Journal
JOURNAL OF FINANCIAL ECONOMICS
Volume 74, Issue 2, Pages 277-304Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2003.10.001
Keywords
mergers and acquisitions; corporate governance; investor protection
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We study the determinants of mergers and acquisitions around the world by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity is significantly larger in countries with better accounting standards and stronger shareholder protection. The probability of an all-cash bid decreases with the level of shareholder protection in the acquirer country. In cross-border deals, targets Lire typically from countries with poorer investor protection than their acquirers' countries, suggesting that cross-border transactions play a governance role by improving the degree of investor protection within target firms. (C) 2004 Elsevier B.V. All rights reserved.
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