Aplicación del modelo gravitacional al impacto del gobierno corporativo en las fusiones y adquisiciones en Latinoamérica
Resumen:En el presente estudio se analiza si la actividad de fusiones y adquisiciones (M&A) transnacionales está influenciada por los estándares de gobierno corporativo de los países. Para lograrlo, se recurre al modelo gravitacional. Se toma la actividad proveniente de países de la OECD y dirigida hacia seis países latinoamericanos y, como medida de gobierno corporativo a nivel país, se usan los indicadores de Kaufmann, entre otros. Se encontró que el modelo gravitacional es explicativo del fenómeno y que a mayor nivel de gobierno corporativo en el país de origen y en el país de destino, mayor es la actividad de M&A.Abstract:In this study we analyze whether transnational mergers and acquisitions (M&As) are influenced by country level corporate governance standards. For this purpose, we use a gravity model. Additionally, this study focuses only on the M&As flows from the OECD countries towards Latinamerican economies, and we use the Kaufmann indicators as measures of country level corporate governance, among others. We find evidence that the gravity model is explicative of the M&As flows, and that the higher the level of corporate governance at both origin and destination countries, the greater the M&As activity.
|Date of creation:||02 Dec 2012|
|Contact details of provider:|| |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bedassa Tadesse & Roger White, 2010. "Does Cultural Distance Hinder Trade in Goods? A Comparative Study of Nine OECD Member Nations," Open Economies Review, Springer, vol. 21(2), pages 237-261, April.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998.
"Law and Finance,"
Journal of Political Economy,
University of Chicago Press, vol. 106(6), pages 1113-1155, December.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, "undated". "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
- Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
- Laura Langbein & Stephen Knack, 2010. "The Worldwide Governance Indicators: Six, One, or None?," Journal of Development Studies, Taylor & Francis Journals, vol. 46(2), pages 350-370.
- Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- di Giovanni, Julian, 2005. "What drives capital flows? The case of cross-border M&A activity and financial deepening," Journal of International Economics, Elsevier, vol. 65(1), pages 127-149, January.
- di Giovanni, Julian, 2002. "What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deepening," Center for International and Development Economics Research, Working Paper Series qt7nq6d7wp, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
- Julian di Giovanni & Contact: firstname.lastname@example.org, 2003. "What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deepening," International Trade 0303002, EconWPA.
- Graham, Michael & Martey, Emmanuel & Yawson, Alfred, 2008. "Acquisitions from UK firms into emerging markets," Global Finance Journal, Elsevier, vol. 19(1), pages 56-71.
- Alba, Joseph D. & Park, Donghyun & Wang, Peiming, 2009. "Corporate Governance and Merger and Acquisition Foreign Direct Investment: Firm-level Evidence from Japanese Foreign Direct Investment into the US," ADB Economics Working Paper Series 147, Asian Development Bank.
- Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
- Simeon Djankov & Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2005. "The Law and Economics of Self-Dealing," NBER Working Papers 11883, National Bureau of Economic Research, Inc.
- Lopez-de-Silanes, Florencio & Djankov, Simeon & La Porta, Rafael & Shleifer, Andrei, 2008. "The Law and Economics of Self-dealing," Scholarly Articles 2907526, Harvard University Department of Economics.
- Felipa De Mello-Sampayo, 2007. "The Location of the United States' FDI Under the Share Gravity Model," International Economic Journal, Taylor & Francis Journals, vol. 21(4), pages 491-519.
- de Mello Sampayo, F., 2000. "The Location of the United States' FDI under the Share Gravity Model," Discussion Papers 00-04, Department of Economics, University of Birmingham.
- Pablo, Eduardo, 2009. "Determinants of cross-border M&As in Latin America," Journal of Business Research, Elsevier, vol. 62(9), pages 861-867, September.
- Hijzen, Alexander & Görg, Holger & Manchin, Miriam, 2008. "Cross-border mergers and acquisitions and the role of trade costs," European Economic Review, Elsevier, vol. 52(5), pages 849-866, July.
- Alexander Hijzen & Holger Görg & Miriam Manchin, 2006. "Cross-border mergers and acquisitions and the role of trade costs," European Economy - Economic Papers 2008 - 2015 242, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 1-36, March.
- Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
- MacDermott Raymond, 2006. "Trade Agreements and the Environment: An Industry Level Study for NAFTA," Global Economy Journal, De Gruyter, vol. 6(3), pages 1-24, September.
- Cong Wang & Fei Xie, 2009. "Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions," Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 829-858, February.
- Hea-Jung Hyun & Hyuk Hwang Kim, 2007. "The Determinants of Cross-border M&As : the Role of Institutions and Financial Development in Gravity Model," Finance Working Papers 21934, East Asian Bureau of Economic Research.
- Moeller, Sara B. & Schlingemann, Frederik P. & Stulz, Rene M., 2004. "Firm size and the gains from acquisitions," Journal of Financial Economics, Elsevier, vol. 73(2), pages 201-228, August.
- Rossi, Stefano & Volpin, Paolo F., 2004. "Cross-country determinants of mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 74(2), pages 277-304, November.
- Rossi, Stefano & Volpin, Paolo, 2003. "Cross-Country Determinants of Mergers and Acquisitions," CEPR Discussion Papers 3889, C.E.P.R. Discussion Papers.
- Marina Martynova & Luc Renneboog, 2010. "Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisition," Chapters, in: The Law and Economics of Corporate Governance, chapter 3 Edward Elgar Publishing.
- Martynova, Marina & Renneboog, Luc, 2008. "Spillover of corporate governance standards in cross-border mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 200-223, June.
- Martynova, M. & Renneboog, L.D.R., 2008. "Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions," Discussion Paper 2008-18, Tilburg University, Center for Economic Research.
- Martynova, M. & Renneboog, L.D.R., 2008. "Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions," Discussion Paper 2008-008, Tilburg University, Tilburg Law and Economic Center.
- Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
- José Méndez Naya, 2012. "Fusiones nacionales e internacionales en oligopolios mixtos," Estudios de Economia, University of Chile, Department of Economics, vol. 39(1 Year 20), pages 87-104, June. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:col:000122:010709. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Centro de Investigaciones Económicas y Financieras (CIEF))
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.