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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The impact of countries’ governance standards on the value generated by cross-border M&A |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 88 |
| Date | 2022 |
| Abstract Text | This thesis aims to answer to which extent the short- and long-term value creation of cross-border M&A depends on the national governance standards of the countries involved. By conducting event studies and cross-sectional analyses, the independence of the short-term value creation from governance standards is observed. However, pre-announcement results suggest smaller target run-ups when both the acquirer and target primarily operate in countries with strong institutions and less political risk in the target country. The acquirer’s three-year performance is positively correlated with institutions and negatively correlated with the level of personal freedom in the target country. |
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