Determinants of cross- border M&As in Latin America

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1、JournalofBusinessResearch62(2009)861–867ContentslistsavailableatScienceDirectJournalofBusinessResearchDeterminantsofcross-borderM&AsinLatinAmerica☆EduardoPablo⁎InstitutodeEstudiosSuperioresdeAdministración(IESA),Caracas,VenezuelaA.B.FreemanSchoolofBusiness,TulaneUni

2、versity,NewOrleans,LA,UnitedStatesarticleinfoabstractKeywords:Thisarticleanalyzesthedeterminantsofcross-borderM&AsintheLatinAmericanregionduringtheperiodInternationalmergersandacquisitions1998–2004.Usingauniquedatasetof868MergersandAcquisitions(M&A)events,thestudyfo

3、cusesLatinAmericaattentionontheeffectofmacroeconomicandinvestorprotectionconditionsinthecountrieswherethecompaniesresideoverthelikelihoodofthesecompaniesparticipatinginacross-borderM&Atransaction.Thestudyconsiderstheeffectofcompany-specificvariablesinthelikelihoodofg

4、oingcross-border.Univariateanalysisandlogisticregressionsstronglysupporttheideathatbettereconomicandbusiness-friendlyconditionsinthecountrieswherethetargetoperates,increasethelikelihoodofcross-bordermerger.Resultsshowthatnotonlyisthebusinessenvironmentinthetargetcou

5、ntryimportantbutalsointhebiddercountry.Lowerlevelsofpropertyrightsprotectionintheacquirercountrynegativelyaffectthelikelihoodofacross-borderdeal.Finally,thelikelihoodofacross-bordermergerincreaseswhenthetargetfaceshighercostoffundingthantheacquirer's.©2008ElsevierIn

6、c.Allrightsreserved.1.Introductioninvestment.AccordingtoRossiandVolpin(2004),investorprotectionaffectspositivelythecross-borderM&Aactivityinagivencountry.ScholarsinfinanceresearchtheareaofmergersandacquisitionsThispaperpretendstocontributetothecurrentresearchanalyzin

7、g(M&As)ingreatdetail.However,mostoftheresearchrelatestoM&AwhatdeterminestheparticipationoftheacquirerandthetargetinaeventsbetweenU.S.Corporations.Researchersarefocusingtheircross-borderM&AtransactionintheLatinAmericanregionduringtheattentiononanalyzingM&Atransaction

8、sofcompaniesbasedinotherperiod1998–2004.Duringthisperiod,conditionsconstantlychangedmarkets.Lowertradeandcapitalfrictionsamongcountriespro