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Why do states block some foreign direct investment on national security grounds even when it originates from within their own security community? Government intervention into foreign takeovers of domestic companies is on the rise, and many observers find it surprising that states engage in such behaviour not only against their strategic and military competitors, but also against their closest allies. Ashley Lenihan argues that such puzzling behaviour can be explained by recognizing that states use intervention into cross-border mergers and acquisitions as a tool of statecraft to internally balance the economic and military power of other states through non-military means. This book tests this theory using quantitative and qualitative analysis of transactions in the United States, Russia, China, and fifteen European Union states. It deepens our understanding of why states intervene in foreign takeovers, the relationship between interdependence and conflict, the limits of globalization, and how states are balancing power in new ways. This title is also available as Open Access.Read more
- Proposes a new theory of non-military internal balancing
- An original and comprehensive overview of state intervention into foreign takeovers on national security grounds from an international perspective
- In-depth case studies provide readers with access to the heart of the topic without the need to wade through complex mathematical data
- For readers interested in econometrics, rigorous quantitative analysis also examines data from over 200 transactions across eighteen countries
- This title is also available as Open Access
28th Oct 2019 by AndRoz
This book is very timely, highly relevant, and very well researched. At a time when geopolitical risks increasingly loom large over the global economy and international financial markets, Lenihan's book offers a clear and logical analytical framework, which she calls 'non-military internal balancing' and which she applies to government interventions into cross-border M&A deals for national security reasons. For those who work in corporate finance and international M&A, the book is a treasure trove of case studies illustrating this approach. But in my view, there is huge promise in applying this analytical methodology to other economic and financial disciplines - for example, management of central bank reserves and sovereign wealth funds. This book is a valuable contribution, offering an important piece of the puzzle that describes the impact of geopolitical risks on global markets.
Review was not posted due to profanity×
- Date Published: May 2018
- format: Hardback
- isbn: 9781107181861
- length: 372 pages
- dimensions: 235 x 157 x 20 mm
- weight: 0.73kg
- contains: 43 b/w illus.
- availability: Available
Table of Contents
1. A theory of non-military internal balancing
2. The numbers: a comprehensive look at the motivations behind
3. Unbounded intervention: the state and the blocked deal
4. Unbounded or overbalancing? An outlier case
5. Bounded intervention: mitigating threats to national security
6. Non-intervention and the 'internal' intervention alternative
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