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Cross-border M&A : the country drivers

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Resumo:The process of cross-border M&A is attributed to three different types of determinants: i) integration between countries; ii) institutional characteristics; and iii) profit opportunities. This Dissertation focuses on the first, especially in country-specific and bilateral characteristics. Using a Poisson regression and a worldwide sample of 7,592 observations, three sets of regressions were employed: a baseline specification, as well as two different robustness tests. The first robustness test considers O.E.C.D. countries only, as proxy for developed countries, and the second one takes into account economic expansion periods in the U.S.A. The findings suggest that bilateral characteristics - such as geographical distance, sharing a common language, and having a colonial relationship - are the most important factors. Moreover, target countries with high G.D.P. and low G.D.P. per capita are also preferential. In addition to that, for developed countries the same is verified for acquirer countries. When considering economically expanding periods, some of the previous findings are verified with different levels of significance among the different types of industries, suggesting slightly different patterns of internationalization.
Autores principais:Silva, João Pedro Fradique Lopes da
Assunto:Mergers and acquisitions Financial institutions Banks Insurance companies Other financial institutions Foreign direct investment Fusões e aquisições Instituições financeiras Bancos Companhias de seguros Outras instituições financeiras Investimento estrangeiro directo
Ano:2019
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso restrito
Instituição associada:Universidade Católica Portuguesa
Idioma:inglês
Origem:Veritati - Repositório Institucional da Universidade Católica Portuguesa

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