National cultural distance and cross-border M&A

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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  • Ashish Chand
  • Ruixiang Jiang
  • Zhenling Zhao

Related Research Unit(s)


Original languageEnglish
Journal / PublicationAsia-Pacific Journal of Accounting and Economics
Online published1 Jul 2021
Publication statusOnline published - 1 Jul 2021


Using cross-border M&A activities and national cultural scores from the Hofstede Insights organization, we study the impact of national cultural distance on cross-border M&As from 2008 to 2017. The empirical evidence shows that both the success of M&A attempts and the post-acquisition stock returns are negatively related to national cultural distance. We also test this negative relation considering the country cluster and industry effects.

Research Area(s)

  • country cluster, cross-border M&A, National cultural distance