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The effect of cultural and geographic distance on M&A performance: insights from Latin American firms
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Orientador(es)
Resumo(s)
Cross-border mergers & acquisitions (M&As) are a key strategy for international
expansion, yet factors influencing their outcomes remain unclear, particularly for Latin
American acquirers. This study examines the impact of cultural and geographic distance on the
long-term M&A performance of Latin American firms. Using a unique dataset of M&A deals
from 2010 to 2021, change in return on assets (ROA) is applied to measure outcomes. Results
show no significant effects of cultural distance, but weakly significant negative effects of
geographic distance on performance. This finding challenges the assumption that technological
advancements diminish the impact of geographic distance on M&A outcomes.
Descrição
Palavras-chave
M&As Latin America Cultural distance Geographic distance