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Determinantes de las fusiones y adquisiciones en el sistema financiero colombiano. 1990-2007

Author

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  • Andrés Garcia
  • José Gomez

Abstract

Para el caso colombiano se han analizado de manera amplia losefectos de la quiebra y la fusión de las instituciones financieras; sin embargo,no se contaba con un estudio microeconométrico para determinar los determinantesde este tipo de operaciones. Este documento se concentra en determinarcuales son las variables claves que incentivan la participación de las institucionesfinancieras en operaciones de integración, mediante la estimación demodelos de duración. Se encuentra que el buen desempeno de las firmas reducela probabilidad de fusión o adquisición de instituciones financieras y que variablesmacroeconómicas como el crecimiento y la concentración del mercado sondeterminantes de estas.**The effects of bank failures, and mergers and acquisitions (M & A)in Colombia have been thoroughly studied in the literature. However, there islimited evidence regarding microeconomic determinants of these events. Thispaper fills that gap by finding evidence about the significant determinantsthat take a financial institution to participate in such processes, using survivalanalysis techniques. Two important conclusions derive from our study: (i)the probability of participating in an M & A event is decreasing on banks'financial health; and, (ii) the included macroeconomic variables matter, aswell as market concentration.

Suggested Citation

  • Andrés Garcia & José Gomez, 2009. "Determinantes de las fusiones y adquisiciones en el sistema financiero colombiano. 1990-2007," Revista de Economía del Rosario, Universidad del Rosario, May.
    • Handle: RePEc:col:000151:006236
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    References listed on IDEAS

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    Cited by:

    1. José Eduardo Gómez Gónzalez & Jorge Marío Uribe Gil & Hernán Piñeros Gordo, 2009. "Determinantes de la Rentabilidad de los Bancos en Colombia: ¿Importa la Tasa de Cambio?," Borradores de Economia 556, Banco de la Republica de Colombia.
    2. García-Suaza, Andrés Felipe & Gómez-González, José E., 2010. "The competing risks of acquiring and being acquired: Evidence from Colombia's financial sector," Economic Systems, Elsevier, vol. 34(4), pages 437-449, December.

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    More about this item

    Keywords

    fusiones y adquisición; integración; sector financiero; modelosde duración.**Mergers and acquisitions; integration; financial sector; durationmodels.;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables

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