Please use this identifier to cite or link to this item: https://hdl.handle.net/2440/72716
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Type: Journal article
Title: Domestic banking sector development and cross border mergers and acquisitions in Africa
Author: Agbloyor, E.
Abor, J.
Adjasi, C.
Yawson, A.
Citation: Review of Development Finance, 2012; 2(1):32-42
Publisher: Elsevier BV
Issue Date: 2012
ISSN: 1879-9337
Statement of
Responsibility: 
Elikplimi K. Agbloyor, Joshua Abor, Charles K.D. Adjasi and Alfred Yawson
Abstract: Recently, economists have started taking a closer look at cross border mergers and acquisitions (M&As) due to its phenomenal rise in the past two decades. This study investigates the relation between banking sector development and cross M&As in Africa. Our sample consists of 11 African countries with data covering the period, 1993-2008. We use a Baltagi panel instrumental variable Error Component Two Stage Least Squares (EC2SLS) estimator with the Baltagi-Chang estimators of the variance components to deal with endogeneity. The results of the study indicate that banking sector development promotes cross border M&A activity in Africa. We also document evidence suggesting that cross border M&A activity drives banking sector development in Africa. Overall, our evidence suggests a two-way causation between banking sector development and cross border M&As. © 2012 Production and hosting by Elsevier B.V.
Rights: © 2012 Production and hosting by Elsevier B.V. on behalf of Africagrowth Institute
DOI: 10.1016/j.rdf.2012.01.003
Appears in Collections:Aurora harvest
Business School publications

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