Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 107

Good governance pays, a point discussed in Chapter 26. Corporate governance practices vary significantly across countries. Researchers have examined whether M&A changes in investor protection stemming from these cross-border differences influence merger outcomes. Bris and Cabolis (2002) studied the change in investor protection arising from cross-country deals. They found that the valuation multiples (Tobin’s Q¹⁷) in the home market rise when a foreign firm buys into that industry, coming from a country with greater investor protection. Rossi and Volpin (2001) suggest that M&A is a means by which companies can exit from a poor governance environment. Companies from countries with poorer governance practices are more likely to be acquired; those with stronger governance are more likely to buy.