Cross-country determinants of mergers and acquisitions

• 成果类型: Article
• 署名作者: Rossi, S; Volpin, PF
• 署名单位: University of London; London Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2003.10.001
• 发表日期: 2004
• 页码: 277-304
• 关键词: Mergers and acquisitions; corporate governance; Investor protection

摘要

We study the determinants of mergers and acquisitions around the world by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity is significantly larger in countries with better accounting standards and stronger shareholder protection. The probability of an all-cash bid decreases with the level of shareholder protection in the acquirer country. In cross-border deals, targets Lire typically from countries with poorer investor protection than their acquirers' countries, suggesting that cross-border transactions play a governance role by improving the degree of investor protection within target firms. (C) 2004 Elsevier B.V. All rights reserved.