Country uncertainty, power distance, and payment methods in acquisitions

References

• Ahammad, M. F., V. Leone, S. Y. Tarba, K. W. Glaister, and A. Arslan. 2017. “Equity Ownership in Cross-Border Mergers and Acquisitions by British Firms: An Analysis of Real Options and Transaction Cost Factors.” British Journal of Management 28 (2): 180–196.
   Web of Science ®Google Scholar
• Ahir, H., N. Bloom, and D. Furceri. 2018. “World Uncertainty Index.” Unpublished.
   Google Scholar
• Alexandridis, G., A. Antoniou, and H. Zhao. 2008. “Belief Asymmetry and Gains from Acquisitions.” Journal of Multinational Financial Management 18: 443–460.
   Google Scholar
• Alexandridis, G., C. F. Mavrovitis, and N. G. Travols. 2012. “How Have M&As Changed? Evidence from the Sixt Merger Wave.” The European Journal of Finance 18: 663–688.
   Web of Science ®Google Scholar
• Alshwer, A. A., V. Sibilkov, and N. Zaiats. 2011. “Financial Constraints and the Method of Payment in Mergers and Acquisitions.” Working Paper, doi:10.2139/ssrn.1364455.
   Google Scholar
• Aybar, B., and A. Ficici. 2009. “Cross-Border Acquisitions and Firm Value: An Analysis of Emerging-Market Multinationals.” Journal of International Business Studies 40 (8): 1317–1338.
   Web of Science ®Google Scholar
• Ayers, B. C., C. E. Lefanowicz, and J. R. Robinson. 2004. “The Effect of Shareholder-Level Capital Gains Taxes on Acquisition Structure.” American Accounting Association 79 (4): 859–887.
   Web of Science ®Google Scholar
• Baker, S. R., N. Bloom, and S. J. Davis. 2016. “Measuring Economic Policy Uncertainty.” Quarterly Journal of Economics 131 (4): 1593–1636.
   Web of Science ®Google Scholar
• Baker, S. R., N. Bloom, S. J. Davis, and T. Stephen. 2020. “COVID-Induced Economic Uncertainty.” NBER Working Paper No. w26983. Available at SSRN: https://ssrn.com/abstract=3574447.
   Google Scholar
• Barbopoulos, L., K. Paudyal, and G. Pescetto. 2012. “Legal Systems and Gains from Cross-Border Acquisitions.” Journal of Business Research 65 (9): 1301–1312.
   Web of Science ®Google Scholar
• Barkema, H. G., J. H. Bell, and J. M. Pennings. 1996. “Foreign Entry, Cultural Barriers, and Learning.” Strategic Management Journal 17 (2): 151–166.
   Web of Science ®Google Scholar
• Basu, N., L. Dimitrova, and I. Paeglis. 2009. “Family Control and Dilution in Mergers.” Journal of Banking & Finance 33: 829–841.
   Web of Science ®Google Scholar
• Bhagat, S., S. Malhotra, and P. Zhu. 2011. “Emerging Country Cross-Border Acquisitions: Characteristics, Acquirer Returns and Cross-Sectional Determinants.” Emerging Markets Review 12: 250–271.
   Web of Science ®Google Scholar
• Bhagwat, V., R. Dam, and J. Harford. 2016. “The Real Effects of Uncertainty on Merger Activity.” Review of Financial Studies 29 (11): 3000–3034.
   Web of Science ®Google Scholar
• Bhattacharya, U., P.-H. Hsu, X. Tian, and Y. Xu. 2017. “What Affects Innovation More: Policy or Policy Uncertainty?” Journal of Financial and Quantitative Analysis 52 (5): 1869–1901.
   Web of Science ®Google Scholar
• Boateng, A., and X. Bi. 2013. “Acquirer Characteristics and Method of Payment: Evidence from Chinese Mergers and Acquisitions.” Managerial and Decision Economics 35 (8): 540–554.
   Google Scholar
• Bonaime, A. A., H. Gulen, and M. Ion. 2018. “Does Policy Uncertainty Affect Mergers and Acquisitions?” Journal of Financial Economics 129 (3): 531–558.
   Web of Science ®Google Scholar
• Boone, A. L., E. Lie, and Y. Liu. 2014. “Time Trends and Determinants of the Method of Payment in M&As.” Journal of Corporate Finance 27: 296–304.
   Web of Science ®Google Scholar
• Boubaker, S., and D. K. Nguyen. 2019. “Financial Decisions in a Global Uncertain Context.” International Review of Financial Analysis 63: 355–356.
   Web of Science ®Google Scholar
• Boutchkova, M., H. Doshi, A. Durnev, and A. Molchanov. 2012. “Precarious Politics and Return Volatility.” Review of Financial Studies 25: 1111–1154.
   Web of Science ®Google Scholar
• Bris, A., and C. Cabolis. 2008. “The Value of Investor Protection: Firm Evidence from Cross-Border Mergers.” Review of Financial Studies 21 (2): 605–648.
   Web of Science ®Google Scholar
• Brouthers, K. D., and L. E. Brouthers. 2001. “Explaining the National Cultural Distance Paradox.” Journal of International Business Studies 32: 177–189.
   Web of Science ®Google Scholar
• Brouthers, K. D., and D. Dikova. 2010. “Acquisitions and Real Options: the Greenfield Alternative.” Journal of Management Studies 47 (6): 1048–1071.
   Web of Science ®Google Scholar
• Cao, C., X. Li, and G. Liu. 2019. “Political Uncertainty and Cross-Border Acquisitions.” Review of Finance 23 (2): 439–470.
   Web of Science ®Google Scholar
• Capron, L., and J. C. Shen. 2007. “Acquisition of Private vs. Public Firms: Private Information, Target Selection, and Acquirer Returns.” Strategic Management Journal 28: 891–911.
   Web of Science ®Google Scholar
• Casillas, J. C., J. L. Barbero, and H. J. Sapienza. 2015. “Knowledge Acquisition, Learning, and the Initial Pace of Internationalization.” International Business Review 24 (1): 102–114.
   Web of Science ®Google Scholar
• Chakrabarti, R., S. Gupta-Mukherjee, and N. Jayaraman. 2009. “Mars–Venus Marriages: Culture and Cross-Border M&A.” Journal of International Business Studies 40 (2): 216–236.
   Web of Science ®Google Scholar
• Chan, K., V. Covrig, and L. Ng. 2005. “What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide.” Journal of Finance 60 (3): 1495–1534.
   Web of Science ®Google Scholar
• Chang, S. 1998. “Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns.” Journal of Finance 53: 773–784.
   Web of Science ®Google Scholar
• Chari, M. D., and K. Chang. 2009. “Determinants of the Share of Equity Sought in Cross- Border Acquisitions.” Journal of International Business Studies 40 (8): 1277–1297.
   Web of Science ®Google Scholar
• Chari, A., P. P. Ouimet, and L. L. Tesar. 2009. “The Value of Control in Emerging Markets.” Review of Financial Studies 23 (4): 1741–1770.
   Web of Science ®Google Scholar
• Chen, S. F. S. 2008. “The Motives for International Acquisitions: Capability Procurements, Strategic Considerations, and the Role of Ownership Structure.” Journal of International Business Studies 39: 454–471.
   Web of Science ®Google Scholar
• Cheng, L. T. W., and T. Y. Leung. 2004. “A Comparative Analysis of the Market-Based and Accounting-Based Performance of Diversifying and Non-Diversifying Acquisitions in Hong Kong.” International Business Review 13: 763–789.
   Google Scholar
• Cheung, Y.-W., S. Steinkamp, and F. Westermann. 2020. “Capital Flight to Germany: Two Alternative Measures.” Journal of International Money and Finance 102: 102095.
   Web of Science ®Google Scholar
• Claessens, S., and B. B. Yurtoglu. 2013. “Corporate Governance in Emerging Markets: A Survey.” Emerging Markets Review 15: 1–33.
   Web of Science ®Google Scholar
• Constantinescu, I. C., A. Mattoo, and M. Ruta. 2019. “Policy Uncertainty, Trade, and Global Value Chains: Some Facts, Many Questions.” World Bank Policy Research Working Paper No. 9048. Available at SSRN: https://ssrn.com/abstract=3485932.
   Google Scholar
• Coval, J. D., and T. J. Moskowitz. 1999. “Home Bias at Home: Local Equity Preference in Domestic Portfolios.” Journal of Finance 54 (6): 2045–2073.
   Web of Science ®Google Scholar
• Cuypers, I., and X. Martin. 2010. “What Makes and What Does Not Make a Real Option? A Study of International Joint Ventures.” Journal of International Business Studies 41 (1): 47–69.
   Web of Science ®Google Scholar
• Dang, M., D. Henry, M. T. Nguyen, and V. A. Hoang. 2018. “Cross-Country Determinants of Ownership Choices in Cross-Border Acquisitions: Evidence from Emerging Markets.” Journal of Multinational Financial Management 44: 14–35.
   Web of Science ®Google Scholar
• De Haan, J., and J. E. Sturm. 2000. “On the Relationship between Economic Freedom and Economic Growth.” European Journal of Political Economy 16 (2): 215–241.
   Google Scholar
• Delios, A., and W. J. Henisz. 2003. “Policy Uncertainty and the Sequence of Entry by Japanese Firms, 1980–1998.” Journal of International Business Studies 34 (3): 227–241.
   Web of Science ®Google Scholar
• Denison, D. R., B. Adkins, and A. M. Guidroz. 2011. “Managing Cultural Integration in Cross-Border Mergers and Acquisitions.” In Advances in Global Leadership (Advances in Global Leadership, Vol. 6), edited by William H. Mobley, Ming Li, and Ying Wang, 95–115. UK: Emerald Group Publishing Limited, Bingley.
   Google Scholar
• Di Guardo, M. C., E. Marrocu, and R. Paci. 2016. “The Concurrent Impact of Cultural, Political, and Spatial Distances on International Mergers and Acquisitions.” World Economy 39 (6): 824–852.
   Web of Science ®Google Scholar
• Dikova, D., and P. Rao Sahib. 2013. “Is Cultural Distance a Bane or a Boon for Cross-Border Acquisition Performance?” Journal of World Business 48 (1): 77–86.
   Web of Science ®Google Scholar
• Dikova, D., P. R. Sahib, and A. Van Witteloostuijn. 2010. “Cross-border Acquisition Abandonment and Completion: The Effect of Institutional Differences and Organizational Learning in the International Business Service Industry, 1981–2001.” Journal of International Business Studies 41 (2): 223–245.
   Web of Science ®Google Scholar
• Doornich, J. B. 2018. “Managerial Learning from Social Capital During Internationalization.” International Business Review 27 (4): 877–892.
   Web of Science ®Google Scholar
• Dutta, S., S. Saadi, and P. Zhu. 2013. “Does Payment Method Matter in Cross-Border Acquisitions?” International Review of Economics & Finance 25: 91–107.
   Web of Science ®Google Scholar
• Earley, P. C. 1999. “Playing Follow the Leader: Status-Determining Traits in Relation to Collective Efficacy Across Cultures.” Organizational Behavior and Human Decision Processes, 80 (3): 192–212.
   Web of Science ®Google Scholar
• Eckbo, B. E., and H. Langohr. 1989. “Information Disclosure, Method of Payment, and Takeover Premiums: Public and Private Tender Offers in France.” Journal of Financial Economics 24 (2): 363–403.
   Web of Science ®Google Scholar
• Eden, L., and S. Miller. 2004. “Distance Matters: Liability of Foreignness, Institutional Distance and Ownership Strategy.” In Theories of the Multinational Enterprise: Diversity, Complexity and Relevance (Advances in International Management, Vol. 16), edited by M. Hitt, and J. Cheng, 187–221. Bingley: Emerald Group Publishing Limited.
   Google Scholar
• Ellis, J. A., S. B. Moeller, F. P. Schlingemann, and R. M. Stulz. 2017. “Portable Country Governance and Cross-Border Acquisitions.” Journal of International Business Studies 48 (2): 148–173.
   Web of Science ®Google Scholar
• Faccio, M., and R. W. Masulis. 2005. “The Choice of Payment Method in European Mergers and Acquisitions.” Journal of Finance 60 (3): 1345–1388.
   Web of Science ®Google Scholar
• Faccio, M., J. McConnell, and D. Stolin. 2006. “Returns to Acquirers of Listed and Unlisted Targets.” Journal of Finance and Quantitative Analysis 41: 198–120.
   Web of Science ®Google Scholar
• Feito-Ruiz, I., A. I. Fernandez, and S. Menedez-Requejo. 2015. “Mergers and Acquisitions Valuation: the Choice of Cash as Payment Method.” Spanish Journal of Finance and Accounting 44 (3): 326–351.
   Google Scholar
• Fishman, M. J. 1989. “Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions.” Journal of Finance 44 (1): 41–57.
   Web of Science ®Google Scholar
• French, K. R., and J. M. Poterba. 1991. “Investor Diversification and International Equity Markets.” National Bureau of Economic Research, 81 (2): 222–226.
   Google Scholar
• Fu, P. P., and G. Yukl. 2000. “Perceived Effectiveness of Influence Tactics in the United States and China.” Leadership Quarterly 11 (2): 251–266.
   Web of Science ®Google Scholar
• Fuller, K. P., and M. B. Glatzer. 2003. “Method-of-Payment Choice for International Targets.” Advances in Financial Economics 8 (1): 47–64.
   Google Scholar
• Gelfand, M., M. Erez, and Z Aycan. 2007. “Cross-Cultural Organizational Behavior.” Annual Review of Psychology 58: 479–514.
   PubMed Web of Science ®Google Scholar
• Ghauri, P. N., and P. J. Buckley. 2003. “International Mergers and Acquisitions: Past, Present and Future”. Advances in Mergers and Acquisitions 2: 207–229
   Google Scholar
• Godinez, J. R., and L. Liu. 2014. “Corruption Distance and FDI flows Into Latin America.” International Business Review 24 (1): 33–42.
   Web of Science ®Google Scholar
• Gozgor, G., E. Demir, J. Belas, and S. Yesilyurt. 2019. “Does Economic Uncertainty Affect Domestic Credits? An Empirical Investigation.” Journal of International Financial Markets, Institutions and Money 63: 101147.
   Web of Science ®Google Scholar
• Grinblatt, M., and M. Keloharju. 2001. “How Distance, Language, and Culture Influence Stockholdings and Trades.” Journal of Finance 56 (3): 1053–1073.
   Web of Science ®Google Scholar
• Gubbi, S. R., P. S. Aulakh, S. Ray, M. B. Sarkar, and R. Chittoor. 2010. “Do International Acquisitions by Emerging-Economy Firms Create Shareholder Value? The Case of Indian Firms.” Journal of International Business Studies 41 (3): 397–418.
   Web of Science ®Google Scholar
• Gulen, H., and M. Ion. 2016. “Policy Uncertainty and Corporate Investment.” Review of Financial Studies 29 (3): 523–564.
   Web of Science ®Google Scholar
• Haleblian, J., C. E. Devers, G. McNamara, M. A. Carpenter, and R. B. Davison. 2009. “Taking Stock of What we Know About Mergers and Acquisitions: A Review and Research Agenda.” Journal of Management 35: 469–502.
   Web of Science ®Google Scholar
• Hambrick, D. C., and A. A. Cannella. 1993. “Relative Standing: A Framework for Understanding the Departures of Acquired Executives.” Academy of Management Journal 36 (4): 733–762.
   Web of Science ®Google Scholar
• Hansen, R. G. 1987. “A Theory for the Choice of Exchange Medium in Mergers and Acquisitions.” Journal of Business 60 (1): 75–95.
   Web of Science ®Google Scholar
• Hirsch, P. M. 1986. “From Ambushes to Golden Parachutes - Corporate Takeovers as an Instance of Cultural Framing and Institutional Integration.” American Journal of Sociology 91: 800–837.
   Web of Science ®Google Scholar
• Hofstede, G. 1980. Culture's Consequences: International Differences in Work-Related Values. London, UK: Sage.
   Google Scholar
• Holmes, K. R. 2014. “Two Decades of Measuring Economic Freedom: A Look Back at the Index of Economic Freedom.” The Heritage Foundation.
   Google Scholar
• Huang, P., M. S. Officer, and R. Powell. 2016. “Method of Payment and Risk Mitigation in Cross-Border Mergers and Acquisitions.” Journal of Corporate Finance 40: 216–234.
   Web of Science ®Google Scholar
• Huang, Z., H. Zhu, and D. J. Brass. 2016. “Cross-border Acquisitions and the Asymmetric Effect of Power Distance Value Difference on Long-Term Post-Acquisition Performance.” Strategic Management Journal 38 (4): 972–991.
   Web of Science ®Google Scholar
• Hui, M. K., K. Au, and H. Fock. 2004. “Empowerment Effects Across Cultures.” Journal of International Business Studies 35 (1): 46–60.
   Web of Science ®Google Scholar
• Jain, P. K., E. Kuvvet, and M. S. Pagano. 2017. “Corruption’s Impact on Foreign Portfolio Investment.” International Business Review 26 (1): 23–35.
   Web of Science ®Google Scholar
• Johanson, J., and J. Vahlne. 2009. “The Uppsala Internationalization Process Model Revisited: From Liability of Foreignness to Liability of Outsidership.” Journal of International Business Studies 40 (9): 1411–1431.
   Web of Science ®Google Scholar
• Julio, B., and Y. Yook. 2012. “Policy Uncertainty and Corporate Investment Cycles.” Journal of Finance 67: 45–83.
   Web of Science ®Google Scholar
• Kang, J. K., and J. M. Kim. 2008. “The Geography of Block Acquisitions.” Journal of Finance 63: 2817–2858.
   Web of Science ®Google Scholar
• Kaufmann, D., A. Kraay, and M. Mastruzzi. 2011. “The Worldwide Governance Indicators: Methodology and Analytical Issues.” Hague Journal on the Rule of Law 3 (2): 220–246.
   Web of Science ®Google Scholar
• Kim, E. H., and Y. Lu. 2013. “Corporate Governance Reforms Around the World and Cross-Border Acquisitions.” Journal of Corporate Finance 22: 236–253.
   Web of Science ®Google Scholar
• King, D. R., D. R. Dalton, C. M. Daily, and J. G. Covin. 2004. “Meta-Analyses of Post-Acquisition Performance: Indications of Unidentified Moderators.” Strategic Management Journal 25: 187–200.
   Web of Science ®Google Scholar
• Kogut, B. 1991. “Joint Ventures and the Option to Expand and Acquire.” Management Science 37 (1): 19–33.
   Web of Science ®Google Scholar
• Kwok, C. C., and D. M. Reeb. 2000. “Internationalization and Firm Risk: An Upstream-Downstream Hypothesis.” Journal of International Business Studies 31 (4): 611–629.
   Web of Science ®Google Scholar
• Laurent, A. 1983. “The Cultural Diversity of Western Conceptions of Management.” International Studies of Management and Organizations 13 (1/2): 75–96.
   Google Scholar
• Lawrence, E. R., M. Raithatha, and I. Rodriguez. 2021. “The Effect of Cultural and Institutional Factors on Initiation, Completion, and Duration of Cross-Border Acquisitions.” Journal of Corporate Finance 68: 101950.
   Web of Science ®Google Scholar
• Lebedev, S., M. W. Peng, E. Xie, and C. E. Stevens. 2015. “Mergers and Acquisitions in and out of Emerging Economies.” Journal of World Business 50 (4): 651–662.
   Web of Science ®Google Scholar
• Leiblein, M. J. 2003. “The Choice of Organizational Governance Form and Performance: Predictions from Transaction Cost, Resource-Based, and Real Options Theories.” Journal of Management 29 (6): 937–961.
   Web of Science ®Google Scholar
• Leung, K., S. Su, and M. W. Morris. 2001. “When is Criticism Not Constructive? The Roles of Fairness Perceptions and Dispositional Attributions in Employee Acceptance of Critical Supervisory Feedback.” Human Relations 54: 1155–1187.
   Web of Science ®Google Scholar
• Li, K., D. Griffin, H. Yue, and L. Zhao. 2013. “How Does Culture Influence Corporate Risk- Taking?” Journal of Corporate Finance 23: 1–22.
   Web of Science ®Google Scholar
• Li, J., and Y. Li. 2010. “Flexibility Versus Commitment: MNEs’ Ownership Strategy in China.” Journal of International Business Studies 41 (9): 1550–1571.
   Web of Science ®Google Scholar
• Lopez-Duarte, C., and M. M. Vidal-Suarez. 2013. “Cultural Distance and the Choice Between Wholly Owned Subsidiaries and Joint Ventures.” Journal of Business Research 66: 2252–2261.
   Web of Science ®Google Scholar
• Lubatkin, M. H. R., R. Calori, P. Very, and J. F. Veiga. 1998. “Managing Mergers Across Borders: A two- Nation Exploration of a Nationally Bound Administrative Heritage.” Organization Science 9 (6): 670–684.
   Web of Science ®Google Scholar
• Lucey, B. M., and Q. Zhang. 2010. “Does Cultural Distance Matter in International Stock Market Comovement? Evidence from Emerging Economies Around the World.” Emerging Markets Review 11 (1): 62–78.
   Web of Science ®Google Scholar
• March, J. G., and Z. Shapira. 1987. “Managerial Perspectives on Risk and Risk Taking.” Management Science 33 (11): 1404–1418.
   Web of Science ®Google Scholar
• Martin, K. J. 1996. “The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership.” Journal of Finance 51 (4): 1227–1246.
   Web of Science ®Google Scholar
• Martin, X., and R. Salomon. 2003. “Tacitness, Learning, and International Expansion: A Study of Foreign Direct Investment in a Knowledge-Intensive Industry.” Organization Science 14 (3): 297–311.
   Web of Science ®Google Scholar
• Martynova, M., and L. Renneboog. 2009. “What Determines the Financing Decision in Corporate Takeovers: Cost of Capital, Agency Problems, or the Means of Payment?” Journal of Corporate Finance 15: 290–315.
   Web of Science ®Google Scholar
• Maung, M., Z. Tang, C. Wilson, and X. Xu. 2021. “Religion, Risk Aversion, and Cross Border Mergers and Acquisitions.” Journal of International Financial Markets, Institutions and Money 70: 101262.
   Web of Science ®Google Scholar
• Morosini, P., S. Shane, and H. Singh. 1998. “National Cultural Distance and Cross-Border Acquisition Performance.” Journal of International Business Studies 29 (1): 137–158.
   Web of Science ®Google Scholar
• Mukherji, A., J. Mukherji, C. Dibrell, and J. D. Francis. 2013. “Overbidding in Cross- Border Acquisitions: Misperceptions in Assessing and Valuing Knowledge.” Journal of World Business 48 (1): 39–46.
   Web of Science ®Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information that Investors do not Have.” Journal of Financial Economics 13 (2): 187–221.
   Web of Science ®Google Scholar
• Nahavandi, A., and A. R. Malekzadeh. 1993. Organizational Culture in the Management of Mergers. Westport, CT: Quorum Books.
   Google Scholar
• Nguyen, N. H., and H. V. Phan. 2017. “Policy Uncertainty and Mergers and Acquisitions.” Journal of Financial and Quantitative Analysis 52: 613–644.
   Web of Science ®Google Scholar
• Officer, M., A. Poulsen, and M. Stegemoller. 2009. “Target-Firm Information Asymmetry and Acquirer Returns.” Review of Finance 13: 467–493.
   Web of Science ®Google Scholar
• Pablo, A. L. 1994. “Determinants of Acquisition Integration Level: A Decision-Making Perspective.” Academy of Management Journal 37 (4): 803–836.
   Web of Science ®Google Scholar
• Pastor, L., and P. Veronesi. 2012. “Political Uncertainty and Risk Premia.” Journal of Financial Economics 110: 520–545.
   Web of Science ®Google Scholar
• Rappaport, A., and M. L. Sirower. 1999. “Stock or Cash - The Trade-Offs for Buyers and Sellers in Mergers and Acquisitions.” Harvard Business Review 77: 147–158.
   PubMed Web of Science ®Google Scholar
• Reuer, J. J., O. Shenkar, and R. Ragozzino. 2004. “Mitigating Risk in International Mergers and Acquisitions: The Role of Contingent Payouts.” Journal of International Business Studies 35 (1): 19–32.
   Web of Science ®Google Scholar
• Rhodes-Kropf, M., and S. Viswanathan. 2004. “Market Valuation and Merger Waves.” Journal of Finance 59 (6): 2685–2718.
   Web of Science ®Google Scholar
• Rossi, S., and P. F. Volpin. 2004. “Cross-country Determinants of Mergers and Acquisitions.” Journal of Financial Economics 74: 277–304.
   Web of Science ®Google Scholar
• Sarala, R. M., and E. Vaara. 2010. “Cultural Differences, Convergence, and Crossvergence as Explanations of Knowledge Transfer in International Acquisitions.” Journal of International Business Studies 41 (8): 1365–1390.
   Web of Science ®Google Scholar
• Schoenberg, R. 2000. “The Influence of Cultural Compatibility Within Cross-Border Acquisitions: A Review.” Advances in Mergers and Acquisitions 2: 43–59.
   Google Scholar
• Sha, Y., C. Kang, and Z. Wang. 2020. “Economic Policy Uncertainty and Mergers and Acquisitions: Evidence from China.” Economic Modelling 89: 590–600.
   Web of Science ®Google Scholar
• Shimizu, K., M. A. Hitt, D. Vaidyanath, and V. Pisano. 2004. “Theoretical Foundations of Cross–Border Mergers and Acquisitions: A Review of Current Research and Recommendations for the Future.” Journal of International Management 10: 307–353.
   Google Scholar
• Shleifer, A., and R. W. Vishny. 2003. “Stock Market Driven Acquisitions.” Journal of Financial Economics 70 (3): 295–311.
   Web of Science ®Google Scholar
• Siegel, J. I., A. N. Licht, and S. H. Schwartz. 2011. “Egalitarianism and International Investment.” Journal of Financial Economics 102 (3): 621–642.
   Web of Science ®Google Scholar
• Slangen, A. H., and R. J. Van Tulder. 2009. “Cultural Distance, Political Risk, or Governance Quality? Towards a More Accurate Conceptualization and Measurement of External Uncertainty in Foreign Entry Mode Research.” International Business Review 18 (3): 276–291.
   Web of Science ®Google Scholar
• Swieringa, J., and M. Schauten. 2007. The Payment Method Choice in Dutch Mergers and Acquisitions. doi:10.2139/ssrn.1018899
   Google Scholar
• Teerikangas, S., and P. Very. 2006. “The Culture-Performance Relationship in M&A: From yes/no to how.” British Journal of Management 17 (S1): S31–S48.
   Web of Science ®Google Scholar
• Teti, E., M. Dallocchio, and T. Currao. 2020. “Family Ownership and M&A Payment Method.” International Journal of Finance & Economics, forthcoming.
   Web of Science ®Google Scholar
• Tong, T. W., J. J. Reuer, and M. W. Peng. 2008. “International Joint Ventures and the Value of Growth Options.” Academy of Management Journal 51 (5): 1014–1029.
   Web of Science ®Google Scholar
• Travlos, N. G. 1987. “Corporate Takeover Bids, Methods of Payment, and Bidding Firms’ Stock Returns.” The Journal of Finance 42 (4): 943–963.
   Web of Science ®Google Scholar
• Tsui, A. S., S. S. Nifadkar, and A. Y. Ou. 2007. “Cross-national, Cross-Cultural Organizational Behavior Research: Advances, Gaps, and Recommendations.” Journal of Management 33 (3): 426–478.
   Web of Science ®Google Scholar
• UNCTAD. 2018. Investment and New Industrial Policies (UNCTAD/WIR/2018). New York and Geneva: United Nations.
   Google Scholar
• Uysal, V. B. 2011. “Deviation from the Target Capital Structure and Acquisition Choices.” Journal of Financial Economics 102 (3): 602–620.
   Web of Science ®Google Scholar
• Vermeulen, F., and H. Barkema. 2001. “Learning Through Acquisitions.” The Academy of Management Journal 44: 457–476.
   Web of Science ®Google Scholar
• Wade-Benzoni, K. A., T. Okumura, J. M. Brett, D. A. Moore, A. E. Tenbrunsel, and M. H. Bazerman. 2002. “Cognition and Behavior in Asymmetric Social Dilemmas: A Comparison of Two Cultures.” Journal of Applied Psychology 87 (1): 87–95.
   Web of Science ®Google Scholar
• Wansley, J. W., W. R. Lane, and H. C. Yang. 1987. “Gains to Bidder Firms in Cash and Securities Transactions.” The Financial Review 22 (4): 403–414.
   Google Scholar
• Weitzel, U., and S. Berns. 2006. “Cross-border Takeovers, Corruption, and Related Aspects of Governance.” Journal of International Business Studies 37 (6): 786–806.
   Web of Science ®Google Scholar
• Yook, K. C., P. Gangopadhyay, and G. M. McCabe. 1999. “Information Asymmetry Theory, Management Control Theory, and Method of Payment in Acquisitions.” Journal of Financial Research 22 (4): 413–427.
   Google Scholar
• Zaheer, S. 1995. “Overcoming the Liabilities of Foreignness.” The Academy of Management Journal 38 (2): 341–363.
   Web of Science ®Google Scholar
• Zahra, S. A., R. D. Ireland, and M. A. Hitt. 2000. “International Expansion by new Venture Firms: International Diversity, Mode of Market Entry, Technological Learning, and Performance.” The Academy of Management Journal 43 (5): 925–950.
   Web of Science ®Google Scholar
• Zhou, C., J. Xie, and Q. Wang. 2016. “Failure to Complete Cross-Border M&As: “to” vs. “from” Emerging Markets.” Journal of International Business Studies 47 (9): 1077–1105.
   Web of Science ®Google Scholar
• Zhu, H., L. Eden, S. R. Miller, D. E. Thomas, and P. Fields. 2012. “Host-Country Location Decisions of Early Movers and Latecomers: The Role of Local Density and Experiential Learning.” International Business Review 21 (2): 145–155.
   Web of Science ®Google Scholar