Cross-border mergers and acquisitions: The importance of local credit and source country finance

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• 作者：Ivan T. Kandilov^a ; Aslı Leblebicioğlu^b ; ^{asli.leblebicioglu@utdallas.edu} ; Neviana Petkova^c
• 关键词：Cross-border mergers and acquisitions ; Banking deregulation ; External finance dependence
• 刊名：Journal of International Money and Finance
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：70
• 期：Complete
• 页码：288-318
• 全文大小：787 K
• 卷排序：70

文摘

We study host state and source country credit markets' impact on cross-border M&As in the U.S. States attract a larger number and higher value cross-border M&A deals following interstate banking deregulation. We find a positive impact of source country financial depth on the incidence of cross-border M&As. We uncover a substitution effect between local and source country bank finance. The effects are larger for non-listed firms, cash transactions and for firms that are more dependent on external finance.