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TORONTO -- Firms in developing countries are not only spending more to buy companies in the developed world, they've got patriotic motivations for paying premium prices, says a new paper.
The conclusions are based on a detailed examination of media reports where national pride considerations are mentioned. One example is the 2007 purchase by Indian steelmaker Tata, of Corus, which Tata chairman Ratan Tata called "a moment of great fulfillment for India," although a newspaper article said Tata had "paid too much."
One investigation in the study found that in a sample of 3,806 firms, companies in developing countries bid 16 percent …