Review Of M&A And Joint Ventures In The Field Of Corporate Finance: Asia As The Case Study

A firm needs to engage in various corporate investments in order to grow and ensure sustainable operations. When opportunities for internal growth (innovation investment or capital investment) are limited and financial goals are not achieved, a firm may then turn to external growth methods (M&A, equity-based alliances such as joint ventures, and non-equity-based alliances) to achieve its growth objective. This study focuses on external growth strategies by revisiting the relevant literature that sampled data from the Asian market, and was published in TSSCI or A Tier SSCI financial journals from 2000 to 2015. Journals that touched upon M&A, joint ventures and strategic alliances were targeted. Following the research format within these journal articles, topics were then divided into two categories: M&A and alliances. Additionally, Taiwanese companies have a prevalence of family businesses, supply chains with closed networks and business groups. These unique characteristics of Taiwanese companies give scholars an opportunity to develop research focused on M&A and alliances. Taiwanese companies provide good data on niche acquisitions and alliances for researchers to examine. This study, through a systematic analysis, sheds light on potential future research topics and studies related to M&A and alliances based on data collected in Taiwan.