Aplicación Del Modelo Gravitacional Al Impacto Del Gobierno Corporativo En Las Fusiones Y Adquisiciones En Latinoamérica (Applying the Gravity Model to Analysis of Corporate Governance in Mergers and Acquisitions in Latin America)

26 Pages Posted: 25 Feb 2014

See all articles by Mateo Vasco

Mateo Vasco

EAFIT University; Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Lina Cortes

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Sandra Constanza Gaitan Riaño

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Ivan Duran

Prince Sultan University

Date Written: December 3, 2012

Abstract

Spanish Abstract: En el presente estudio se analiza si la actividad de fusiones y adquisiciones (M&A) transnacionales está influenciada por los estándares de gobierno corporativo de los países. Para lograrlo, se recurre al modelo gravitacional. Se toma la actividad proveniente de países de la OECD y dirigida hacia seis países latinoamericanos y, como medida de gobierno corporativo a nivel país, se usan los indicadores de Kaufmann, entre otros. Se encontró que el modelo gravitacional es explicativo del fenómeno y que a mayor nivel de gobierno corporativo en el país de origen y en el país de destino, mayor es la actividad de M&A.

English Abstract: In this study we analyze whether transnational mergers and acquisitions (M&As) are influenced by country level corporate governance standards. For this purpose, we use a gravity model. Additionally, this study focuses only on the M&As flows from the OECD countries towards Latin American economies, and we use the Kaufmann indicators as measures of country level corporate governance, among others. We find evidence that the gravity model is explicative of the M&As flows, and that the higher the level of corporate governance at both origin and destination countries, the greater the M&As activity.

Note: Downloadable document is in Spanish.

Keywords: Mergers and Acquisitions, Corporate Governance, Gravity Model.

JEL Classification: G34, C23, F36.

Suggested Citation

Vasco, Mateo and Vasco, Mateo and Cortes, Lina and Gaitan Riaño, Sandra Constanza and Duran, Ivan, Aplicación Del Modelo Gravitacional Al Impacto Del Gobierno Corporativo En Las Fusiones Y Adquisiciones En Latinoamérica (Applying the Gravity Model to Analysis of Corporate Governance in Mergers and Acquisitions in Latin America) (December 3, 2012). Center for Research in Economics and Finance (CIEF), Working Papers, No. 12-23, Available at SSRN: https://ssrn.com/abstract=2400726 or http://dx.doi.org/10.2139/ssrn.2400726

Mateo Vasco (Contact Author)

EAFIT University ( email )

Carrera 49 N° 7 sur – 50
Bogotá, Antioquia 00000
Colombia
+574 2619500 (Phone)

HOME PAGE: http://www.eafit.edu.co

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Lina Cortes

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Sandra Constanza Gaitan Riaño

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Bogotá
Colombia

Ivan Duran

Prince Sultan University ( email )

PO Box 66833
Prince Sultan University
Riyadh, Riyadh 11586
Saudi Arabia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
104
Abstract Views
1,930
Rank
424,889
PlumX Metrics