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Title: What drives cross-border M&As in commercial banking?
Authors: Gulamhussen, M. A.
Hennart, J. F.
Pinheiro, C.
Keywords: International banking
Market entry
Mergers and acquisitions
Issue Date: 2016
Publisher: Elsevier
Abstract: Using a gravity model, we analyze the determinants of the probability that commercial banks in 89 acquiring countries and 118 target countries will undertake M&As over a 30-year period (1981–2010) and of the value of these M&As. We find that the value of cross-border M&As increases with the size of the acquiring country, and that both the probability and value of M&As vary positively with the depth of the financial market in acquirer countries and the presence of corporate and non-corporate customers from acquiring countries in target countries, and negatively with the geographic, psychic, and time zone distances between acquirer and target countries. Our study highlights the role of non-corporate customers and of psychic distance in the cross-border expansion of commercial banks through M&As.
Peer reviewed: yes
DOI: 10.1016/j.jbankfin.2016.07.007
ISSN: 0378-4266
Accession number: WOS:000392684400002
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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