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

被引：15

作者：

Agbloyor, Elikplimi K. ^{[1
]}

Abor, Joshua ^{[1
]}

Adjasi, Charles K. D. ^{[2
]}

Yawson, Alfred ^{[3
]}

机构：

[1] Univ Ghana, Business Sch, Dept Finance, POB LG 78, Legon, Ghana

[2] Univ Stellenbosch, Business Sch, Stellenbosch, South Africa

[3] Univ Adelaide, Sch Business, Adelaide, SA 5005, Australia

来源：

REVIEW OF DEVELOPMENT FINANCE | 2012年 / 2卷 / 01期

关键词：

Banks; Cross border mergers and acquisitions; Africa;

D O I：

10.1016/j.rdf.2012.01.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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. (C) 2012 Production and hosting by Elsevier B.V. on behalf of Africagrowth Institute. Open access under CC BY-NC-ND license.

引用

页码：32 / 42

页数：11

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