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We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country non-target firms. Using firm-level data from 22 countries, we find that cross-border M&A activity is associated with subsequent improvements in the governance of target firms' rivals. The spillover is more pronounced when the acquirer's country has stronger investor protection than the target's country, and when the target operates in a competitive industry. Cross-border M&As also lead to increases in valuation and reductions in overinvestment of non-target firms. Our results suggest that the international market for corporate control promotes functional convergence in corporate governance.
We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of non-target firms when the acquirer country has stronger investor protection than the target country. The effect is more pronounced when the target industry is more competitive. Cross-border M&As are also associated with increases in investment and valuation of non-target firms. Alternative explanations such as access to global financial markets and cultural similarities do not appear to explain our findings.
We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
Failures of corporate governance at one firm spill over into short-termism and incentives for managers at other firms to manipulate earnings fraudulently due to career concerns and relative performance evaluation. The model predicts that (i) peer governance matters and that the average rate of earnings fraud should be higher when peer governance is weaker; (ii) managers should react more aggressively to changes in relative performance when peer governance is weaker; and (iii) earnings fraud should be most sensitive to peer governance when career concerns are strong. Using data on event-periods associated with fraudulent restatements, I find evidence corroborating all three predictions and the implication that a few quot;bad applesquot; can lead to increased misbehavior at other firms. By studying a specific managerial action, the paper highlights the importance of the role of career concerns and implicit incentives as well as the governance environment in influencing managerial behavior.
Corporate governance has become a global phenomenon. This book highlights, through case studies, how it has evolved internationally. The contributors focus on different regions around the globe, reflecting various ownership structures, legal systems, and political and cultural aspirations.
Economic recessions, social networks, environmental damage in several large countries (eg. China, Brazil, U.S.), the Global Financial Crisis of 2007-2015 and cross-border spillovers continue to significantly affect economic systems, financial markets, social structures and environmental compliance worldwide. These have rekindled economists’ and policy-makers’ interest in the relationships among constitutions, risk regulation, foreign aid, political systems, government size, credit expansion and sustainable growth. Risk regulation remains highly ineffective as manifested by the failures of new financial regulations and government stimulus programs that were implemented during 2007-2020 in many developed countries and emerging markets countries. This book, the first of two volumes, addresses these issues in the context of the role of constitutional economics and economic psychology as tools for national and global sustainable growth and risk management. Furthermore, this volume analyzes the often symbiotic relationship between alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents on one hand, and sustainable growth, financial regulation and the risk management of financial institutions on the other; and reviews the effects of constitutions and legal institutions on market dynamics (real estate; fixed-income, stocks; etc.) including volatility, market depth and liquidity. This book will help researchers develop better artificial intelligence and decision-systems models of geopolitical risk, public policy and international capital flows, all of which are increasingly relevant to investment managers, boards-of-directors and government officials.
Rev. ed. of : The handbook of international corporate governance / Chris Pierce and Kerrie Waring. 2004.
Illustrated with a wealth of up-to-the-minute case studies and illustrative material to guide the student reader through this complex subject, International Corporate Governance will be an essential text for anybody study corporate governance today."--BOOK JACKET.