Domestic banking sector development and cross border mergers and acquisitions in Africa

IF 0.7 Q4 BUSINESS, FINANCE Review of Development Finance Pub Date : 2012-01-01 DOI:10.1016/j.rdf.2012.01.003
Elikplimi K. Agbloyor , Joshua Abor , Charles K.D. Adjasi , Alfred Yawson
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引用次数: 21

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.

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非洲国内银行业的发展和跨境并购
最近,经济学家们开始仔细研究跨境并购(M&As),因为它在过去20年里出现了惊人的增长。本研究探讨了非洲银行业发展与跨国并购之间的关系。我们的样本包括11个非洲国家,数据涵盖1993-2008年期间。我们使用Baltagi面板工具变量误差分量两阶段最小二乘(EC2SLS)估计器和方差分量的Baltagi- chang估计器来处理内生性。研究结果表明,银行业的发展促进了非洲的跨境并购活动。我们还记录了证据,表明跨境并购活动推动了非洲银行业的发展。总体而言,我们的证据表明银行业发展与跨境并购之间存在双向因果关系。
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来源期刊
Review of Development Finance
Review of Development Finance Economics, Econometrics and Finance-Finance
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0.80
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