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Geographical and cultural patterns in cross-border mergers and acquisitions: the role of experience
Spatial Economic Analysis ( IF 2.317 ) Pub Date : 2021-02-15 , DOI: 10.1080/17421772.2020.1861321
Massimo Del Gatto 1 , Carlo S. Mastinu 2
Affiliation  

ABSTRACT

We exploit temporal and spatial correlation in a cross-border merger and acquisition (M&A) database with worldwide coverage to show that firms’ M&A choices are significantly influenced by experience effects related to knowledge accumulation. Our empirical strategy rests on the assumption that experience effects are expected to be at play in M&A directed toward culturally contiguous countries (arguably driven by knowledge accumulation) and not in M&A deals in geographically contiguous countries (arguably driven by transport costs). The analysis is conducted on a bilateral measure of cultural distance (encompassing linguistic, religious and genetic distance indicators), which is meant to capture the idea of the cultural heritage originated by historic linkages.



中文翻译:

跨国并购中的地理和文化模式:经验的作用

摘要

我们利用覆盖全球的跨境并购(M&A)数据库中的时间和空间相关性来表明,公司的并购选择受到与知识积累相关的经验效应的显着影响。我们的实证策略基于这样一个假设,即经验效应预计会在针对文化相邻国家的并购中发挥作用(可以说是由知识积累驱动),而不是在地理相邻国家的并购交易中(可以说是由运输成本驱动)。该分析是对文化距离的双边测量(包括语言、宗教和遗传距离指标)进行的,旨在捕捉源自历史联系的文化遗产的想法。

更新日期:2021-02-15
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