文章基本信息

标题：How Hiring Financial Advisors in Cross-Border Acquisitions in The BRICS is Driven by The Target Country Institutional Image and Home-Target Distance
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作者：Luciana Orozco de Gouveia ; Manuel Portugal Ferreira ; Heidy Rodriguez Ramos 等
期刊名称：BASE - Revista de Administração e Contabilidade da Unisinos
印刷版ISSN：1984-8196
出版年度：2020
卷号：17
期号：2
页码：211-244
DOI：10.4013/base.2020.172.02
出版社：UNISINOS
摘要：We examine how the target country’s institutional image and home-host institutional and geographic distance influence the acquirer firms’ hiring financial advisors in cross-border acquisitions (CBAs) in the BRICS.Specifically, we scrutinize whether the acquirer hires financial advisor in the acquirer firm’s country, the target country or a global advisor.We argue that the acquirer is more likely to hire a financial advisor the poorer the institutional image of the target country and the greater the homehost institutional and geographic distance.Using longitudinal data on 642 cross-border acquisitions during 2013-2017 in the BRICS – Brazil, Russia, China, India and South Africa, we empirically test the hypotheses.The findings have important implications for scholars, policymakers and managers.Our results confirm that: acquirer firms are more likely to hire a financial advisor in the acquirer’s country to advise a cross-border acquisition the greater the institutional distance between the countries.And, that acquirer firms are more likely to hire a global financial advisor to advise a cross-border acquisition the greater the geographic distance between the countries.
关键词：Mergers and acquisitions; Financial advisors; Institutional distance; Emerging-market multinational company; Institutional image