Impact of institutions on cross-border acquisitions and mergers by Latin American firms: a gravitational approach

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dc.contributor.authorCastro Gama, Camilo Alberto
dc.contributor.authorHartmann, Andreas M.
dc.contributor.authorFlores, Miguel
dc.date.accessioned2026-04-15T23:18:08Z
dc.date.issued2025-12-01
dc.description.abstractPurpose: This study examines how institutions in both home and host countries affect firms’ cross-border mergers and acquisitions (CBM&As) activity in the six most significant Latin American (LATAM) economies (1995–2018). Design/methodology/approach: Data from 1,094 transactions by LATAM companies were used to develop two data panels to examine the impact of institutions on CBM&A activity. Additionally, the influence of the target industry on CBM&A activity is explored. And to operationalize the independent variables, concepts from economic institutionalism are applied. Findings: The research findings indicate that the primary motive of acquirers for investing abroad is not to find better formal institutional conditions, but rather to pursue new markets. In contrast, the home country’s formal institutions motivate LATAM firms to invest overseas. Contrary to previously published studies, there is evidence of an inverted U-shaped relationship between institutional informal distance and CBM&A activity conducted by LATAM firms. Originality/value: This study analyzes the impact of the formal institutional quality of home and host countries as well as formal and informal institutional distances, on the accumulated value of CBM&As from LATAM. These relationships are underexplored in the literature. This study uses a large and representative sample of complete CBM&As in the region.
dc.formatapplication/pdf
dc.identifier.citationCastro Gama, C. A., Hartmann, A. M., & Flores, M. (2025). Impact of institutions on cross-border acquisitions and mergers by Latin American firms: a gravitational approach. Journal of Economics, Finance and Administrative Science, 30(60), 364–384. Retrieved from https://revistas.esan.edu.pe/index.php/jefas/article/view/898
dc.identifier.doihttps://doi.org/10.1108/JEFAS-06-2024-0192
dc.identifier.urihttps://hdl.handle.net/20.500.12640/4940
dc.languageInglés
dc.language.isoeng
dc.publisherUniversidad ESAN
dc.publisher.countryPE
dc.relation.ispartofurn:issn:2218-0648
dc.rightshttps://purl.org/coar/access_right/c_abf2
dc.rightsAttribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectCross-border merger and acquisitionsen_EN
dc.subjectInstitutional distanceen_EN
dc.subjectFormal institutional distanceen_EN
dc.subjectInformal institutional distanceen_EN
dc.subjectLatin Americaen_EN
dc.subjectEmerging marketsen_EN
dc.subjectFusiones y adquisiciones transfronterizases_ES
dc.subjectDistancia institucionales_ES
dc.subjectDistancia institucional formales_ES
dc.subjectDistancia institucional informales_ES
dc.subjectAmérica Latinaes_ES
dc.subjectMercados emergenteses_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleImpact of institutions on cross-border acquisitions and mergers by Latin American firms: a gravitational approach
dc.typehttps://purl.org/coar/resource_type/c_6501
dc.type.otherArtículo
dc.type.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
local.acceso.esanAcceso abierto
oaire.citation.endPage384
oaire.citation.issue60
oaire.citation.startPage364
oaire.citation.titleJournal of Economics, Finance and Administrative Science
oaire.citation.volume30

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JEFAS Vol. 30 Nº 60 (2025)