Arbeitspapier
Corporate Governance and Foreign Direct Investment
Merger and acquisition (M&A) activity is motivated by increasing shareholder value through improved corporate governance. Therefore, stronger corporate governance can reduce the returns from M&A activity, including M&A foreign direct investment (FDI). This, in turn, can reduce the returns from non-M&A FDI in light of the complementary relationship between M&A and non-M&A FDI. We use firm-level evidence to empirically examine the effect of corporate governance in the United States (US) on Japanese M&A and non-M&A FDI inflows. In doing so, we expand upon Alba, Park, and Wang (2009), which looked only at the M&A FDI inflows. We find that two landmark US corporate governance regulations help explain the sharp drop in both Japanese M&A and non-M&A FDI into the US during the 1990s. The regulations apparently encouraged US firms to improve their corporate governance. Our evidence thus suggests that corporate governance may affect both M&A and non-M&A FDI.
- Sprache
-
Englisch
- Erschienen in
-
Series: ADB Economics Working Paper Series ; No. 202
- Klassifikation
-
Wirtschaft
International Investment; Long-term Capital Movements
Multinational Firms; International Business
Corporate Finance and Governance: General
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
- Thema
-
Corporate governance
FDI
merger and acquisition
Corporate Governance
Auslandsinvestition
Japanisch
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Alba, Joseph D.
Park, Donghyun
Wang, Peiming
- Ereignis
-
Veröffentlichung
- (wer)
-
Asian Development Bank (ADB)
- (wo)
-
Manila
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Alba, Joseph D.
- Park, Donghyun
- Wang, Peiming
- Asian Development Bank (ADB)
Entstanden
- 2010
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