Cross-Border Mergers and Acquisitions in Services : The Role of Policy and Industrial Structure

Barattieri, Alessandro ; Borchert, Ingo ; Mattoo, Aaditya

World Bank, Washington, DC

关键词: ACCOUNTABILITY;    ACCOUNTING;    AGRICULTURE;    AMOUNT OF CAPITAL;    BANK DEPOSITS;   

DOI  :  10.1596/1813-9450-6905
RP-ID  :  WPS6905

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper presents evidence on thedeterminants of cross-border mergers and acquisitions inservices sectors. It develops a stylized model of mergersand acquisitions that predicts that the incidence of mergerand acquisition deals depends, inter alia, on the targeteconomy's size, industrial structure and investmentpolicies, as well as on bilateral transactions costs. Thesepredictions are examined with bilateral merger andacquisition flow data and detailed information on policybarriers from a new database of restrictions on servicesinvestment. The analysis finds that: (1) geographicalfactors affect mergers and acquisitions in services andmanufacturing similarly but cultural factors affect mergersand acquisitions in services more than in manufacturing. (2)Controlling for these bilateral factors, restrictiveinvestment policies reduce the probability of merger andacquisition inflows but this negative effect is mitigated incountries with relatively large shares of manufacturing and(to a lesser extent) services in gross domestic product. Thesame results hold for the number of merger and acquisitiondeals received. These findings suggest that the impact ofpolicy is state-dependent and related to the composition ofgross domestic product in the target economy.