Cultural Distance and Cross-border M&A’s - An event study on the announcement effect of Swedish Cross-border M&A’s between 1996-2009
Our main findings are that Swedish cross-border M&A’s on average perform positively around the announcement of cross-border M&A’s, which is contrary to previous studies. Furthermore, we also find cultural distance to positively impact the announcement effect of cross-border M&A’s, also contradictive to previous findings. However, we cannot ensure that cultural distance itself affects t