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ASEAN Cross-Border Mergers and Acquisitions (CBMAs) Success: Corporate Governance Spillover

Table 1: Sample Distribution by Country

Nationality of Target Firm N Value of Transaction ($ million) Top 5 Bidder Nation
Mean Median Min Max
Indonesia 71 178.11 37.47 0.15 1,912.80 SingaporeMalaysiaHong KongUnited KingdomJapan
Malaysia 35 37.00 14.84 1.02 421.57 SingaporeJapanUnited StatesAustraliaHong Kong
Philippines 16 217.06 65.57 0.77 1,387.93 JapanSingaporeUnited StatesHong KongSouth Korea
Singapore 65 103.99 14.52 0.34 2,210.73 Hong KongJapanMalaysiaUnited StatesUnited Kingdom
Thailand 33 135.60 9.58 0.02 3,658.85 Hong KongSingaporeJapanUnited StatesMalaysia
Vietnam 26 10.90 3.13 0.04 80.58 SingaporeJapanUnited KingdomHong KongTaiwan
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