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Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region

Listed author(s):
  • Ekkayokkaya, Manapol
  • Foojinphan, Pimnipa
  • Wolff, Christian C

We study cross-border mergers and acquisitions (M&As) in ten countries in the Indochina region during the period 1993-2015. Countries with a French colonial history showed markedly lower levels of cross-border M&As (value as well as volume) than other countries, whether previously colonized or not. This difference persists even after accounting for the known drivers of cross-border M&A activity, including legal origin, trade openness, and labor cost levels. Together, these findings suggest that the colonial past of a country plays an important role in cross-border M&A activity.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 12078.

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Date of creation: Jun 2017
Handle: RePEc:cpr:ceprdp:12078
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