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International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions

International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions by Rui Albuquerque
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We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms' local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target's industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
International Monetary Fund; November 2013
41 pages; ISBN 9781475515138
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Title: International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions
Author: Rui Albuquerque; Luis Brandao-Marques; Miguel A. Ferreira; Pedro Matos