Résumés
Résumé
Cet article propose d’étudier l’effet de l’affinité politique entre le pays hôte et le pays d’origine sur le choix du mode de propriété (partiel ou total). L’analyse empirique est fondée sur un échantillon de 1 219 opérations d’acquisitions transfrontalières réalisées par des entreprises provenant de pays émergents entre 2000 et 2013. Les résultats indiquent que la probabilité de l’acquisition totale de la société cible est liée négativement à l’affinité politique entre le pays hôte et le pays d’origine.
Mots-clés :
- acquisition partielle,
- acquisition totale,
- acquisitions transfrontalières,
- affinité politique,
- choix du mode de propriété
Abstract
This paper investigates the effect of political affinity between home and host country on the ownership choice (partial or full) in cross-border acquisitions. The empirical analysis uses a sample of 1 219 cross-border acquisitions by emerging market firms from 2000 to 2013. The results indicate that the probability of full ownership is negatively associated with political affinity.
Keywords:
- cross-border acquisitions,
- full acquisition,
- ownership choice,
- partial acquisition,
- political affinity
Resumen
Este estudio investiga el efecto de la afinidad política entre el país anfitrión y el país de origen en la elección del modo de propiedad (parcial o total). El análisis empírico se basa en una muestra de 1 219 adquisiciones transfronterizas realizadas por compañías de países emergentes entre 2000 y 2013. Los resultados indican que la probabilidad de la adquisición total de la compañía está relacionada negativamente con la afinidad política.
Palabras clave:
- adquisición parcial,
- adquisiciones transfronterizas,
- adquisición total,
- afinidad política,
- modo de propiedad
Parties annexes
Bibliographie
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