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| Author | : Marina Vladimirovna Martynova |
| Publisher | : |
| Total Pages | : |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
| Author | : Rui Albuquerque |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2013-11-12 |
| Genre | : Business & Economics |
| ISBN | : 1475518382 |
We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
| Author | : Rui Albuquerque |
| Publisher | : |
| Total Pages | : 47 |
| Release | : 2015 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : |
We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country non-target firms. Using firm-level data from 22 countries, we find that cross-border M&A activity is associated with subsequent improvements in the governance of target firms' rivals. The spillover is more pronounced when the acquirer's country has stronger investor protection than the target's country, and when the target operates in a competitive industry. Cross-border M&As also lead to increases in valuation and reductions in overinvestment of non-target firms. Our results suggest that the international market for corporate control promotes functional convergence in corporate governance.
| Author | : Rui A. Albuquerque |
| Publisher | : |
| Total Pages | : 62 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of non-target firms when the acquirer country has stronger investor protection than the target country. The effect is more pronounced when the target industry is more competitive. Cross-border M&As are also associated with increases in investment and valuation of non-target firms. Alternative explanations such as access to global financial markets and cultural similarities do not appear to explain our findings.
| Author | : Alessio M. Pacces |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 321 |
| Release | : 2010-01-01 |
| Genre | : Law |
| ISBN | : 1849807086 |
In this timely book, the law and economics of corporate governance is approached from a range of angles. This study reveals that perspectives are changing: they differ between the economic and the legal standpoint; they vary across countries; they evolve over time. A group of leading scholars offer their views some provide fresh empirical evidence on existing theories and others attempt to develop new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated. Economic analysis of law proves to be the common language for understanding corporate governance on both sides of the Atlantic. The law and economics approach is applied to topical issues in the international debate, such as the harmonization of company laws; regulatory competition; determinants of separation of ownership and control; enforcement of investor protection; and the political economy of corporate governance.
| Author | : Oyvin Kyvik |
| Publisher | : GRIN Verlag |
| Total Pages | : 37 |
| Release | : 2011-03-24 |
| Genre | : Business & Economics |
| ISBN | : 3640873114 |
Research Paper (postgraduate) from the year 2011 in the subject Business economics - Business Management, Corporate Governance, grade: none, University of Pompeu Fabra (ESCI (School of International Trade) ), language: English, abstract: Based on a review of pertinent literature, the paper discusses the role and the complexities of cross-border mergers and acquisition in firms ́ internationalization. The various stages that firms customarily go through as part of an international merger and acquisition process are outlined and debated from both a theoretical and practical perspective. Particular challenges related to the management of the post- merger integration process and complexities related to differences in national and organizational cultures, organizational design and knowledge-structures between the acquirer and the target company are discussed. It is argued that appropriate management of the merging firms ́ human resources as the merging firms ́ smallest common denominator, is the key to optimize the outcome of cross-border transactions and to achieve budgeted post-merger benefits. Based on the conceptual discussion, the paper concludes with key recommendations for how to manage a cross-border deal to minimize risks and increase the probability of achieving the objectives.
| Author | : Peter G. Szilagyi |
| Publisher | : |
| Total Pages | : 47 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
This paper shows that bond performance around Mamp;A announcements is extremely sensitive to cross-country differences in governance and legal standards, using deals involving European bidders with outstanding Eurobonds. Firstly, stakeholder-oriented corporate governance ensures that Continental European bonds fare better in and respond less to the risk effects of Mamp;As. Secondly, bonds fare worse in cross-border Mamp;As ceteris paribus, but perform better when they become exposed to a stakeholder-oriented governance regime or a more creditor-friendly jurisdiction. The creditor protection spillovers we identify are much greater in scope than has been previously assumed, and are intensified by the ability of creditors to arbitrage across legal systems.
| Author | : Arturo Bris |
| Publisher | : |
| Total Pages | : 38 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Cross-border mergers allow firms to alter the level of protection they provide to their investors, because target firms usually import the corporate governance system of the acquiring company by law. Therefore, cross-border mergers provide a natural experiment to analyze the effects of changes in corporate governance on firm value, and on an industry as a whole. We construct measures of the change in investor protection induced by cross-border mergers in a sample of 7,330 'national industry years' (spanning 39 industries in 41 countries in the period 1990-2001). We find that the Tobin's Q of an industry - including its unmerged firms - increases when firms within that industry are acquired by foreign firms coming from countries with better shareholder protection and better accounting standards. We present evidence that the transfer of corporate governance practices through cross-border mergers is Pareto improving. Firms that can adopt better practices willingly do so, and the market assigns more value to better protection.
| Author | : Thomas Papadopoulos |
| Publisher | : Springer Nature |
| Total Pages | : 511 |
| Release | : 2019-09-28 |
| Genre | : Law |
| ISBN | : 3030227537 |
This edited volume focuses on specific, crucially important structural measures that foster corporate change, namely cross-border mergers. Such cross-border transactions play a key role in business reality, economic theory and corporate, financial and capital markets law. Since the adoption of the Cross-border Mergers Directive, these mergers have been regulated by specific legal provisions in EU member states. This book analyzes various aspects of the directive, closely examining this harmonized area of EU company law and critically evaluating cross-border mergers as a method of corporate restructuring in order to gain insights into their fundamental mechanisms. It comprehensively discusses the practicalities of EU harmonization of cross-border mergers, linking it to corporate restructuring in general, while also taking the transposition of the directive into account. Exploring specific angles of the Cross-border Mergers Directive in the light of European and national company law, the book is divided into three sections: the first section focuses on EU and comparative aspects of the Cross-border Mergers Directive, while the second examines the interaction of the directive with other areas of law (capital markets law, competition law, employment law, tax law, civil procedure). Lastly, the third section describes the various member states’ experiences of implementing the Cross-border Mergers Directive.
| Author | : Luca Enriques |
| Publisher | : |
| Total Pages | : 17 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Facilitating cross-border mergers and acquisitions has long been one of the objectives of European company law directives and regulations. This short essay shows that the current European legal framework unnecessarily raises the transactions costs to be incurred when the acquirer aims both to gain 100 percent of a company's shares and to preserve the acquired company as a separate entity. Higher transaction costs result from the limited availability of the squeeze-out right. Instead of proposing to extend such right, which would be politically contentious, the solution proposed here is for a directive to require member states to let companies execute acquisition transactions via a “compulsory share exchange.” This is a transaction form in which the acquiring and the target companies agree that the target shareholders will receive shares in the acquiring company in exchange for their shares. It is shown that a subset of the rules applying to cross-border mergers would be sufficient to regulate such transactions.
