Management pattens of post-crisis development of cross-border M&A strategies in the world economy (part one)

Abstract

At the present stage of the crisis in the development of the economy, there is a modification of the management strategies of the largest economic entities — transnational companies (TNCs), associated with the emergence of fundamentally new models of business development, ubiquitous digitalization processes and digital transformation. The purpose of the analysis in this article is assessment of the potential and management aspects of the development of crossborder mergers and acquisitions at the present stage. The methodological basis of the study is the modern provisions of the theory of transnationalization, as well as concepts covering the processes of internationalization (in particular, the "springboard theory"). In preparing the article, the method of systems analysis was used, as well as the analytical method, which made it possible to formulate the main scientific abstractions about the strategies of cross-border mergers and acquisitions. The empirical basis of the study is provided by statistics on global foreign direct investment (FDI) flows, crossborder mergers and acquisitions, as well as corporate strategies of some companies. The current crisis, as well as digitalization processes, influence the formation of new management patterns for the development of these corporate strategies. In the postpandemic phase of development, cross-border M&A strategies are becoming more customer-centric. At the same time, the key risk of developing effective strategies for managing cross-border mergers and acquisitions is the growth of protectionist sentiments on the part of states, which determine the uncertainty of scientific and practical approaches to the further organization of such transactions. It has been established that from the point of view of managerial consequences, managers of TNCs considering foreign mergers and acquisitions should take into account the stage of internationalization at which the TNC is located, as well as the nature of the change in institutional regulation in their country.