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Publication Corporate governance convergence in the European M&A market

Type

Working Paper

Institution(s)

University of Hamburg

Year

2016

Author(s)

Wolfgang Drobetz
Paul P. Momtaz

Research Area

Corporate Governance

Keywords

Takeovers, mergers and acquisitions, corporate governance, investor protection, owner-ship structures, bidder wealth effects

Abstract

We examine both regulator- and market-driven corporate governance convergence in the European M&A market during 2001-2011. First, while we reveal some trends in deal characteristics consistent across all legal families (e.g., method of payment and target type), there are also diverging develop-ments (e.g., cross-border M&As). Second, differences in the effects of the legal family on acquisition efficiency diminished after the harmonization of takeover laws, whereas the importance of the quality of law enforcement and culture increased. Third, cross-border deals contribute to an increase in share-holder rights and growing ownership dispersion. However, different corporate governance standards are not motivating acquisitions abroad.

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