Adopting better corporate governance: Evidence from cross-border mergers

Bris, Arturo; Brisley, Neil; Cabolis, Christos

doi:10.1016/j.jcorpfin.2008.03.005

Cited by 139 publications

(40 citation statements)

References 43 publications

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“…The majority of empirical studies on M&As and corporate governance, both related to internal and external mechanisms, have focused on the effects of corporate governance on value creation (Bris and Cabolis 2002;Martynova and Renneboog 2008a;Wang and Xie 2006), the likelihood of carrying out a M&A or accepting an acquisition offer (Graham, Martey, and Yawson 2008;North 2001;Pombo and Corredor 2009), or the transfer of corporate governance standards from the acquiring firm to the acquired firm (Bris, Brisley, and Cabolis 2008).…”

Section: Corporate Governancementioning

confidence: 99%

Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance

Cortés

Durán

Gaitán

et al. 2017

Emerging Markets Finance and Trade

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This paper examines the impact of industrial productivity on transnationals M&As from OECD countries towards Latin American countries in the period 1996 to 2010. It also analyzes the relationship between external mechanism of corporate governance and 2 transnational M&As. For this purpose we use a gravitational model at the industry level. We find that industry productivity and higher standards of corporate governance in the country of origin promote transnational M&As activity. However, it is also found that higher levels of capital and technological productivity decreases transnational M&As activity.

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Section: Corporate Governancementioning

confidence: 99%

Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance

Cortés

Durán

Gaitán

et al. 2017

Emerging Markets Finance and Trade

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“…The authors argue that importing corporate governance policies and practices causes these changes in market valuations. Source: Bris et al (2008) at table 8.…”

Section: %-700% Northeast Electric Developmentmentioning

confidence: 99%

The Value of the Corporate Governance Canon on Chinese Companies

Michael

Goo

2016

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractChina has yet to import the corporate governance "canon" (generally accepted rules as promoting share holder value as well as minority shareholder and other stakeholders' rights) into its Code of Corporate Governance. What effect would Chinese companies' simply adopting such a canonas defined by Hong Kong or other foreign corporate governance practices --have on their share prices? We look at Mainland Chinese companies listed in Hong Kong, looking at the way their share prices react to economic fluctuations when they have better or worse corporate governance practices. Using a differences-of-differences methodology, that such share prices could/would increase by around 7% --increasing profits by about $330 billion. Yet, a significant part of the distribution of these companies loose money in the short-run. These results provide yet another confirmation that adopting the corporate governance canon can profit companies' investors, but not all of them.

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“…For instance, degree of investor protection between home and host country significantly affects capital market transactions, in turn, result in firm value, ownership structure and financing choices (Bris, Brisley, & Cabolis, 2008). In fact, countries that have better quality of laws and implementation procedures protect intellectual property, respect copyright laws, and preserve property rights (Jory & Ngo, 2011).…”

Section: [Insert Figure 3]mentioning

confidence: 99%

Determinants of Cross-Border Mergers and Acquisitions: A Comprehensive Review and Future Direction

Reddy

2015

SSRN Journal

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The purpose of this paper is to review and summarize earlier studies analyzing the determinants of cross-border mergers and acquisitions (M&As). We primarily describe the motives of cross-border acquisitions and present the market performance for corporate control transactions over the period 1994-2013. Then, we illustrate the factors affecting cross-border investments and acquisitions in various taxonomies, namely deal-specific factors, firm-and industry-specific attributes, organizational learning and prioracquisition experience, and country-specific factors. We draw special attention to the country-specific taxonomy for various reasons include economic and financial markets environment, institutional and regulatory framework, political situation (including corruption), tax system, accounting and valuation matters, geographical factors and cultural issues. We also provide a synopsis of earlier studies addressing the diversification motive in M&A decision. We thus propose that a host-country's institutional laws and regulatory system, accounting and tax provisions, economic performance, financial markets development, investor protection, geographical, political and cultural factors distinctly affect cross-border acquisition's completion. Lastly, we outline contemporary issues in M&A research, and suggest promising areas for future exploration. JEL Classification: G34

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Adopting better corporate governance: Evidence from cross-border mergers

Cited by 139 publications

References 43 publications

Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance

Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance

The Value of the Corporate Governance Canon on Chinese Companies

Determinants of Cross-Border Mergers and Acquisitions: A Comprehensive Review and Future Direction

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