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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Aleksandra Nosova
Influence of Index of Economic Freedom and Cultural Distance on Likelihood of Cross-border M&A Deals of Russian Companies
Strategic Corporate Finance
(Master’s programme)
8
2016
Basing on the fact that cross-border M&A deals have special aspects (because countries have various economic, institutional and cultural structure), we researched impact of differencies in institutional, investment and culture environment on probability of completion of cross-border M&A deals, where Russian companies were buyers.

We used data on 255 M&A deals in the period of 1995 to 2014. As proxies of differencies in institutional and investment environment, we used Index of Economic Freedom. To research the impact of cultural differencies between Russia and country of a target company, the cultural clusters classification was developed. Our findings revealed that differencies in institutional, investment, and cultural environment have significant impact on the probability of cross-border M&A deals completion.

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