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Gulf Cooperation Council Cross-Border M&A: Institutional Determinants of Target Nation Selection

Author

Listed:
  • Michael Dowling

    (ESC Rennes School of Business - ESC [Rennes] - ESC Rennes School of Business)

  • Dieter Vanwalleghem

    (ESC [Rennes] - ESC Rennes School of Business)

Abstract

We provide a first formal study of target nation selection by Gulf Cooperation Council (GCC) firms in the Persian Gulf seeking to internationalize. We initially show the economic drivers behind target nation selection and then demonstrate the additional influence of a target nation's formal and informal institutions. Effective formal institutions (good governance) and close informal institutions (cultural similarity) in a target nation are preferred. We further examine interactions between formal and informal institutions to demonstrate that these institutional influences act as substitutes to each other in determining the attractiveness of potential target nation when we consider a generalized culture measure, but as complements when we consider a GCC-specific cultural measure. This research therefore provides a starting point for understanding the myriad of drivers involved in the rapidly growing pattern of GCC firms seeking to expand by acquiring overseas.

Suggested Citation

  • Michael Dowling & Dieter Vanwalleghem, 2018. "Gulf Cooperation Council Cross-Border M&A: Institutional Determinants of Target Nation Selection," Post-Print hal-01953981, HAL.
    • Handle: RePEc:hal:journl:hal-01953981
    DOI: 10.1016/j.ribaf.2018.06.004
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    Cited by:

    1. Han-Sol Lee & Ekaterina A. Degtereva & Alexander M. Zobov, 2021. "The Impact of the COVID-19 Pandemic on Cross-Border Mergers and Acquisitions’ Determinants: New Empirical Evidence from Quasi-Poisson and Negative Binomial Regression Models," Economies, MDPI, vol. 9(4), pages 1-13, November.
    2. Chidlow, Agnieszka & Wang, Jue & Liu, Xiaohui & Wei, Yingqi, 2021. "A co-evolution perspective of EMNE internationalization and institutions: An integrative framework of 5Cs," International Business Review, Elsevier, vol. 30(4).
    3. Şevkat Özgür & Franz Wirl, 2020. "Cross-Border Mergers and Acquisitions in the Oil and Gas Industry: An Overview," Energies, MDPI, vol. 13(21), pages 1-25, October.
    4. Vanwalleghem, Dieter & Yildirim, Canan & Mukanya, Anthony, 2020. "Leveraging local knowledge or global advantage: Cross border bank mergers and acquisitions in Africa," Emerging Markets Review, Elsevier, vol. 42(C).

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