인문학
사회과학
자연과학
공학
의약학
농수해양학
예술체육학
복합학
DBpia AI
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AI 아이디어
AI 리더
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Citeasy
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지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2015.12
- 수록면
- 311 - 344 (34page)
이용수
초록· 키워드
This paper assesses the question of how a host country’s financial risk influences cross-border Merger and Acquisition (M&A). We use bilateral flows of cross-border M&A from 20 major Organization for Economic Cooperation and Development (OECD) countries to 135 developed and developing countries for the period 1995-2012. Utilizing a partial adjustment model that includes the initial levels of and differences in explanatory variables, we investigate the long-term vs. short-term effects of financial risk on cross-border M&A. We also employ the Heckman sample selection model to assess the long-term vs. short-term effects of financial risk on two different stages of cross-border M&A (i.e., selection stage vs. outcome stage). We find that financial risk is quite different from political risk, as with regards to its association with cross-border M&A. Specifically, while higher political risk in developing countries is associated with lower cross-border M&A sales, higher financial risk of host countries, particularly of developing countries, is associated with greater M&A sales, not only in the short term but also in the long term. Among the various components comprising financial risk, exchange rate instability, debt service as % of exports, current account as % of GDP, and international liquidity are found to be significant where the host country is a developing country.
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목차
- 1. INTRODUCTION
- 2. ESTIMATION STRATEGY
- 3. THE DATA
- 4. EMPIRICAL RESULTS
- 5. SUMMARY AND CONCLUDING REMARKS
- REFERENCES
참고문헌
참고문헌 신청최근 본 자료
UCI(KEPA) : I410-ECN-0101-2016-320-002317324
