G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12646
DP12646 Financial constraints, institutions, and foreign ownership
Nicolas Berman; Ron Alquist; Rahul Mukherjee; Linda Tesar
发表日期2018-01-24
出版年2018
语种英语
摘要This paper examines how external finance dependence, financial development, and institutions influence brownfield foreign direct investment (FDI). We develop a model of cross-border acquisitions in which the foreign acquirer's choice of ownership structure reflects a key trade-off between easing target credit constraints and the costs of operating in an environment of low institutional quality. Using a dataset of cross-border acquisitions in emerging markets, we find evidence supporting the central predictions of the model that: (i) a foreign firm is more likely to fully acquire a target firm in sectors that are more reliant on external finance, or in countries with lower financial development/higher institutional quality; (ii) the level of foreign ownership in partially foreign-owned firms is insensitive to institutional factors and depends weakly on financial factors; (iii) the share of foreign acquisitions in all acquisition activity is also higher in external finance dependent sectors, or financially underdeveloped/high institutional quality countries; and (iv) sectoral external finance dependence accentuates the effect of country-level financial development and institutional quality. The theory and empirical evidence provide insight into the interaction between the financial, institutional and technological determinants of North-South brownfield FDI.
主题International Macroeconomics and Finance ; International Trade and Regional Economics
关键词Foreign ownership Cross-border mergers and acquisitions External finance dependence Foreign direct investment Financial development
URLhttps://cepr.org/publications/dp12646
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/541457
推荐引用方式
GB/T 7714
Nicolas Berman,Ron Alquist,Rahul Mukherjee,et al. DP12646 Financial constraints, institutions, and foreign ownership. 2018.
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