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Global Financial Markets, Natural Resources and Cross-Border Mergers and Acquisitions in Africa

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  • Magdalene Kasyoka Wilson
  • Désiré J.-M. Vencatachellum

Abstract

This paper investigated the influence of global financial markets and natural resources on cross-border Mergers &Acquisitions (M&A) in Africa. With the use of a dynamic panel data model, we found that international stock markets exerted a positive and significant influence on cross-border M&A in Africa, whereas international interest rates had a negative influence. The continent’s endowment in natural resources and the high demand for commodities during the period under investigation had a significant positive effect on cross-border M&A flows in Africa. The findings further confirm that cross-border M&A in Africa are pro-cyclical and that the locational factors that attract M&A into Africa include financial development and macroeconomic stability.

Suggested Citation

  • Magdalene Kasyoka Wilson & Désiré J.-M. Vencatachellum, 2021. "Global Financial Markets, Natural Resources and Cross-Border Mergers and Acquisitions in Africa," Journal of African Business, Taylor & Francis Journals, vol. 22(1), pages 21-41, January.
    • Handle: RePEc:taf:wjabxx:v:22:y:2021:i:1:p:21-41
    DOI: 10.1080/15228916.2019.1693220
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    Cited by:

    1. Dou Shiquan & Xu Deyi, 2023. "The security of critical mineral supply chains," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 36(3), pages 401-412, September.
    2. Chien, FengSheng & Chau, Ka Yin & Sadiq, Muhammad & Hsu, Ching-Chi, 2022. "The impact of economic and non-economic determinants on the natural resources commodity prices volatility in China," Resources Policy, Elsevier, vol. 78(C).

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