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Financial constraints, institutions, and foreign ownership

Author

Listed:
  • Ron Alquist

    (AQR Capital Management)

  • Nicolas Berman

    (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research - CEPR)

  • Rahul Mukherjee

    (Department of Economics, Graduate Institute of International and Development Studies)

  • Linda Tesar

    (NBER - The National Bureau of Economic Research)

Abstract

We develop a model of cross-border acquisitions in which the foreign acquirer's ownership choice reflects a trade-off between easing the target's credit constraints and the costs of operating in an environment with weak institutions. Data on domestic and foreign acquisitions in emerging markets over the period 1990–2007 support the model predictions. The share of full foreign acquisitions is higher in sectors more reliant on external finance, in countries with lower financial development, and in countries with higher institutional quality. Sectoral external finance dependence accentuates the effect of country-level financial development and institutional quality. By contrast, the level of foreign ownership in partial acquisitions is insensitive to institutional factors and depends weakly on financial factors.

Suggested Citation

  • Ron Alquist & Nicolas Berman & Rahul Mukherjee & Linda Tesar, 2019. "Financial constraints, institutions, and foreign ownership," Post-Print hal-02111499, HAL.
  • Handle: RePEc:hal:journl:hal-02111499
    DOI: 10.1016/j.jinteco.2019.01.008
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    9. Lorenzo Bencivelli & Beniamino Pisicoli, 2022. "Foreign investors and target firms’ financial structure," International Economics, CEPII research center, issue 169, pages 230-251.
    10. Ahmad Maulin Naufa & Mamduh M. Hanafi & I Wayan Nuka Lantara, 2021. "Foreign Ownership, Stock Performance-Risk, And Macroeconomic Factors In Asean Countries," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 24(1), pages 151-168.
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    More about this item

    Keywords

    Foreign direct investment; Foreign ownership; Mergers and acquisitions; Financial development; Institutional quality;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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