Human development and cross-border acquisitions

被引：13

作者：

Owen, Sian ^{[2
]}

Yawson, Alfred ^{[1
]}

机构：

[1] Univ Adelaide, Sch Business, Adelaide, SA 5005, Australia

[2] Univ New S Wales, Sch Banking & Finance, Sydney, NSW 2052, Australia

来源：

JOURNAL OF EMPIRICAL FINANCE | 2010年 / 17卷 / 04期

关键词：

Mergers and acquisitions; Foreign direct investment; Human development; Lucas Paradox; FOREIGN DIRECT-INVESTMENT; ECONOMIC-GROWTH; DETERMINANTS; LOCATION; MERGERS; INDEX; LAW;

D O I：

10.1016/j.jempfin.2010.03.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the role of human development in US companies' decisions to engage in cross-border acquisitions. Utilizing the human development index (HDI) published by the United Nations Development Program (UNDP), we find that US firms make acquisitions in countries with strong HDI levels. Alternative factors such as institutional quality, life expectancy, telephone usage and school enrolments also have a positive influence on the cross-border acquisition decision. Further, we find a positive relationship between cross-border mergers and acquisitions (M&As) and HDI rankings relative to the United States. Our findings contribute to the literature that seeks to explain why so little capital flows from developed to developing economies. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：689 / 701

页数：13

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