scholarly journals Cross‐Border Debt Flows and Credit Allocation: Firm‐Level Evidence from the Euro Area

2021 ◽  
Author(s):  
DANIEL MARCEL TE KAAT
Keyword(s):  
Euro Area ◽  
Credit Allocation ◽  
Firm Level ◽  
Cross Border

scholarly journals Multilevel cooperation in the EU resolution of cross-border bank groups: lessons from the non-euro area Member States joining the Single Resolution Mechanism (SRM)

2021 ◽  
Author(s):  
Agnieszka Smoleńska
Keyword(s):  
Euro Area ◽  
Banking Union ◽  
Member States ◽  
Essential Condition ◽  
European Banking Union ◽  
Cross Border ◽  
Single Resolution Mechanism ◽  
European Banking ◽  
Administrative Oversight ◽  
The Eu

AbstractCross-border banking presents a unique set of challenges in the EU from the perspective of arranging administrative oversight structures. Structuring cooperation between different EU and national authorities in a way which is conducive to trust-building and mutual engagement is an essential condition for overcoming disintegrative tendencies in the internal market. To assess how the existing EU arrangements fare in this regard in the context of EU resolution law, this article comparatively analyses the different models of multilevel administrative cooperation in the post-crisis EU framework. These are specifically the centralised model of the European Banking Union (Single Resolution Mechanism) and the relatively looser networked model of the resolution colleges. The multilevel cooperation under both models is nuanced given the distinct roles of the national resolution authorities, EU agencies and the differentiated status of non-euro area Member States in the EBU (Croatia, Bulgaria). The article’s findings allow to identify specific problems of constitutional nature pertaining to the accountability of administrative cooperation, equality of Member States and the implications of Meroni doctrine’s distortive effects.

Firm-Level Determinants of Foreign Investment and M&A Activity

2020 ◽  
pp. 1676-1705
Author(s):  
Mine Uğurlu
Keyword(s):  
Economic Growth ◽  
Foreign Investment ◽  
Economies Of Scale ◽  
Foreign Direct Investments ◽  
International Expansion ◽  
Firm Level ◽  
Policy Makers ◽  
Economic Implications ◽  
Cross Border ◽  
Greenfield Investments

The last decade is marked with acceleration of mergers, corporate restructuring and governance activities. M&A activity has been driven by factors such as technological change, globalization, free trade, deregulation, attempts to attain economies of scale, rise in entrepreneurship, and economic growth. Corporations need to adjust to the change in the environment and expand their markets to achieve growth and protection against volatile economic conditions. Firms can achieve international expansion through foreign direct investments (FDIs) which can take the form of cross-border acquisitions (brownfield investments) and Greenfield investments. This chapter covers an overview of the literature on the determinants of FDI forms of entry, and M&A activity followed with an empirical investigation of the firm-level determinants of foreign investment in Turkey with emphasis on cross-border acquisitions and Greenfield investments. Summary of the findings is followed with the economic implications of forms of FDI entry. The concluding remarks cover the implications of the results for policy makers.

scholarly journals US vs. euro area: Who drives cross-border bank lending to EMs?

2020 ◽  
Vol 57 ◽  
pp. 101090
Author(s):  
Eugenio Cerutti ◽  
Carolina Osorio-Buitron
Keyword(s):  
Euro Area ◽  
Bank Lending ◽  
Cross Border

scholarly journals On the Real Effect of Financial Pressure: Evidence From Firm‐Level Employment During the Euro‐Area Crisis

2018 ◽  
Vol 81 (3) ◽  
pp. 617-646 ◽  
Author(s):  
Filipa Da Silva Fernandes ◽  
Alexandros Kontonikas ◽  
Serafeim Tsoukas
Keyword(s):  
Euro Area ◽  
Firm Level ◽  
Real Effect ◽  
The Real ◽  
Financial Pressure

Introduction

2009 ◽  
Vol 13 (3) ◽  
pp. 193-198 ◽  
Author(s):  
Christoph Dörrenbächer ◽  
Florian Becker-Ritterspach
Keyword(s):  
Developing Countries ◽  
Multinational Corporations ◽  
Special Issue ◽  
Firm Level ◽  
Economic Implications ◽  
Cross Border ◽  
The Cross ◽  
Political Dimensions ◽  
The Impact

Intrafirm competition, production relocation and outsourcing define crucial ways of organising and reorganising the cross-border operations of multinational corporations. What is more: these organisational activities put severe pressure on established economic coordination and governance both in developed as well as in developing countries. However, despite their organisational, political and economic salience, rather little is known about these processes and in particular about their socio-political dimensions. To this end, the contributions of this special issue aim at exploring, first, who the relevant actors are, what their interests are and how their strategies can be captured in intrafirm competition, production relocation and outsourcing. Second, the contributions discuss the wider socio-economic implications of firm-level processes by discussing, for example, the impact of outsourcing and relocation on employment fragmentation. Finally, the importance of public discourses is highlighted with regard to their role in both legitimating and promoting intrafirm competition, production relocation and outsourcing.

Ownership participation of cross-border mergers and acquisitions by emerging market firms

2015 ◽  
Vol 53 (1) ◽  
pp. 221-246 ◽  
Author(s):  
Monica Yang
Keyword(s):  
Mergers And Acquisitions ◽  
Cultural Distance ◽  
Emerging Market ◽  
Foreign Market ◽  
Foreign Market Entry ◽  
Firm Level ◽  
Content Type ◽  
Cross Border ◽  
Emerging Market Firms ◽  
The Relationship

Purpose – The purpose of this paper is to adopt a multi-level approach to investigate what factors shape the content of emerging market firms’ foreign market entry decisions, particularly the ownership participation in cross-border mergers and acquisitions (M&As). In addition, the author would like to know if companies from emerging markets that possess higher (or lower) ownership in cross-border M&As receive higher valuation in the market. Design/methodology/approach – Using panel data of cross-border M&As by emerging market firms from 2000 to 2012, the author tests the hypothesized effects of the independent variables on the level of ownership participation; and uses a standard event study methodology to assess the market reaction of a particular cross-border M&A deal. Findings – The author finds that a country-level factor (institutional distance), an industry-level factor (industry unrelatedness) and a firm-level factor (board concentration) have significant impact on ownership participation in cross-border M&As. The author also finds that investors do give high valuation to those emerging market firms that chose high ownership participation in cross-border M&As. However, the author did not finds the support for the relationship between ownership participation and cultural distance. Neither did the author finds the support for the relationship between ownership participation and board independence. Originality/value – This study enhances the understanding of conditions under which the level of ownership participation in cross-border M&As would increase (decrease) and how the market reacts to high (low) ownership participation of cross-border M&As by emerging market firms.

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