Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America
Códigos JEL: G32, G34
- Autores:
-
Pombo Vejarano, Carlos
Pinto Gutiérrez, Cristián
Jara Betín, Mauricio
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2022
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/59643
- Acceso en línea:
- http://hdl.handle.net/1992/59643
- Palabra clave:
- Blockholders
Coalitions
Power Indices
Cross-border deals
Institutional ownership
Latin America
Coaliciones
Grandes accionistas
Índices de poder
Propiedad institucional
América Latina
Economía
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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| dc.title.none.fl_str_mv |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| title |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| spellingShingle |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America Blockholders Coalitions Power Indices Cross-border deals Institutional ownership Latin America Coaliciones Grandes accionistas Índices de poder Propiedad institucional América Latina Economía |
| title_short |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| title_full |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| title_fullStr |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| title_full_unstemmed |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| title_sort |
Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America |
| dc.creator.fl_str_mv |
Pombo Vejarano, Carlos Pinto Gutiérrez, Cristián Jara Betín, Mauricio |
| dc.contributor.author.none.fl_str_mv |
Pombo Vejarano, Carlos Pinto Gutiérrez, Cristián Jara Betín, Mauricio |
| dc.subject.keyword.none.fl_str_mv |
Blockholders Coalitions Power Indices Cross-border deals Institutional ownership Latin America Coaliciones Grandes accionistas Índices de poder Propiedad institucional América Latina |
| topic |
Blockholders Coalitions Power Indices Cross-border deals Institutional ownership Latin America Coaliciones Grandes accionistas Índices de poder Propiedad institucional América Latina Economía |
| dc.subject.themes.es_CO.fl_str_mv |
Economía |
| description |
Códigos JEL: G32, G34 |
| publishDate |
2022 |
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2022-08-05T14:29:42Z |
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2022-08-05T14:29:42Z |
| dc.date.issued.none.fl_str_mv |
2022-06 |
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Documento de trabajo |
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info:eu-repo/semantics/workingPaper |
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1657-7191 |
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http://hdl.handle.net/1992/59643 |
| dc.identifier.doi.none.fl_str_mv |
10.57784/1992/59643 |
| identifier_str_mv |
1657-7191 10.57784/1992/59643 |
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http://hdl.handle.net/1992/59643 |
| dc.language.iso.es_CO.fl_str_mv |
eng |
| language |
eng |
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Documentos CEDE;2022-18 |
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https://ideas.repec.org/p/col/000089/020333.html |
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openAccess |
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50 páginas |
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application/pdf |
| dc.publisher.spa.fl_str_mv |
Universidad de los Andes |
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Facultad de Economía |
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Universidad de los Andes |
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Pombo Vejarano, Carlos9885600Pinto Gutiérrez, Cristiánfd721f50-888e-4eeb-948a-e8d9c7c55968600Jara Betín, Mauricio7f432948-7711-4df8-a543-2f70ee0018176002022-08-05T14:29:42Z2022-08-05T14:29:42Z2022-061657-7191http://hdl.handle.net/1992/5964310.57784/1992/59643Códigos JEL: G32, G34This paper examines the relationship between multiple large shareholder coalitions and the probability of completing a cross-border merger and acquisitions (M&As). Using different power distribution indicators based on Shapley-Shubik values for cooperative games for a sample of acquirers' firms from Latin America, our results suggest that a higher likelihood of coalitions among large shareholders increases the probability of completing a cross-border deal. This relationship is more pronounced in acquirer firms with more institutional investors and ownership stakes. We also find that multiple large shareholder coalitions are positively associated with the long-term operating performance of an acquirer firm involved in a cross-border deal. As a result, colluding blockholders in acquirer firms are more prone to attempt risky cross-border acquisitions. However, when they do, the acquisitions tend to be value-enhancing in the long term.Este documento examina la relación entre coaliciones de grandes accionistas y la probabilidad de completar una fusión y adquisición transfronteriza. Usando diferentes índices de distribución, basados en los valores de Shapley-Shubik de juegos cooperativos, para una muestra de empresas adquirentes de América Latina, nuestros resultados sugieren que una mayor probabilidad de coaliciones entre grandes accionistas aumenta la probabilidad de completar adquisiciones transfronterizas. Esta relación es más pronunciada en las empresas adquirentes con mayor propiedad de inversores institucionales. También encontramos que las coaliciones de grandes accionistas están asociadas positivamente con el desempeño operativo de largo plazo en las empresas adquirientes. Como resultado, la colusión entre grades accionistas en las empresas adquirentes son más propensos a intentar adquisiciones transfronterizas riesgosas. Sin embargo, cuando lo hacen, las adquisiciones tienden a mejorar el valor corporativo a largo plazo.50 páginasapplication/pdfengUniversidad de los AndesFacultad de EconomíaDocumentos CEDE;2022-18https://ideas.repec.org/p/col/000089/020333.htmlhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin AmericaDocumento de trabajoinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttp://purl.org/redcol/resource_type/WPBlockholdersCoalitionsPower IndicesCross-border dealsInstitutional ownershipLatin AmericaCoalicionesGrandes accionistasÍndices de poderPropiedad institucionalAmérica LatinaEconomíaPublicationLICENSElicense.txtlicense.txttext/plain; charset=utf-81810https://repositorio.uniandes.edu.co/bitstreams/a75a3465-e218-493f-9e55-9b2440a7f22b/download5aa5c691a1ffe97abd12c2966efcb8d6MD51ORIGINALdcede2022-18.pdfdcede2022-18.pdfapplication/pdf9168217https://repositorio.uniandes.edu.co/bitstreams/8a78f189-e0f4-4970-8ddb-a00967048911/downloaddd925671c9486aeb2fb7e423904ce4dcMD52THUMBNAILdcede2022-18.pdf.jpgdcede2022-18.pdf.jpgIM Thumbnailimage/jpeg20988https://repositorio.uniandes.edu.co/bitstreams/863375a2-870f-4304-8c6e-fb3a4fb54c9d/downloada4bb6fe05d3b0f8a8e587b365b603009MD54TEXTdcede2022-18.pdf.txtdcede2022-18.pdf.txtExtracted texttext/plain102106https://repositorio.uniandes.edu.co/bitstreams/349b3972-83ca-4af7-81e4-be7c740d3641/downloadd00346c933278d67ce4592eef05ad6aaMD531992/59643oai:repositorio.uniandes.edu.co:1992/596432024-06-04 15:34:46.812http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.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 |