Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region
Pimnipa Foojinphan and
No 12078, CEPR Discussion Papers from C.E.P.R. Discussion Papers
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.
Keywords: colonial history; Foreign direct investment; South-East Asia (search for similar items in EconPapers)
JEL-codes: F54 G15 G34 (search for similar items in EconPapers)
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Journal Article: Cross-border mergers and acquisitions: Evidence from the Indochina region (2017)
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