National cultural distance and cross-border M&A

Ashish Chand, Ruixiang Jiang and Zhenling Zhao

Asia-Pacific Journal of Accounting & Economics, 2023, vol. 30, issue 5, 1350-1367

Abstract: Using cross-border M&A activities and national cultural scores from the Hofstede Insights organization, we study the impact of national cultural distance on cross-border M&As from 2008 to 2017. The empirical evidence shows that both the success of M&A attempts and the post-acquisition stock returns are negatively related to national cultural distance. We also test this negative relation considering the country cluster and industry effects.

Date: 2023
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DOI: 10.1080/16081625.2021.1947858

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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