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The border effect on mergers and acquisitions

Federico Carril-Caccia (), Aitor Garmendia-Lazcano and Asier Minondo ()
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Federico Carril-Caccia: University of Granada
Aitor Garmendia-Lazcano: Deusto Business School

Empirical Economics, 2022, vol. 62, issue 3, No 13, 1267-1292

Abstract: Abstract Using a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995–2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms are five times larger than between firms of different countries. We show that the border effect on the number and value of M&As remained constant during the period. The border effect on M&As in the European Union is substantially lower than elsewhere. We find that the border effect is lower for large investors and firms operating in the primary industry and utilities.

Keywords: Mergers and acquisitions; Foreign direct investment; Border effect; European Union; F15; F21; F23 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s00181-021-02050-2

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