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Determinants of the acquisition of listed versus unlisted firms in different legal and institutional environments

Autor(es) y otros:
Feito Ruiz, IsabelAutoridad Uniovi; Fernández Álvarez, Ana IsabelAutoridad Uniovi; Menéndez-Requejo, SusanaAutoridad Uniovi
Palabra(s) clave:

Mergers & acquisitions

Unlisted target

Legal and institutional environment

Managerial opportunism

Information asymmetry

Fecha de publicación:
2014-05-07
Editorial:

Routledge

Versión del editor:
http://dx.doi.org/10.1080/00036846.2014.914146
Citación:
Applied Economics, 46(23), p. 2814-2832, (2014); doi: 10.1080/00036846.2014.914146
Descripción física:
p. 2814-2832
Resumen:

The aim of this paper is to analyse the determinants of the decision to acquire unlisted rather than listed firms in different legal and institutional environments. Our results show that managerial opportunism is a determinant in the acquisition of listed firms, occurring with greater probability in acquiring countries with limited shareholder and minority shareholder protection. Information asymmetry is another relevant determinant that promotes the acquisitions of unlisted firms. Furthermore, the less developed the capital market in the country of the acquired firm, the greater the probability of acquisitions of unlisted firms.

The aim of this paper is to analyse the determinants of the decision to acquire unlisted rather than listed firms in different legal and institutional environments. Our results show that managerial opportunism is a determinant in the acquisition of listed firms, occurring with greater probability in acquiring countries with limited shareholder and minority shareholder protection. Information asymmetry is another relevant determinant that promotes the acquisitions of unlisted firms. Furthermore, the less developed the capital market in the country of the acquired firm, the greater the probability of acquisitions of unlisted firms.

URI:
http://hdl.handle.net/10651/27683
ISSN:
0003-6846; 1466-4283
Otros identificadores:
http://www.tandfonline.com/eprint/PvtK2kfC7ddVcPxQEH3w/full
DOI:
10.1080/00036846.2014.914146
Patrocinado por:

Ministerio Español de Economía y Competitividad (ECO2012-31772)

This work was supported by the Spanish Economy and Competitiveness Ministry [ECO2012-31772].

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