ABSTRACT

The BRICS countries are known to be a key market for foreign direct investment. This paper analyzes the decision of EU acquirers from developed economies to invest in the energy sector in BRICS countries. Using empirical evidence on 4,222 cross-border M&As and fuzzy logic, the research results show that acquirers consider macroeconomic factors as significant. When choosing a company located in the BRICS, its audit status is significant, but financial returns are not. This fact indicates that for sustainable decisions, industry is importantly correlated with financial information quality but not with company performance.

中文翻译：

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基于财务透明度和审计意见的能源行业并购决策

摘要

众所周知，金砖国家是外国直接投资的主要市场。本文分析了发达经济体欧盟收购方投资金砖国家能源部门的决定。利用 4,222 起跨境并购的经验证据和模糊逻辑，研究结果表明收购方认为宏观经济因素很重要。选择位于金砖国家的公司时，其审计状况很重要，但财务回报并不重要。这一事实表明，对于可持续决策，行业与财务信息质量密切相关，但与公司业绩无关。