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Institutional distance and cross-border M&A performance: A dynamic perspective

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  • Li, Wanli
  • Wang, Chaohui
  • Ren, Qizhe
  • Zhao, Ding

Abstract

Combining institutional theory and the knowledge-based theory of the firm, this study thoroughly analyzes the complicated effects of formal and informal institutional distance on firms’ short-term and long-term cross-border M&A performance. Using a sample of emerging market firms’ cross-border M&As from 2002 to 2016, the empirical results suggest that (1) the formal institutional distance has a significant negative effect on firms’ cross-border M&A performance in the short term and a significant positive effect in the long term and that (2) the informal institutional distance has a significant positive effect on firms’ cross-border M&A performance in the short term and a significant negative effect in the long term. Additionally, this study finds significant effects of the host country’s economic development, state ownership of the acquirer, acquirer firm size and M&A deal size. Some suggestions for future studies are proposed.

Suggested Citation

  • Li, Wanli & Wang, Chaohui & Ren, Qizhe & Zhao, Ding, 2020. "Institutional distance and cross-border M&A performance: A dynamic perspective," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:intfin:v:66:y:2020:i:c:s1042443120300913
    DOI: 10.1016/j.intfin.2020.101207
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    More about this item

    Keywords

    Institutional distance; M&A performance; Institutional arbitrage; Knowledge-based view of the firm;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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