000297045 001__ 297045
000297045 005__ 20250213112217.0
000297045 0247_ $$2doi$$a10.17632/jt54zcm53c.1
000297045 037__ $$aARTICLE
000297045 245__ $$aFinancial constraints, institutions, and foreign ownership
000297045 269__ $$a2019
000297045 336__ $$aJournal Articles
000297045 520__ $$aWe develop a model of cross-border acquisitions in which the foreign acquirer's ownership choice reflects a trade-off between easing the target's credit constraints and the costs of operating in an environment with weak institutions. Data on domestic and foreign acquisitions in emerging markets over the period 1990–2007 support the model predictions. The share of full foreign acquisitions is higher in sectors more reliant on external finance, in countries with lower financial development, and in countries with higher institutional quality. Sectoral external finance dependence accentuates the effect of country-level financial development and institutional quality. By contrast, the level of foreign ownership in partial acquisitions is insensitive to institutional factors and depends weakly on financial factors.
000297045 580__ $$aIn: Journal of International Economics. - Volume 118(2019), pages 63-83
000297045 700__ $$aAlquist, Ron
000297045 700__ $$aBerman, Nicolas
000297045 700__ $$aMukherjee, Rahul
000297045 700__ $$aTesar, Linda L.
000297045 8564_ $$9738d8589-54f9-42f3-840e-79aaa3634e00$$s1184119$$uhttps://repository.graduateinstitute.ch/record/297045/files/1-s2.0-S002219961930011X-main.pdf
000297045 901__ $$uInternational Economics Department
000297045 901__ $$uInterdisciplinary Programmes$$0319283
000297045 901__ $$uCentre for Finance and Development
000297045 909CO $$ooai:repository.graduateinstitute.ch:297045$$pGLOBAL_SET$$pIHEID:Explore
000297045 981__ $$aoverwrite