Network Determinants Of Cross Border Merger And Acquisition Decisions
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Network Determinants of Cross-Border Merger and Acquisition Decisions
Author | : Tatiana Didier |
Publisher | : International Monetary Fund |
Total Pages | : 43 |
Release | : 2019-12-04 |
Genre | : Business & Economics |
ISBN | : 151352254X |
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This paper assesses whether cross-border M&A decisions exhibit network effects. We estimate exponential random graph models (ERGM) and temporal exponential random graph models (TERGM) to evaluate the determinants of cross-country M&A investments at the sectoral level. The results show that transitivity matters: a country is more likely to invest in a new destination if one of its existing partners has already made some investments there. In line with the literature on export platforms and informational barriers, we find a sizable impact of third country effects on the creation of new investments. This effect is sizable and larger than some of the more traditional M&A determinants, such as trade openness.
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