cross-border acquisitions and financial leverage of UK acquirers. Accounting Forum, 39(2), 97-108.

Journal Article Type Article
Acceptance Date Mar 24, 2015
Online Publication Date Apr 9, 2015
Publication Date Jun 30, 2015
Deposit Date Jul 1, 2021
Publicly Available Date Jul 14, 2021
Journal Accounting Forum
Print ISSN 0155-9982
Electronic ISSN 1467-6303
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 39
Issue 2
Pages 97-108
Keywords Financial leverage; cross-border acquisitions; internationalization; M&A; UK 2
Public URL
Publisher URL
Additional Information This is an Accepted Manuscript of an article published by Taylor & Francis in Accounting Forum on 09/04/2015, available online:


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