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On the Motives and Geographical Structure of Finnish Mergers and Acquisitions

Author

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  • Eero Lehto

Abstract

We have estimated a multilogit model for the probabilities that a firm will acquire or become a target in different M&A categories, which are defined according to the distance between an acquiring firm and a target. We discovered that such characteristics of a firm that can be regarded as an indication of a good monitoring capacity or ability to internalise the potential synergies of M&As increase the probability that the firm acquires a distant firm. Respectively, such factors that ease the monitoring of a firm’s quality increase the probability that the firm becomes a target in a distant M&A.

Suggested Citation

  • Eero Lehto, 2004. "On the Motives and Geographical Structure of Finnish Mergers and Acquisitions," Working Papers 197, Työn ja talouden tutkimus LABORE, The Labour Institute for Economic Research LABORE.
    • Handle: RePEc:pst:wpaper:197
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    Keywords

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    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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