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Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region

Manapol Ekkayokkaya, Pimnipa Foojinphan and Christian Wolff

No 12078, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

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)
New Economics Papers: this item is included in nep-his, nep-int and nep-sea
Date: 2017-06
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