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- Promoting the Integration of Payment Markets: A Stakeholder’s VisionPublication . Domingos, Maria Manuela; António, Nelson Santos; Pinheiro, Carlos ManuelWe validate stakeholder theory using a natural experiment in the European payments industry, the Single Euro Payments Area (SEPA), supported by unique primary data. SEPA is an important part of the single European market, on the back of the creation of the single currency in 1999. SEPA created a new environment of competition across Europe by making national borders irrelevant. Interviews with Portuguese experts directly involved in the realization of SEPA make it possible for us to provide a new taxonomy of stakeholders according to their power and role. Our study highlights the association between stakeholder theory and a strategic project at the European level and invites further research on the theoretical underpinnings of large-scale ventures.
- What drives cross-border M&As in commercial banking?Publication . Pinheiro, Carlos Manuel; Gulamhussem, Azzim; Hennart, Jean-FrançoisUsing a gravity model, we analyze the determinants of the probability that commercial banks in 89 acquiring countries and 118 target countries will undertake M&As over a 30-year period (1981–2010) and of the value of these M&As. We find that the value of cross-border M&As increases with the size of the acquiring country, and that both the probability and value of M&As vary positively with the depth of the financial market in acquirer countries and the presence of corporate and non-corporate customers from acquiring countries in target countries, and negatively with the geographic, psychic, and time zone distances between acquirer and target countries. Our study highlights the role of non-corporate customers and of psychic distance in the cross-border expansion of commercial banks through M&As.