This study examines cross-border acquisitions by Korean firms, using logit analysis to determine what characteristics make firms more likely to choose a cross-border acquisition strategy. By dividing cross-border acquisition records into two periods—1986–1990 and 1986–1995—the study compared differences in the variables influencing Korean firms' cross-border acquisition choices across the two analytical periods. The results indicate that larger firms and those with prior experience in domestic acquisitions are more actively considering cross-border acquisitions as a mode of international expansion, whereas domestic firms with higher export ratios generally showed no intention to acquire foreign firms. This is corroborated by the finding that the primary motives for cross-border acquisitions by Korean firms are acquiring technology from advanced countries and securing or pioneering overseas markets. Furthermore, since movements in the Korean won exchange rate were also found to influence cross-border acquisition decisions, the findings suggest that Korean firms should pay attention to exchange rate fluctuations and forecasts when determining the timing for considering and executing cross-border acquisitions.