The Impact of Environmental Regulation on Location’s Choice of Cross-Border Mergers and Acquisitions

  1. Carril-Caccia, Federico
  2. Milgran Baleix, Juliette
Revista:
Cuadernos económicos de ICE

ISSN: 0210-2633

Año de publicación: 2020

Título del ejemplar: GLOBALIZACIÓN Y SOSTENIBILIDAD

Número: 100

Páginas: 167-192

Tipo: Artículo

DOI: 10.32796/CICE.2020.100.7123 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Cuadernos económicos de ICE

Resumen

El presente estudio se enmarca dentro de la literatura sobre la formación de paraísos de contaminación. En concreto, se analiza si la política medioambiental afecta a la decisión de localización de las fusiones y adquisiciones (FyA) transfronterizas. Para ello, estimamos un modelo de gravedad y explotamos una novedosa base de datos que recoge el margen extensivo de las FyA entre 34 países desarrollados y emergentes durante el periodo 1995-2015. La evidencia alcanzada confirma parcialmente las predicciones pesimistas: cuando se trata de un país con una calidad institucional relativamente alta, una regulación ambiental más estricta no fomentará un mayor número de FyA en el exterior. Por el contrario, en aquellos países en los que existe un nivel relativamente elevado de corrupción, una regulación medioambiental más laxa implicará un número mayor de FyA entrantes. No obstante, la reducción de la corrupción puede compensar la pérdida de competitividad asociada al cumplimiento de una regulación medioambiental más exigente

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