{"title":"Formal institutions and cross-border mergers and acquisitions: A systematic literature review and research agenda","authors":"","doi":"10.1016/j.ibusrev.2024.102306","DOIUrl":null,"url":null,"abstract":"<div><p>In the last three decades, cross-border mergers and acquisitions have been the most preferred vehicle for unprecedented internationalization and integration of the global economy. This paper synthesizes the empirical research examining the impact of formal institutions related to state effectiveness, corporate governance and investor protection, and inter-country institutional differences on cross-border mergers and acquisitions. Our review summarizes a total of 156 studies across strategy, international business, finance, and economics literature published from 1995–2023. It presents a synthesized framework across each phase of cross-border mergers and acquisitions. In parallel, we identify opportunities for future research that should address the limitations in the existing stream of research and push the boundaries through the novel integration of theoretical lenses.</p></div>","PeriodicalId":51352,"journal":{"name":"International Business Review","volume":null,"pages":null},"PeriodicalIF":5.9000,"publicationDate":"2024-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0969593124000532/pdfft?md5=42a2fa25bbfad95610dfab8bfa0093da&pid=1-s2.0-S0969593124000532-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Business Review","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0969593124000532","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
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Abstract
In the last three decades, cross-border mergers and acquisitions have been the most preferred vehicle for unprecedented internationalization and integration of the global economy. This paper synthesizes the empirical research examining the impact of formal institutions related to state effectiveness, corporate governance and investor protection, and inter-country institutional differences on cross-border mergers and acquisitions. Our review summarizes a total of 156 studies across strategy, international business, finance, and economics literature published from 1995–2023. It presents a synthesized framework across each phase of cross-border mergers and acquisitions. In parallel, we identify opportunities for future research that should address the limitations in the existing stream of research and push the boundaries through the novel integration of theoretical lenses.
期刊介绍：
The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.
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