Lost in translation? The effect of cultural values on mergers around the world
We find strong evidence that three key dimensions of national culture (trust, hierarchy, and individualism) affect merger volume and synergy gains. The volume of cross-border mergers is lower when countries are more culturally distant. In addition, greater cultural distance in trust and individualis...
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| Veröffentlicht in: | Journal of financial economics 2015-07, Vol.117 (1), p.165-189 |
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| container_title | Journal of financial economics |
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| creator | Ahern, Kenneth R. Daminelli, Daniele Fracassi, Cesare |
| description | We find strong evidence that three key dimensions of national culture (trust, hierarchy, and individualism) affect merger volume and synergy gains. The volume of cross-border mergers is lower when countries are more culturally distant. In addition, greater cultural distance in trust and individualism leads to lower combined announcement returns. These findings are robust to year and country-level fixed effects, time-varying country-pair and deal-level variables, as well as instrumental variables for cultural differences based on genetic and somatic differences. The results are the first large-scale evidence that cultural differences have substantial impacts on multiple aspects of cross-border mergers. |
| doi_str_mv | 10.1016/j.jfineco.2012.08.006 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0304-405X |
| ispartof | Journal of financial economics, 2015-07, Vol.117 (1), p.165-189 |
| issn | 0304-405X 1879-2774 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_1698959607 |
| source | Elsevier ScienceDirect Journals |
| subjects | Acquisitions & mergers Cross border transactions Cross-border Cultural differences Cultural values Hierarchy Individualism International Mergers & acquisitions National culture Rates of return Studies Translation Trust |
| title | Lost in translation? The effect of cultural values on mergers around the world |
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