Beyond education: International student inflow and outbound cross-border mergers and acquisitions

Hao Wang, Shuting Tan and Yonghui Han

Journal of International Financial Markets, Institutions and Money, 2025, vol. 101, issue C

Abstract: This paper investigates the impact of international education exchange on cross-border mergers and acquisitions (CBMA). Using a comprehensive panel dataset covering 141 countries from 2006 to 2018, we find that international students studying in China have a positive impact on China’s outbound CBMA. Such an effect operates through diplomatic relations, economic cooperation and cultural convergence as the underlying mechanisms. The effect of international education exchange is more pronounced for degree-seeking students than for non-degree-seeking students. Moreover, non-degree-seeking scholarship recipients exert a stronger influence on CBMA than degree-seeking scholarship recipients.

Keywords: International education exchange; Cross-border mergers and acquisitions; Liability of foreignness (search for similar items in EconPapers)
JEL-codes: F23 Z13 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:101:y:2025:i:c:s1042443125000332

DOI: 10.1016/j.intfin.2025.102143

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