IDEAS home Printed from https://ideas.repec.org/a/eee/corfin/v68y2021ics0929119921000717.html

The effect of cultural and institutional factors on initiation, completion, and duration of cross-border acquisitions

Author

Listed:
  • Lawrence, Edward R.
  • Raithatha, Mehul
  • Rodriguez, Ivan

Abstract

We study the effect of cultural and institutional distances on the probability that a firm from an acquiring country announces an acquisition of a firm in a target country (initiation), the probability that an announced deal is completed (completion), and the average time it takes to complete an acquisition (duration). We find that culture plays a decisive role in deal initiation. Completion and duration of a deal is largely unaffected by the cross country cultural and institutional differences and depends on deal level characteristics. We find a higher probability for acquirers to hire Top-tier advisors when they initiate deals in countries with higher cultural differences. We also find that use of Top-tier advisors by acquirers increases the probability of completion of the deal.

Suggested Citation

  • Lawrence, Edward R. & Raithatha, Mehul & Rodriguez, Ivan, 2021. "The effect of cultural and institutional factors on initiation, completion, and duration of cross-border acquisitions," Journal of Corporate Finance, Elsevier, vol. 68(C).
    • Handle: RePEc:eee:corfin:v:68:y:2021:i:c:s0929119921000717
    DOI: 10.1016/j.jcorpfin.2021.101950
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0929119921000717
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jcorpfin.2021.101950?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Sydney Finkelstein & Jerayr Haleblian, 2002. "Understanding Acquisition Performance: The Role of Transfer Effects," Organization Science, INFORMS, vol. 13(1), pages 36-47, February.
    2. Robert C. Feenstra & Robert Inklaar & Marcel P. Timmer, 2015. "The Next Generation of the Penn World Table," American Economic Review, American Economic Association, vol. 105(10), pages 3150-3182, October.
    3. Desislava Dikova & Padma Rao Sahib & Arjen van Witteloostuijn, 2010. "Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(2), pages 223-245, February.
    4. Abhirup Chakrabarti & Will Mitchell, 2016. "The role of geographic distance in completing related acquisitions: Evidence from U.S. chemical manufacturers," Strategic Management Journal, Wiley Blackwell, vol. 37(4), pages 673-694, April.
    5. James E. Anderson & Eric van Wincoop, 2003. "Gravity with Gravitas: A Solution to the Border Puzzle," American Economic Review, American Economic Association, vol. 93(1), pages 170-192, March.
    6. Annette L. Ranft & Michael D. Lord, 2002. "Acquiring New Technologies and Capabilities: A Grounded Model of Acquisition Implementation," Organization Science, INFORMS, vol. 13(4), pages 420-441, August.
    7. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2015. "The value of corporate culture," Journal of Financial Economics, Elsevier, vol. 117(1), pages 60-76.
    8. Paola Giuliano, 2007. "Living Arrangements in Western Europe: Does Cultural Origin Matter?," Journal of the European Economic Association, MIT Press, vol. 5(5), pages 927-952, September.
    9. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian & Waisman, Maya, 2014. "Can firms learn by observing? Evidence from cross-border M&As," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 202-215.
    10. Enrico Spolaore & Romain Wacziarg, 2009. "The Diffusion of Development," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(2), pages 469-529.
    11. Douglass C. North, 1991. "Institutions," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 97-112, Winter.
    12. I. Serdar Dinc & Isil Erel, 2013. "Economic Nationalism in Mergers and Acquisitions," Journal of Finance, American Finance Association, vol. 68(6), pages 2471-2514, December.
    13. Alan V. Deardorff, 2011. "Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical World?," World Scientific Book Chapters, in: Robert M Stern (ed.), Comparative Advantage, Growth, And The Gains From Trade And Globalization A Festschrift in Honor of Alan V Deardorff, chapter 24, pages 267-293, World Scientific Publishing Co. Pte. Ltd..
    14. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2006. "Does Culture Affect Economic Outcomes?," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 23-48, Spring.
    15. Yann Algan & Pierre Cahuc, 2010. "Inherited Trust and Growth," American Economic Review, American Economic Association, vol. 100(5), pages 2060-2092, December.
    16. Bergstrand, Jeffrey H, 1989. "The Generalized Gravity Equation, Monopolistic Competition, and the Factor-Proportions Theory in International Trade," The Review of Economics and Statistics, MIT Press, vol. 71(1), pages 143-153, February.
    17. G. William Schwert, 2000. "Hostility in Takeovers: In the Eyes of the Beholder?," Journal of Finance, American Finance Association, vol. 55(6), pages 2599-2640, December.
    18. Caiazza, Stefano & Pozzolo, Alberto Franco, 2016. "The determinants of failed takeovers in the banking sector: Deal or country characteristics?," Journal of Banking & Finance, Elsevier, vol. 72(S), pages 92-103.
    19. Loree, David & Chen, Chun-Chung & Guisinger, Stephen, 2000. "International acquisitions: do financial analysts take note?," Journal of World Business, Elsevier, vol. 35(3), pages 300-313.
    20. Jan Bena & Kai Li, 2014. "Corporate Innovations and Mergers and Acquisitions," Journal of Finance, American Finance Association, vol. 69(5), pages 1923-1960, October.
    21. Nielsen, Bo Bernhard, 2007. "Determining international strategic alliance performance: A multidimensional approach," International Business Review, Elsevier, vol. 16(3), pages 337-361, June.
    22. J. M. C. Santos Silva & Silvana Tenreyro, 2006. "The Log of Gravity," The Review of Economics and Statistics, MIT Press, vol. 88(4), pages 641-658, November.
    23. Fally, Thibault, 2015. "Structural gravity and fixed effects," Journal of International Economics, Elsevier, vol. 97(1), pages 76-85.
    24. Hirshleifer,Jack, 2001. "The Dark Side of the Force," Cambridge Books, Cambridge University Press, number 9780521804127, Enero-Abr.
    25. Yaakov Weber & Oded Shenkar & Adi Raveh, 1996. "National and Corporate Cultural Fit in Mergers/Acquisitions: An Exploratory Study," Management Science, INFORMS, vol. 42(8), pages 1215-1227, August.
    26. Alberto Alesina & Dani Rodrik, 1994. "Distributive Politics and Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(2), pages 465-490.
    27. Heather Berry & Mauro F Guillén & Nan Zhou, 2010. "An institutional approach to cross-national distance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(9), pages 1460-1480, December.
    28. Bruce Kogut & Harbir Singh, 1988. "The Effect of National Culture on the Choice of Entry Mode," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(3), pages 411-432, September.
    29. Davis, Donald R., 1995. "Intra-industry trade: A Heckscher-Ohlin-Ricardo approach," Journal of International Economics, Elsevier, vol. 39(3-4), pages 201-226, November.
    30. Alberto Bisin & Thierry Verdier, 2000. ""Beyond the Melting Pot": Cultural Transmission, Marriage, and the Evolution of Ethnic and Religious Traits," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(3), pages 955-988.
    31. Bereskin, Fred & Byun, Seong K. & Officer, Micah S. & Oh, Jong-Min, 2018. "The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(5), pages 1995-2039, October.
    32. Alfonso Irarrazabal & Andreas Moxnes & Luca David Opromolla, 2013. "The Margins of Multinational Production and the Role of Intrafirm Trade," Journal of Political Economy, University of Chicago Press, vol. 121(1), pages 74-126.
    33. Piero Morosini & Scott Shane & Harbir Singh, 1998. "National Cultural Distance and Cross-Border Acquisition Performance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(1), pages 137-158, March.
    34. Aktas, Nihat & de Bodt, Eric & Roll, Richard, 2013. "Learning from repetitive acquisitions: Evidence from the time between deals," Journal of Financial Economics, Elsevier, vol. 108(1), pages 99-117.
    35. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    36. Andrey Golubov & Dimitris Petmezas & Nickolaos G. Travlos, 2012. "When It Pays to Pay Your Investment Banker: New Evidence on the Role of Financial Advisors in M&As," Journal of Finance, American Finance Association, vol. 67(1), pages 271-312, February.
    37. Tenreyro, Silvana, 2007. "On the trade impact of nominal exchange rate volatility," Journal of Development Economics, Elsevier, vol. 82(2), pages 485-508, March.
    38. Karolyi, G. Andrew, 2016. "The gravity of culture for finance," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 610-625.
    39. repec:spo:wpmain:info:hdl:2441/432sbils8u9t7qa99cii5psht1 is not listed on IDEAS
    40. Shi, Wei & Tang, Yinuo, 2015. "Cultural similarity as in-group favoritism: The impact of religious and ethnic similarities on alliance formation and announcement returns," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 32-46.
    41. Shimizu, Katsuhiko & Hitt, Michael A. & Vaidyanath, Deepa & Pisano, Vincenzo, 2004. "Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future," Journal of International Management, Elsevier, vol. 10(3), pages 307-353.
    42. Laszlo Tihanyi & David A Griffith & Craig J Russell, 2005. "The effect of cultural distance on entry mode choice, international diversification, and MNE performance: a meta-analysis," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 36(3), pages 270-283, May.
    43. Christine Benedichte Meyer & Ellen Altenborg, 2008. "Incompatible strategies in international mergers: the failed merger between Telia and Telenor," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(3), pages 508-525, April.
    44. Ahern, Kenneth R. & Daminelli, Daniele & Fracassi, Cesare, 2015. "Lost in translation? The effect of cultural values on mergers around the world," Journal of Financial Economics, Elsevier, vol. 117(1), pages 165-189.
    45. G. Andrew Karolyi & Alvaro G. Taboada, 2015. "Regulatory Arbitrage and Cross‐Border Bank Acquisitions," Journal of Finance, American Finance Association, vol. 70(6), pages 2395-2450, December.
    46. Jeffrey M. Wooldridge, 2011. "Fractional response models with endogeneous explanatory variables and heterogeneity," CHI11 Stata Conference 12, Stata Users Group.
    47. Guido Tabellini, 2008. "The Scope of Cooperation: Values and Incentives," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 123(3), pages 905-950.
    48. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Trusting the Stock Market," Journal of Finance, American Finance Association, vol. 63(6), pages 2557-2600, December.
    49. Wai-Ming Fong & Kevin C. K. Lam & Pauline W. Y. Wong & Yiwei Yao, 2019. "Mergers & acquisitions and the acquirer-target cultural differences," Review of Quantitative Finance and Accounting, Springer, vol. 53(3), pages 633-661, October.
    50. Chengguang Li & Ilgaz Arikan & Oded Shenkar & Asli Arikan, 2020. "The impact of country-dyadic military conflicts on market reaction to cross-border acquisitions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(3), pages 299-325, April.
    51. Audra L. Boone & J. Harold Mulherin, 2007. "How Are Firms Sold?," Journal of Finance, American Finance Association, vol. 62(2), pages 847-875, April.
    52. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2003. "People's opium? Religion and economic attitudes," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 225-282, January.
    53. Jian Cao & Kimberly M. Ellis & Mingxiang Li, 2019. "Inside the board room: the influence of nationality and cultural diversity on cross-border merger and acquisition outcomes," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1031-1068, November.
    54. Papke, Leslie E & Wooldridge, Jeffrey M, 1996. "Econometric Methods for Fractional Response Variables with an Application to 401(K) Plan Participation Rates," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 619-632, Nov.-Dec..
    55. Philippe Very & Michael Lubatkin & Roland Calori & John Veiga, 1997. "Relative standing and the performance of recently acquired European firms," Strategic Management Journal, Wiley Blackwell, vol. 18(8), pages 593-614, September.
    56. Anderson, James E, 1979. "A Theoretical Foundation for the Gravity Equation," American Economic Review, American Economic Association, vol. 69(1), pages 106-116, March.
    57. Rossi, Stefano & Volpin, Paolo F., 2004. "Cross-country determinants of mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 74(2), pages 277-304, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lawrence, Edward R. & Raithatha, Mehul & Rodríguez, Iván M., 2025. "Terrorism and cross-border mergers and acquisitions," Global Finance Journal, Elsevier, vol. 67(C).
    2. Jiang, Mobing & Chen, Xinyu & Xiao, Mingyue & Zhang, Yuning & Wen, Wu & Chen, Xiaohua, 2025. "From connect to conquer: capital market liberalization and Chinese firms' cross-border mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    3. Manish Popli & Yi Li & Lusi Wu & Tazeeb Rajwani, 2025. "Due diligence speed in technology acquisitions: the impact of top management team’s social capital," Asia Pacific Journal of Management, Springer, vol. 42(4), pages 1983-2018, December.
    4. Lirong Xing & Xiaomiao Yin & Chuanxiang Cao & Ehsan Elahi & Taoyuan Wei, 2022. "The Impact of Multidimensional Distance on Agricultural Exports: Evidence from China Based on the Technological Added Value," Sustainability, MDPI, vol. 15(1), pages 1-17, December.
    5. Marius Brede & Hannes Gerstel & Arnt Wöhrmann & Andreas Bausch, 2025. "Mind the gap: the effect of cultural distance on mergers and acquisitions—evidence from glassdoor reviews," Review of Managerial Science, Springer, vol. 19(8), pages 2279-2326, August.
    6. Tang, Ning & Xu, Xiaodong & Hsu, Yuan-Teng & Lin, Chih-Yung, 2024. "The impact of ESG distance on mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    7. Lian, Zeng & Ma, Yunfeng & Chen, Li & He, Rong, 2024. "The role of cities in cross-border mergers and acquisitions — Evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1482-1498.
    8. Wang, Molin & Yan, Haifeng & Ciabuschi, Francesco & Su, Cong, 2023. "Facilitator or inhibitor? The effect of host-country intellectual property rights protection on China’s technology-driven acquisitions," International Business Review, Elsevier, vol. 32(6).
    9. Ahsan, Faisal Mohammad & Popli, Manish & Kumar, Vikas, 2024. "Formal institutions and cross-border mergers and acquisitions: A systematic literature review and research agenda," International Business Review, Elsevier, vol. 33(5).
    10. Yu, Lin & Bai, Tao & Yin, Jingwei & Tan, Xue, 2024. "Overcoming the liability of origin by hiring foreign independent directors: Evidence from Chinese firms' cross-border M&As," Journal of World Business, Elsevier, vol. 59(2).
    11. Annamaria Sasne Grosz & Laszlo Jozsa & Homedahack Sengsouly, 2024. "Cross-Cultural Business Negotiations in Developing Markets: Comprehending the Impact of Institutional and Cultural Elements," International Review of Management and Marketing, Econjournals, vol. 14(5), pages 82-87, September.
    12. Herve, Fabrice & Rouine, Ibtissem & Thraya, Mohamed Firas & Zouaoui, Mohamed, 2024. "Investor sentiment and M&A withdrawal: International evidence," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    13. Manuel Wiedemann & Dodo Knyphausen-Aufseß & Niko Ippendorf, 2025. "Revisiting Shimizu et al. (2004): What do we know and what should we know about cross-border mergers and acquisitions?," Review of Managerial Science, Springer, vol. 19(8), pages 2373-2421, August.
    14. Xue, Wenjun & Wu, Qiaotong & Zhang, Xin & Li, Xiao, 2025. "Geopolitical risk and ownership sought in outbound cross-border acquisitions: Evidence from G7 countries," Journal of Multinational Financial Management, Elsevier, vol. 80(C).
    15. Radoniqi, Fatos & White, Roger, 2025. "Cross-border mergers and acquisitions: The interplay of cultural differences and prior M&A activity," The Quarterly Review of Economics and Finance, Elsevier, vol. 102(C).
    16. Arena, Matteo P. & Dewally, Michaël & Jain, Bharat A. & Shao, Yingying, 2022. "Family firms' cross-border mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 82(C).
    17. Zhao, Hong, 2022. "Management team cultural alignment and mergers and acquisitions," Finance Research Letters, Elsevier, vol. 46(PB).
    18. Annamaria Sasne Grosz & Laszlo Jozsa & Sandi Maung, 2023. "Cross-cultural Negotiation Conflicts: The Myanmar Case," International Review of Management and Marketing, Econjournals, vol. 13(3), pages 1-8, May.
    19. Wang, Jiaxin & Yuan, Xue & Huang, Xiang & Liu, Chengxin & Zhang, Pengdong, 2024. "Can digitalization facilitate cross-border M&A? Evidence from Chinese A-share listed companies," Research in International Business and Finance, Elsevier, vol. 67(PA).
    20. Zuo, Zhigang & Zheng, Wenquan & Wang, Chengqi & Su, Jiaoyue & Desai, Malay N., 2025. "Unveiling the influence of host-country religiosity on the completion of cross-border merger and acquisition deals," International Business Review, Elsevier, vol. 34(5).
    21. Sugandh Ahuja & Shveta Singh & Surendra Singh Yadav, 2024. "Informativeness of Announcement Returns in Cross-border Acquisition Completion: A Perspective from Emerging Economies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 23(4), pages 424-449, December.
    22. Amendolagine, Vito & Crescenzi, Riccardo & Rabellotti, Roberta, 2022. "The geography of acquisitions and greenfield investments: firm heterogeneity and regional institutional conditions," LSE Research Online Documents on Economics 115597, London School of Economics and Political Science, LSE Library.
    23. Musteen, Martina & Liu, Xialu & Chakravarty, Dwarka, 2025. "Abandonment of cross-border acquisitions: The role of target country context," Journal of World Business, Elsevier, vol. 60(4).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lawrence, Edward R. & Raithatha, Mehul & Rodríguez, Iván M., 2025. "Terrorism and cross-border mergers and acquisitions," Global Finance Journal, Elsevier, vol. 67(C).
    2. Xie, En & Reddy, K.S. & Liang, Jie, 2017. "Country-specific determinants of cross-border mergers and acquisitions: A comprehensive review and future research directions," Journal of World Business, Elsevier, vol. 52(2), pages 127-183.
    3. Yang Zhang, 2018. "Corporate Governance Effects on Risk Management and Shareholder Wealth: The Case of Mergers and Acquisitions," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 4-2018, January-A.
    4. Lim, Mi-Hee & Lee, Ji-Hwan, 2017. "National economic disparity and cross-border acquisition resolution," International Business Review, Elsevier, vol. 26(2), pages 354-364.
    5. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
    6. Ahern, Kenneth R. & Daminelli, Daniele & Fracassi, Cesare, 2015. "Lost in translation? The effect of cultural values on mergers around the world," Journal of Financial Economics, Elsevier, vol. 117(1), pages 165-189.
    7. Marius Brede & Hannes Gerstel & Arnt Wöhrmann & Andreas Bausch, 2025. "Mind the gap: the effect of cultural distance on mergers and acquisitions—evidence from glassdoor reviews," Review of Managerial Science, Springer, vol. 19(8), pages 2279-2326, August.
    8. Alexandridis, George & Hoepner, Andreas G.F. & Huang, Zhenyi & Oikonomou, Ioannis, 2022. "Corporate social responsibility culture and international M&As," The British Accounting Review, Elsevier, vol. 54(1).
    9. Galdino, Katia M. & Gordon, Janice & King, David R., 2022. "The impact of distance on acquisition performance," European Management Journal, Elsevier, vol. 40(6), pages 857-872.
    10. Jian Cao & Kimberly M. Ellis & Mingxiang Li, 2019. "Inside the board room: the influence of nationality and cultural diversity on cross-border merger and acquisition outcomes," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1031-1068, November.
    11. Lim, Jongha & Makhija, Anil K. & Shenkar, Oded, 2016. "The asymmetric relationship between national cultural distance and target premiums in cross-border M&A," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 542-571.
    12. Leonardo M. Klüppel & Lamar Pierce & Jason A. Snyder, 2018. "Perspective—The Deep Historical Roots of Organization and Strategy: Traumatic Shocks, Culture, and Institutions," Organization Science, INFORMS, vol. 29(4), pages 702-721, August.
    13. Breuer, Wolfgang & Ghufran, Bushra & Salzmann, Astrid Juliane, 2018. "National culture, managerial preferences, and takeover performance," International Business Review, Elsevier, vol. 27(6), pages 1270-1289.
    14. Paul Brockman & Sadok El Ghoul & Omrane Guedhami & Ying Zheng, 0. "Does social trust affect international contracting? Evidence from foreign bond covenants," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 0, pages 1-34.
    15. Quentin Dupont & Jonathan M. Karpoff, 2020. "The Trust Triangle: Laws, Reputation, and Culture in Empirical Finance Research," Journal of Business Ethics, Springer, vol. 163(2), pages 217-238, May.
    16. Yunjae Bae & Kyungsuk Lee & Taewoo Roh, 2020. "Acquirer’s Absorptive Capacity and Firm Performance: The Perspectives of Strategic Behavior and Knowledge Assets," Sustainability, MDPI, vol. 12(20), pages 1-28, October.
    17. Reddy, Kotapati Srinivasa, 2015. "Revisiting and Reinforcing the Farmers Fox Theory: A Study (Test) of Three Cases in Cross-border Inbound Acquisitions," MPRA Paper 63561, University Library of Munich, Germany, revised 2015.
    18. Dai, Yunhao & Huang, Xu & Tan, Weiqiang & Yao, Daifei (Troy), 2025. "Religious similarity in mergers and acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 100(C).
    19. Ye, Silin & Zhou, Jing & Jiang, Yunwen & Liu, Xiaming, 2023. "Managers as the bridge: How cultural friction influences the integration of cross-border mergers and acquisitions," International Business Review, Elsevier, vol. 32(4).
    20. Kalanoski, Dimitrija & Cappa, Francesco & Pinelli, Michele & Bonardi, Jean-Philippe, 2025. "The Impact of International Mergers and Acquisitions on Rivals’ Performance: The Role of Formal and Informal Institutions," Journal of World Business, Elsevier, vol. 60(3).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:corfin:v:68:y:2021:i:c:s0929119921000717. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jcorpfin .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.