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

dc.contributor.authorFeito Ruiz, Isabel 
dc.contributor.authorFernández Álvarez, Ana Isabel 
dc.contributor.authorMenéndez-Requejo, Susana© Feito-Ruiz et al.
dc.identifier.citationApplied Economics, 46(23), p. 2814-2832, (2014); doi: 10.1080/00036846.2014.914146
dc.description.abstractThe 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.eng
dc.description.sponsorshipMinisterio Español de Economía y Competitividad (ECO2012-31772)
dc.description.sponsorshipThis work was supported by the Spanish Economy and Competitiveness Ministry [ECO2012-31772].
dc.format.extentp. 2814-2832spa
dc.relation.ispartofApplied Economics, 46(23)spa
dc.subjectMergers & acquisitionsspa
dc.subjectUnlisted targetspa
dc.subjectLegal and institutional environmenteng
dc.subjectManagerial opportunismeng
dc.subjectInformation asymmetryeng
dc.titleDeterminants of the acquisition of listed versus unlisted firms in different legal and institutional environmentseng
dc.typejournal article

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