Emerging market firms are starting to be more active in mergers and acquisitions (M&As) as acquirers, not just targets. A study looked at whether the amount of ownership by managers in these firms influences their decision to do M&As and go after smaller companies. The study found that managerial ownership doesn't actually push these firms to do M&As or target smaller companies. Instead, the level of debt these firms have is more likely to affect their decisions on M&A deals.