Three decades of research on cross-border mergers and acquisitions: A literature review and future research agenda

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Abstract

This study reviews 191 empirical articles published from 1990 to 2020 in A* and A category journals recognized by the Australian Business Deans Council (ABDC). We adopt the theories-contexts-characters-methods (TCCM) protocol to review and present the consolidated findings and set future research agendas in cross-border mergers and acquisitions (CBA) activities. Our review findings suggest that scholars have used institutional theory consisting of the formal and informal institutional framework, resource-based view, macro economic theory, information asymmetry, agency theory, ownership, location, and internalization (OLI) framework, and multi-theoretical framework covering transaction cost economics, information cost, real options theory, knowledge-based view, organization learning theory, and likewise related antecedents in the CBA research. Most of the existing knowledge is either from developed markets or global markets, and at a rapid pace, scholars are investigating emerging markets’ outbound CBA activities.

Keywords: Cross-Border Mergers and Acquisitions (CBA), Theories-Contexts-Characters-Methods (TCCM) Protocol, Systematic Literature Review

Authors’ individual contribution: Conceptualization — R.C.; Methodology — R.C. and I.G.; Formal Analysis — R.C. and I.G.; Investigation — R.C. and I.G.; Writing — Original Draft — R.C. and I.G.; Writing — Review & Editing — R.C. and R.M.; Supervision — R.M.; Project Administration — R.M.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: F2, F3, F4, F5, F6

Received: 29.08.2022
Accepted: 01.12.2022
Published online: 02.12.2022

How to cite this paper: Chandrika, R., Mahesh, R., & Gupta, I. (2022). Three decades of research on cross-border mergers and acquisitions: A literature review and future research agenda. Corporate Ownership & Control, 20(1), 114–124. https://doi.org/10.22495/cocv20i1art11