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Type: Journal article
Title: Human development and cross-border acquisitions
Author: Owen, S.
Yawson, A.
Citation: Journal of Empirical Finance, 2010; 17(4):689-701
Publisher: Elsevier BV, North Holland
Issue Date: 2010
ISSN: 0927-5398
Statement of
Sian Owen and Alfred Yawson
Abstract: We examine the role of human development in US companies' decisions to engage in cross-border acquisitions. Utilizing the human development index (HDI) published by the United Nations Development Program (UNDP), we find that US firms make acquisitions in countries with strong HDI levels. Alternative factors such as institutional quality, life expectancy, telephone usage and school enrolments also have a positive influence on the cross-border acquisition decision. Further, we find a positive relationship between cross-border mergers and acquisitions (M&As) and HDI rankings relative to the United States. Our findings contribute to the literature that seeks to explain why so little capital flows from developed to developing economies. © 2010 Elsevier B.V.
Keywords: Mergers and acquisitions
Foreign direct investment
Human development
Lucas Paradox
Rights: © 2010 Elsevier B.V. All rights reserved.
DOI: 10.1016/j.jempfin.2010.03.004
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