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Evidence on Dimensions of Distance Reducing the Completion Rate of Cross-border Mergers and Acquisitions. A Comparative Study of Chinese and Russian Transactions

ФИО студента: Jonas Meisenzahl

Руководитель: Elena Rogova

Кампус/факультет: St.Petersburg School of Economics and Management

Программа: Finance (Master)

Год защиты: 2021

This dissertation critically examines the effect of cross-national distance on the completion rate of cross-border outbound mergers and acquisitions from China and Russia. Based on a rigorous literature review, a framework including institutional, economic, and geographic distance is presented. The subsequent discussion emphasizes the importance of institutional distance and examines its negative influence on deal completion in detail. Moreover, it is then argued that the effect is not homogenous for different home countries but varies dependent on characteristics of the home country context. A comparative discussion considers several of these features, such as uncertainty avoidance and knowledge sharing in the social network. Based on this examination, it is argued that the Chinese institutional environment lends itself better to moderating the negative impact of institutional distance on the completion rate. Despite various shortcomings, the empirical research, which employs logistic regression as well as complementary log-log regression analysis, indicates that distance in regulative institutions indeed has an adverse effect on the completion of cross-border transactions, and that this effect is stronger for Russian-lead transactions. While these results fit to the theoretical considerations, the empirical methodology employed cannot establish an unequivocal link. This represents a prime starting point for further research, also indicating a particular need for qualitative and comparative analysis. Besides, this dissertation provides important implications for policymakers.

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