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Distressed Acquisitions Evidence from European Emerging Markets

Ichiro Iwasaki (), 一郎 岩﨑, Evžen Kočenda and Yoshisada Shida

No 90, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality and enforcement of insolvency laws are linked with the lower probability of distressed acquisitions, followed by corruption control and progress in banking reforms. The impact of institutions is larger in lessadvanced countries as compared to economically stronger ones. The effect of institutions increased after the financial crisis but declined as the economic situation improved.

Keywords: distressed acquisitions; mergers; European emerging markets (search for similar items in EconPapers)
JEL-codes: C35 D02 D22 E02 G34 K20 L22 (search for similar items in EconPapers)
Date: 2021-04
New Economics Papers: this item is included in nep-cfn, nep-com, nep-eur, nep-law, nep-mac and nep-tra
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/71646/RRC_WP_No90.pdf

Related works:
Working Paper: Distressed Acquisitions: Evidence from European Emerging Markets (2021) Downloads
Working Paper: Distressed Acquisitions Evidence from European Emerging Markets (2020) Downloads
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