Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional
Keywords:Mergers and acquisitions, Corporate governance, Gravity model
In this study, and by making use of a gravity model, an analysis is made on whether transnational mergers and acquisitions (M&A) are influenced by the corporate governance standards of a country. The study only focuses on the M&A flows from the OECD countries towards Latinamerican economies, as well as using the Kaufmann indicators for measuring, among others, the corporate governance of a country. Evidence is found that the gravity model is explicative of the M&A flows, and that the better the level of corporate governance at both origin and destination countries, the greater is the M&As activity.
Adeoye, A.(2009). Macro-economic level corporate governance and FDI in emerging markets: is there a close relationship? Journal of Economics and International Finance, 1, 030–043.
Agostini, C. A. y Jalile, I. R. (2009). Efectos de los impuestos corporativos en la inversión extranjera directa en América Latina. Latin American Research Review, 44,84–108.
Anderson, J. (1979). A theorical foundation for the gravity equation. The American Economic Review, 69, 106- 106.
Becht, M., Bolton, P. y Röell, A. (2003). En G. M. Constantinides, M. Harris, & R. Stulz (Eds.), Handbook of the economics of finance (pp. 1–109). Elsevier.
Bergstrand,J. H.(1989). The generalized gravity equation, monopolistic competition, and the factor-proportions theory in internationaltrade. The Review of Economics and Statistics, 71, 143.
Brainard, S. L. (1997). An empirical assessment of the proximity-concentration trade-off between multinational sales and trade. American Economic Review, 87, 520–544.
Breuer, W. y Salzmann, A. J. (2012). National culture and takeover activity Corporate Governance. Boubaker, S., Nguyen, B. D., & Nguyen, D. K. et al. (Eds.), Recent Developments and New Trends (pp. 269–397). Springer.
Bris,A. y Cabolis, C.(2002). Corporate governance convergence by contract: evidence from cross-border mergers. Yale School of Management International Center of Finance. Working paper, 02–32.
Cortés, L. M., Agudelo, D. y Mongrut, S. (2012). Olas y determinantes de la actividad de fusiones y adquisiciones: el caso latinoamericano. Center for Research in Economics and Finance (CIEF). Working Papers, 12–23.
Daniel, S. J., Cieslewicz, J. K. y Pourjalali, H. (2012). The impact of national economic culture and country-level institutional environment on corporate governance practices. Management International Review, 52, 365–394.
Denis, D. K. y McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 38, 1–36.
Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of International Economics, 65, 127–149.
Djankov, S., La Porta, R., Lopez-de-Silanes, F. y Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88, 430–465.
Doidge, C., Karolyi, G. A. y Stulz, R. M. (2007). Why do countries matter so much for corporate governance? Journal of Financial Economics, 86, 1–39.
Fuenzalida, D., Mongrut, S., Nash, M. y Tapia, J. (2006). Tender offers in South America: are abnormal returns really high? Estudios Gerenciales, 22, 13–36.
Golbe, D. L. y White, L. J. (1993). Catch a wave: The time series behavior of mergers. The Review of Economics and Statistics, 75, 493.
Graham, M., Martey, E. y Yawson, A. (2008). Acquisitions from UK firms into emerging markets. Global Finance Journal, 19, 56.
Hattari, R. y Rajan, R. (2009). Cross-border mergers and acquisitions (M&A) in developing Asia: The role of financial variables. GMU School of Public Policy Research Paper No. 2010-17. HKIMR Working Paper No., 36/2009.
Head, K. y Ries, J. (2008). FDI as an outcome of the market for corporate control: Theory and evidence. Journal of International Economics, 74, 2.
Hijzen, A., Görg, H. y Manchin, M. (2008). Cross-border mergers and acquisitons and the role of trade costs. European Economic Review, 52, 849.
Hyun, H. J. y Kim, H. H. (2010). The determinants of cross border M&As: The role of institutions and financial development in gravity model. The World Economy, 33 292
Jarrell, G.A., Brickley, J.A. y Netter, J. M.(1988). The marketfor corporate control: The empirical evidence since 1980 corporate takeovers: The efficiency arguments. The Journal of Economic Perspectives, 2, 49.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. The American Economic Review, 76, 323–329.
Jensen, M. C. (1988). Takeovers: Their causes and consequences. The Journal of Economic Perspectives, 2, 21.
Kaufmann, D., Kraay, A. y Mastruzzi, M. (2010). The worldwide governance indicators. methodology and analytical issues (Working paper). Recuperado el 15 de junio de 2012, de http://papers.ssrn.com/sol3/papers.cfm?abstract
id = 1682130
Kim, E. H. y Lu, Y.(2013). Corporate governance reforms around the world and crossborder acquisitions. Journal of Corporate Finance, 22, 236–253.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. y Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106, 1113–1155.
MacDermott, R. (2006). Trade agreements and the environment: An industry level study for NAFTA. Global Economy Journal, 6, 1–22.
Martynova, M. y Renneboog, L. (2008a). A century of corporate takeovers: What have we learned and where do stand? Journal of Banking & Finance, 32, 2148.
Martynova, M. y Renneboog, L. (2008b). Spillover of corporate governance standards in cross-border mergers and acquisitions. Journal of Corporate Finance, 3, 200–223.
Mello-Sampayo, F. D. (2007). The location of the United States FDI under share gravity model. International Economic Journal, 21, 491–519.
Moeller, S., Schlingemann, F. y Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228.
North, D. S. (2001). The role of managerial incentives in corporate acquisitions: The 1990s evidence. Journal of Corporate Finance, 7, 125–149.
Pablo, E. (2009). Determinants of cross-border M&As in Latin America. Journal of Business Research, 62, 861.
Pineiro, ˜ J., Chaitany, K. y Tamazia, A. (2008). Does growth & quality of capital markets drive foreign capital? The case of cross-border mergers & acquisitions from leading emerging economies. William Davidson Institute Working Paper. Michigan: William Davidson Intitute., 911.
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Bussines, 59, 197–216.
Rossi, S. y Volpin, P. F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics, 74, 277–304.
Shleifer, A. y Vishny, R. W. (1991). Takeovers in the ‘60s and the ‘80s: Evidence and implications. Strategic Management Journal, 12, 51- 51.
Tadesse, B. y White, R. (2010). Does cultural distance hinder trade in goods? A comparative study of nine OECD member nations. Open Economies Review, 21(2), 237–261.
Wang, C. y Xie, F. (2009). Corporate governance transfer and synergistic gains from mergers and acquisitions. Review of Financial Studies, 22, 829–858.
Wang, J. (2008). The macro determinants of M&A timing in China. International Journal of Business and Management, 3, 141–146, 292.
How to Cite
Copyright (c) 2021 Journal of Economics, Finance and Administrative Science
This work is licensed under a Creative Commons Attribution 4.0 International License.