| Description |
1 online resource (42 pages) |
| Series |
IMF Working Papers |
|
IMF Working Papers
|
| Contents |
Cover; CONTENTS; I. Introduction; II. The Model; III. Data; IV. Corporate Governance Spillovers of Cross-Border Mergers and Acquisitions; A. Corporate Governance Results; B. Corporate Governance Subcategories Results; C. Valuation Results; D. Productivity Results; V. Conclusion; Appendix A; Appendix B; References; TABLES; Table 1 Corporate Governance and Cross-Border M & A by Target Country; Table 2 Corporate Governance and Cross-Border M & A by Industry; Table 3 Summary Statistics; Table 4 Cross-Border M & A and Non-Target Corporate Governance: Firm Fixed Effects |
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Table 5 Cross-Border M & A and Non-Target Corporate Governance: First DifferencesTable 6 Cross-Border M & A and Non-Target Corporate Governance: Robustness; Table 7 Cross-Border M & A and Non-Target Corporate Governance Subcategories; Table 8 Cross-Border M & A and Non-Target Firm Valuation: Firm Fixed Effects; Table 9 Cross-Border M & A and Non-Target Firm Valuation: First Differences; Table 10 Cross-Border M & A and Non-Target Firm Productivity: Firm Fixed Effects; Table 11 Cross-Border M & A and Non-Target Firm Productivity: First Differences |
| Summary |
We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M & A) and corporate governance in 22 countries, we find that cross-border M & As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms' local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target's industry is more competitive. We conclude that the international mar |
| Notes |
Print version record |
| Form |
Electronic book
|
| Author |
Brandao-Marques, Luis
|
|
Ferreira, Miguel A
|
|
Matos, Pedro
|
| ISBN |
9781475515138 |
|
1475515138 |
|
