TY - BOOK ID - 101685710 TI - International Corporate Governance Spillovers : Evidence from Cross-Border Mergers and Acquisitions AU - Albuquerque, Rui. AU - Brandão-Marques, Luis. AU - Ferreira, Miguel. AU - Matos, Pedro. AU - International Monetary Fund. PY - 2013 VL - WP/13/234 SN - 1475514832 1475515138 1475517874 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Consolidation and merger of corporations. KW - International business enterprises KW - Management. KW - Acquisition of corporations KW - Acquisitions and mergers KW - Amalgamation of corporations KW - Business combinations KW - Business mergers KW - Buyouts, Corporate KW - Corporate acquisitions KW - Corporate buyouts KW - Corporate mergers KW - Corporate takeovers KW - Corporations KW - Fusion of corporations KW - Hostile takeovers of corporations KW - M & A (Mergers and acquisitions of corporations) KW - Merger of corporations KW - Mergers and acquisitions of corporations KW - Mergers, Corporate KW - Takeovers, Corporate KW - Corporate reorganizations KW - Golden parachutes (Executive compensation) KW - Industrial concentration KW - Trusts, Industrial KW - Consolidation KW - Mergers KW - Exports and Imports KW - Finance: General KW - Production and Operations Management KW - Corporate Governance KW - Financing Policy KW - Financial Risk and Risk Management KW - Capital and Ownership Structure KW - Value of Firms KW - Goodwill KW - Corporate Finance and Governance: Government Policy and Regulation KW - General Financial Markets: General (includes Measurement and Data) KW - Macroeconomics: Production KW - Financial Markets and the Macroeconomy KW - International Investment KW - Long-term Capital Movements KW - Corporate governance KW - role & responsibilities of boards & directors KW - Finance KW - Macroeconomics KW - Competition KW - Productivity KW - Market capitalization KW - Foreign direct investment KW - Economic sectors KW - Financial markets KW - Production KW - Balance of payments KW - Industrial productivity KW - Financial services industry KW - Investments, Foreign KW - United States KW - Role & responsibilities of boards & directors UR - https://www.unicat.be/uniCat?func=search&query=sysid:101685710 AB - We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world. ER -