IDEAS home Printed from https://ideas.repec.org/a/wly/ijfiec/v30y2025i3p2647-2661.html
   My bibliography  Save this article

International mergers and acquisitions and institutional differences: An integrated approach

Author

Listed:
  • Andrzej Cieślik
  • Monika Tarsalewska

Abstract

In this paper we study the role of institutional differences in bilateral mergers and acquisitions (M&As) in an integrated framework. We contribute to the literature on the drivers of international M&As by integrating the gravity, knowledge‐capital (KK) and political economy theory (PET) approaches and explain cross‐border M&As using an international and comprehensive dataset. We estimate the model using Poisson Pseudo Maximum Likelihood (PPML) method with high dimension fixed effects. The main findings are that the variables that affect cross‐border M&As can be derived from three different approaches explaining activity of multinational enterprises (MNEs): the gravity equation, the KK model, and the PET frameworks. In particular, variables related to geographical proximity, size and similarity of markets and differences in regulatory quality are important in explaining M&A activity.

Suggested Citation

  • Andrzej Cieślik & Monika Tarsalewska, 2025. "International mergers and acquisitions and institutional differences: An integrated approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 2647-2661, July.
    • Handle: RePEc:wly:ijfiec:v:30:y:2025:i:3:p:2647-2661
    DOI: 10.1002/ijfe.3033
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/ijfe.3033
    Download Restriction: no
    File URL: https://libkey.io/10.1002/ijfe.3033?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
    ---><---

    More about this item

    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:wly:ijfiec:v:30:y:2025:i:3:p:2647-2661. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Wiley Content Delivery (email available below). General contact details of provider: http://www.interscience.wiley.com/jpages/1076-9307/ .

    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.