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Cross-border M&As, international knowledge flows and global value chain upgrading: Evidence from belt & road countries

Author

Listed:
  • Lv, Qian
  • Tang, Yicheng
  • Ge, Lulan
  • Ni, Daohan

Abstract

China and the countries participating in the Belt and Road Initiative (BRI) possess significant potential to strengthen their positions in global value chains (GVCs) through enhanced international knowledge flows. Yet, the role of cross-border mergers and acquisitions (M&As) in driving GVC upgrading via such knowledge transmission remains insufficiently examined. Using industry-level panel data from 38 BRI countries over the period 2007–2021 , we show that cross-border M&As substantially improve home-country GVC positions by facilitating the diffusion of international R&D, skilled human capital, and automation-related technologies. We further find that these effects are heterogeneous: they are more pronounced in economies with lower levels of financial development and digitalization, and are significantly strengthened under the BRI framework. These findings underscore the importance of international investment participation and the strategic role of BRI policy in enabling countries to capture higher value within GVCs.

Suggested Citation

  • Lv, Qian & Tang, Yicheng & Ge, Lulan & Ni, Daohan, 2026. "Cross-border M&As, international knowledge flows and global value chain upgrading: Evidence from belt & road countries," Economic Modelling, Elsevier, vol. 157(C).
    • Handle: RePEc:eee:ecmode:v:157:y:2026:i:c:s0264999326000210
    DOI: 10.1016/j.econmod.2026.107492
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    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • F15 - International Economics - - Trade - - - Economic Integration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F30 - International Economics - - International Finance - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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