Balancing Power without Weapons: State Intervention into Cross-Border Mergers and Acquisitions

Ashley Thomas Lenihan

doi:10.1017/9781316855430

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.

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Contents

Balancing Power without Weapons
pp i-ii
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Balancing Power without Weapons - Title page
pp iii-iii
State Intervention into Cross-Border Mergers and Acquisitions
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Copyright page
pp iv-iv
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Dedication
pp v-vi
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Contents
pp vii-viii
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Figures
pp ix-x
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Preface
pp xi-xi
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Acknowledgments
pp xii-xii
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Abbreviations
pp xiii-xvi
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Introduction
pp 1-30
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1 - A Theory of Non-Military Internal Balancing
pp 31-69
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2 - The Numbers
pp 70-92
Assessing the Motivations Behind State Intervention into Foreign Takeovers
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3 - Unbounded Intervention
pp 93-157
The State and the Blocked Deal
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4 - Unbounded or Overbalancing?
pp 158-195
An Outlier Case
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5 - Bounded Intervention
pp 196-252
Mitigating Threats to National Security
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6 - Non-Intervention and the “Internal” Intervention Alternative
pp 253-280
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Conclusion
pp 281-298
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Appendices
pp 299-313
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Appendix A: - Alternative Independent Variables Considered
pp 299-302
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Appendix B: - Descriptive Statistics of Variables in MNLMs I–IV
pp 303-306
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Appendix C: - MNLM III and Resource Dependency
pp 307-308
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Appendix D: - Descriptive Statistics of Dataset Variables: Frequencies
pp 309-309
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Appendix E: - Bivariate Correlations of Dataset Variables
pp 310-310
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Appendix F: - Negative Case Selection
pp 311-313
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References
pp 314-350
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Index
pp 351-360
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Balancing Power without Weapons

State Intervention into Cross-Border Mergers and Acquisitions

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Contents

Balancing Power without Weapons
pp i-ii

Balancing Power without Weapons - Title page
pp iii-iii

Copyright page
pp iv-iv

Dedication
pp v-vi

Contents
pp vii-viii

Figures
pp ix-x

Preface
pp xi-xi

Acknowledgments
pp xii-xii

Abbreviations
pp xiii-xvi

Introduction
pp 1-30

1 - A Theory of Non-Military Internal Balancing
pp 31-69

2 - The Numbers
pp 70-92

3 - Unbounded Intervention
pp 93-157

4 - Unbounded or Overbalancing?
pp 158-195

5 - Bounded Intervention
pp 196-252

6 - Non-Intervention and the “Internal” Intervention Alternative
pp 253-280

Conclusion
pp 281-298

Appendices
pp 299-313

Appendix A: - Alternative Independent Variables Considered
pp 299-302

Appendix B: - Descriptive Statistics of Variables in MNLMs I–IV
pp 303-306

Appendix C: - MNLM III and Resource Dependency
pp 307-308

Appendix D: - Descriptive Statistics of Dataset Variables: Frequencies
pp 309-309

Appendix E: - Bivariate Correlations of Dataset Variables
pp 310-310

Appendix F: - Negative Case Selection
pp 311-313

References
pp 314-350

Index
pp 351-360

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Balancing Power without Weapons

State Intervention into Cross-Border Mergers and Acquisitions

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