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Cross-border mergers and acquisitions: Evidence from the Indochina region

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  • Ekkayokkaya, Manapol
  • Foojinphan, Pimnipa
  • Wolff, Christian C.P.

Abstract

We study cross-border mergers and acquisitions (M&As) in ten countries in the Indochina region during the period 1993–2015. Countries with a French colonial history showed markedly lower levels of cross-border M&As (value as well as volume) than other countries, whether previously colonized or not. This difference persists even after accounting for the known drivers of cross-border M&A activity, including legal origin, trade openness, and labor cost levels. Together, these findings suggest that the colonial past of a country plays an important role in cross-border M&A activity.

Suggested Citation

  • Ekkayokkaya, Manapol & Foojinphan, Pimnipa & Wolff, Christian C.P., 2017. "Cross-border mergers and acquisitions: Evidence from the Indochina region," Finance Research Letters, Elsevier, vol. 23(C), pages 253-256.
    • Handle: RePEc:eee:finlet:v:23:y:2017:i:c:p:253-256
    DOI: 10.1016/j.frl.2017.06.009
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    Cited by:

    1. Rosmaiza Abdul Ghani & Michael P. Cameron & William Cochrane & Matthew Roskruge, 2020. "The Causal Impact of Trade on Migration: A Gravity Model Estimation," Working Papers in Economics 20/01, University of Waikato.
    2. Rosmaiza A. Ghani & Michael P. Cameron & William Cochrane & Matthew Roskruge, 2019. "A Gravity Model Estimation of the Bi-Directional Relationship between International Trade and Migration," Working Papers in Economics 19/02, University of Waikato.

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    More about this item

    Keywords

    Foreign direct investment; Colonial history; South-East Asia;
    All these keywords.

    JEL classification:

    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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