Coelho, Alfredo and Castillo-Girón, Victor Manuel (2020) The Medium of Exchange in Mergers and Acquisitions: The Cases of Travel Agencies and Tour Operators. Administrative Sciences, 10 (4). p. 97. ISSN 2076-3387
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Abstract
The choice of the means of exchange is one of the critical decisions in mergers and acquisitions. Travel agencies and tour operating-industries compete in a volatile environment, and in addition to generating economies of scale, investments in the industry involve important sunk costs. This paper’s focus is on the determinants of the medium of exchange in mergers and acquisitions in the travel and tour-operating industries. Previous research on the ‘law and finance’ perspectives argues that some country of origin legal systems offer better investment protection to investors. Accordingly, civil law-based systems offer weaker protection to investors when compared to common-law-based systems. For this purpose, we use a logistics regression to model the determinants of cash in a sample of 750 mergers and acquisitions by combining the research streams above. Our results provide evidence of the relationship between investor protection and the use of cash.
Item Type: | Article |
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Subjects: | Open Library Press > Multidisciplinary |
Depositing User: | Unnamed user with email support@openlibrarypress.com |
Date Deposited: | 17 Jul 2023 05:31 |
Last Modified: | 04 Jun 2024 11:19 |
URI: | http://info.euro-archives.com/id/eprint/1859 |