Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7352288 | Finance Research Letters | 2017 | 4 Pages |
Abstract
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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Authors
Manapol Ekkayokkaya, Pimnipa Foojinphan, Christian C.P. Wolff,