This study examines the long-run stock performance of US firms conducting cross-border mergers and acquisitions and explores possible synergy sources by investigating three sets of factors: country differences, merger characteristics, and acquirers' operational variables. The results show that US cross-border acquirers underperform in the long run, a situation that does not significantly change according to country differences. Acquisitions of horizontal and private targets outperform those of non-horizontal and public targets, respectively, but underperform their non-acquiring matching firms. By contrast, acquirers with post-merger decreases in costs of goods sold (CGS) outperform their acquiring peers and non-acquiring matching sample. These results suggest that cross-border acquirers need to select targets that can drive down CGS and be cautious of merging non-horizontal and public firms, in order to create synergy gains and avoid value destruction.

本研究考察了进行跨境并购的美国公司的长期股票表现，并通过调查三组因素来探索可能的协同来源：国家差异、并购特征和收购方的操作变量。结果表明，从长远来看，美国跨境收购者表现不佳，这种情况不会因国家差异而显着改变。横向和私人目标的收购分别优于非横向和公共目标，但表现不及非收购的匹配公司。相比之下，合并后销售成本 (CGS) 降低的收购方的表现优于其收购同行和非收购方的匹配样本。