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Contribution Details
Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | Impact of National Cultural Distance on Cross-border M&A Performance |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 77 |
Date | 2017 |
Abstract Text | This thesis analyzes 641 cross-border mergers and acquisition across the world announced between 01.01.2006 and 31.12.2015. Using short-term cumulative abnormal returns as performance measure, I find that cross-border deals create value for targets and combined firms, while they destroy value for acquirers. Furthermore, I proxy national cultural differences with an aggregate index of cultural distance based on Hofstede et al. (2010) model with six dimensions. I observe no significant effect of cultural distance on merger performance. However, when testing for influence of single dimensions I identify a negative effect of indulgence versus restraint, in particular on returns to acquirer. |
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Export | BibTeX |