Corporate governance, international financial development, and cross-border mergers and acquisitions

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-07-22 DOI:10.1016/j.iref.2025.104457

Yafei Xing , Junwei Wang , Yitian Lu

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Abstract

This study, based on a dataset of Chinese listed companies from 2003 to 2023, explores the impact of corporate governance, international financial development, and their interactions on enterprises' cross-border mergers and acquisitions (M&A). The findings indicate that corporate governance has a significant positive effect on cross-border M&A, with higher levels of corporate governance enhancing the frequency of such transactions. International financial development facilitates cross-border M&A, particularly in regions with more developed financial markets, where enterprises have greater opportunities to obtain financing and pursue acquisitions. There is a significant interaction between corporate governance and international financial development; effective corporate governance can effectively promote cross-border M&A in environments with favorable international financial development. Heterogeneity analysis reveals that firms in technology-intensive industries can significantly improve performance under good corporate governance and financial support, whereas the impact is relatively smaller in non-technology-intensive industries.

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公司治理、国际金融发展、跨国并购

本研究基于2003 - 2023年中国上市公司数据集，探讨公司治理、国际金融发展及其相互作用对企业跨境并购的影响（M& a）。研究结果表明，公司治理对跨国并购具有显著的正向影响，公司治理水平越高，跨国并购交易的频率越高。国际金融的发展促进了跨国并购，特别是在金融市场发达的地区，企业获得融资和收购的机会更大。公司治理与国际金融发展之间存在显著的相互作用；有效的公司治理可以有效地促进国际金融发展环境下的跨国并购。异质性分析表明，技术密集型产业的企业在良好的公司治理和金融支持下可以显著提高绩效，而非技术密集型产业的影响相对较小。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.