Economics-WP147

Economics-WP147 - ADB Economics Working Paper Series...

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Unformatted text preview: ADB Economics Working Paper Series Corporate Governance and Merger and Acquisition Foreign Direct Investment: Firm-level Evidence from Japanese Foreign Direct Investment into the US Joseph D. Alba, Donghyun Park, and Peiming Wang No. 147 | February 2009 ADB Economics Working Paper Series No. 147 Corporate Governance and Merger and Acquisition Foreign Direct Investment: Firm-level Evidence from Japanese Foreign Direct Investment into the US Joseph D. Alba, Donghyun Park, and Peiming Wang February 2009 Joseph D. Alba is Associate Professor in the School of Humanities and Social Sciences, Nanyang Technological University, Singapore; Donghyun Park is Senior Economist in the Macroeconomics and Finance Research Division, Economics and Research Department, Asian Development Bank, Manila; and Peiming Wang is Associate Professor in the Faculty of Business, Auckland University of Technology, New Zealand. Asian Development Bank 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines www.adb.org/economics 2008 by Asian Development Bank February 2009 ISSN 1655-5252 Publication Stock No.: The views expressed in this paper are those of the author(s) and do not necessarily refect the views or policies of the Asian Development Bank. The ADB Economics Working Paper Series is a forum for stimulating discussion and eliciting feedback on ongoing and recently completed research and policy studies undertaken by the Asian Development Bank (ADB) staff, consultants, or resource persons. The series deals with key economic and development problems, particularly those Facing the Asia and Pacic region; as well as conceptual, analytical, or methodological issues relating to project/program economic analysis, and statistical data and measurement. The series aims to enhance the knowledge on Asias development and policy challenges; strengthen analytical rigor and quality of ADBs country partnership strategies, and its subregional and country operations; and improve the quality and availability of statistical data and development indicators for monitoring development effectiveness. The ADB Economics Working Paper Series is a quick-disseminating, informal publication whose titles could subsequently be revised for publication as articles in professional journals or chapters in books. The series is maintained by the Economics and Research Department. Contents Abstract v I. Introduction 1 II. Data on Japanese Firms and Model Specifcation 4 III. Determinants of M&A FDI 7 IV. Empirical Results 9 V. Concluding Remarks 11 References 13 Abstract Merger and acquisition (M&A) is a mechanism for promoting corporate governance suggesting that an improvement in overall corporate governance may have a negative effect on M&A activity. Since M&A foreign direct investment (FDI) is a cross-border variant of M&A, stronger corporate governance may also reduce M&A FDI. Hence, we use frm-level evidence rom Japanese FDI into the United States to investigate the effect of US corporate governance on...
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Economics-WP147 - ADB Economics Working Paper Series...

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