| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10917 |
| DP10917 International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions | |
| Pedro Pinto Matos; Rui Albuquerque; Miguel Ferreira; Luis Brandao-Marques | |
| 发表日期 | 2015-11-01 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country non-target firms. Using firm-level data from 22 countries, we find that cross-border M&A activity is associated with subsequent improvements in the governance of target firms? rivals. The spillover is more pronounced when the acquirer?s country has stronger investor protection than the target?s country, and when the target operates in a competitive industry. Cross-border M&As also lead to increases in valuation and reductions in overinvestment of non-target firms. Our results suggest that the international market for corporate control promotes functional convergence in corporate governance. |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Cross-border mergers and acquisitions Foreign direct investment Spillovers |
| URL | https://cepr.org/publications/dp10917 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539747 |
| 推荐引用方式 GB/T 7714 | Pedro Pinto Matos,Rui Albuquerque,Miguel Ferreira,et al. DP10917 International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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