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International Corporate Governance Spillovers
Rui AlbuquerqueMr.Luis Brandao-MarquesMiguel A. FerreiraPedro Matos
其他書名
Evidence from Cross-Border Mergers and Acquisitions
出版International Monetary Fund, 2013-11-12
主題Business & Economics / Corporate GovernanceBusiness & Economics / Finance / GeneralBusiness & Economics / Production & Operations Management
ISBN14755151389781475515138
URLhttp://books.google.com.hk/books?id=MNJPAgAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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 market for corporate control promotes the adoption of better corporate governance practices around the world.