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Foreign Acquisitions and Firm-Level Financial Risk

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  • Georgios Efthyvoulou
  • Liza Jabbour

Abstract

This paper examines the impact of foreign and domestic acquisitions on firm-level financial risk in Italy and Spain over the period 2002-2010. Our results indicate that foreign acquisition leads to a significant and steady reduction in financial risk. In contrast, the domestic acquisition effects are smaller and statistically less robust.

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File URL: http://www.nottingham.ac.uk/gep/documents/papers/2013/2013-08.pdf
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Bibliographic Info

Paper provided by University of Nottingham, GEP in its series Discussion Papers with number 2013-08.

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Date of creation: 2013
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Handle: RePEc:not:notgep:13/08

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Keywords: financial risk; acquisitions; foreign investment;

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  1. Patrick Musso & Stefano Schiavo, 2008. "The impact of financial constraints on firm survival and growth," Journal of Evolutionary Economics, Springer, Springer, vol. 18(2), pages 135-149, April.
  2. Alexander Hijzen & Pedro S. Martins & Thorsten Schank & Richard Upward, . "Do foreign-owned firms provide better working conditions than their domestic counterparts? A comparative analysis," Discussion Papers, University of Nottingham, GEP 10/21, University of Nottingham, GEP.
  3. Kalina Manova & Shang-Jin Wei & Zhiwei Zhang, 2011. "Firm Exports and Multinational Activity Under Credit Constraints," NBER Working Papers 16905, National Bureau of Economic Research, Inc.
  4. Benfratello, Luigi & Sembenelli, Alessandro, 2006. "Foreign ownership and productivity: Is the direction of causality so obvious?," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 24(4), pages 733-751, July.
  5. Almeida, Rita, 2007. "The labor market effects of foreign owned firms," Journal of International Economics, Elsevier, Elsevier, vol. 72(1), pages 75-96, May.
  6. Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper, Tilburg University, Center for Economic Research 2006-6, Tilburg University, Center for Economic Research.
  7. Robert E. Carpenter & Bruce C. Petersen, 2002. "Is The Growth Of Small Firms Constrained By Internal Finance?," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 84(2), pages 298-309, May.
  8. Georgios Efthyvoulou & Priit Vahter, 2012. "Financial Constraints, Innovation Performance and Sectoral Disaggregation," Working Papers, The University of Sheffield, Department of Economics 2012030, The University of Sheffield, Department of Economics.
  9. Richard Blundell & Monica Costa Dias, 2000. "Evaluation methods for non-experimental data," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 427-468, January.
  10. Richard Harris & Catherine Robinson, 2003. "Foreign Ownership and Productivity in the United Kingdom Estimates for U.K. Manufacturing Using the ARD," Review of Industrial Organization, Springer, Springer, vol. 22(3), pages 207-223, May.
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