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Cross-Border Mergers & Acquisitions: A Piece of The Natural Resource Curse Puzzle


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  • Julia Swart

    (Erasmus University Rotterdam)

  • Charles van Marrewijk

    (Utrecht University)


We combine the resource curse literature with the literature on cross-border mergers and acquisitions (M&As) to investigate two hypotheses, namely (i) natural resources wealth: countries with a comparative advantage in natural resources attract more M&As in natural resource intensive sectors and (ii) natural resources dependency: countries with a high natural resources dependency attract fewer M&As in all sectors. Using the Thomson dataset we test these hypotheses for a sample of 49 African and Latin American countries in the period 1988 - 2007. To test these hypotheses we disaggregate the data in sectors intensive and not intensive in natural resources. We emphasize the distinction between resource dependency and wealth. Both hypotheses were confirmed by our findings. Thus, resource dependency has a “crowding out” effect on M&As in all sectors, and natural resources wealth has a "crowding in" effect on M&As in sectors intensive in natural resources.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 09-053/2.

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Date of creation: 12 Jun 2009
Date of revision: 18 Aug 2009
Handle: RePEc:dgr:uvatin:20090053

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Related research

Keywords: Gravity Equation; Mergers and Acquisitions; Natural Resources; Resource Curse;

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Cited by:
  1. Blanco, Luisa R., 2012. "The Spatial Interdependence of FDI in Latin America," World Development, Elsevier, vol. 40(7), pages 1337-1351.


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