Fusions et acquisitions transfrontalières des années 1990

Olivier Bertrand, Jean-Louis Mucchielli and Habib Zitouna

Revue de l'OFCE, 2005, vol. 94, issue 3, 45-70

Abstract: This article examines the location choices of cross-border Mergers and Acquisitions (M&A) between OECD members? firms in the 1990?s. In addition to traditional determinants of FDI, we estimate the impact of specific factors affecting the M&A location pattern. The supply of target firms constrains the location of M&A. However, it is not the only determinant of location: the market size, the labour cost, the market access and the financial openness play a positive and significant role on the M&A location. A bandwagon effect is also observed. In the opposite, the corporate tax rate and the productivity decrease the probability to attract M&A. Cultural and geographic distances and differences in legal rules also exert a negative significant impact on M&A strategies.

Date: 2005
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Working Paper: Fusions et acquisitions transfrontalières des années 1990 (2005)
Working Paper: Fusions et acquisitions transfrontalières des années 1990 (2005)
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