Crisis financieras e inversión extranjeraun análisis de fusiones y adquisiciones

  1. Federico Carril-Caccia 1
  2. Jordi Paniagua 2
  1. 1 Universidad de Granada
    info

    Universidad de Granada

    Granada, España

    ROR https://ror.org/04njjy449

  2. 2 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

Revista:
Papeles de economía española

ISSN: 0210-9107

Año de publicación: 2018

Título del ejemplar: El sector exterior en la recuperación

Número: 158

Páginas: 188-202

Tipo: Artículo

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Otras publicaciones en: Papeles de economía española

Resumen

This article presents a comparative analysis of the impact of financial crises on foreign direct investment (FDI) in mergers and acquisitions in Spain. Specifically, the consequences of past financial crises on FDI in Spain and the world are analyzed, and their ef fects are compared with the recent financial crisis known as the Great Recession. The econometric technique used, the gravity equation, shows how the Great Recession has had a greater impact than previous crises. Estimates suggest that banking crises in inves tor countries limit mergers and acquisitions both in the extensive margin (number of mergers) and in the intensive (volume). On the other hand, in Spain its effect is sharply concentrated in the intens ive margin.

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Información de financiación

Agradecen el apoyo de MINECO (ECO2015-68057-R). Generalitat Valenciana (GV/2017/052) y Junta de Andalucía (SEJ340).

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