Earticle

초록

영어

This study examines the effect of religion on cross-border mergers and acquisitions (M&As). We measure the religious distance between countries and find that cross-border M&A activity is lower for country pairs with greater religious distance. This finding remains intact after a host of variables affecting M&A activity are controlled for and when instrumental variables are used for religious distance. Moreover, the negative effect of religious distance on cross-border M&A activity is more pronounced if the people living in either the acquirer or target country are more religious. Overall, our results suggest that differences in religious beliefs impose an additional coordination cost on merging firms and thereby inhibit cross-border M&A activity. (JEL G34, Z12)

목차

Abstract
 1. Introduction
 2. Related Literature and Hypothesis Development
  2.1 Religion and Finance
  2.2 Religious Differences and Cross-Border Mergers and Acquisitions
  2.3 Religiosity
 3. Data and Empirical Methods
  3.1 Data and Variable Description
  3.2 Empirical Methods
 4. Empirical Results
  4.1 Effect of Religious Differences on Cross-Border M&As
  4.2. Religiosity and the Effect of Religious Differences on Cross-Border M&As
  4.3 Robustness Checks
 5. Concluding Remarks
 Appendix
 References

키워드

저자

• Frederick Dongchuhl Oh [ Associate Professor, KAIST College of Business, Korea Advanced Institute of Science and Technology ] Corresponding author
• Donglim Shin [ Ph.D. Student, KAIST College of Business, Korea Advanced Institute of Science and Technology ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330