Does Bilateral Trust Matter During Mergers and Acquisitions Negotiations?
研究双边信任对欧洲跨境并购的影响，发现信任能促进交易宣布和完成，且对复杂交易和面临外来者劣势的竞标方作用更强，同时与并购绩效正相关。
Abstract We examine the effect of bilateral trust on cross‐border mergers and acquisitions (M&As). Using a large European M&A sample, we find that bilateral trust facilitates deal announcement and completion. Bidder and target bilateral trusts towards each other are both important for deal announcement, but only bidder trust towards the target firm matters for deal completion. The effect of bilateral trust on deal completion is amplified in more complex transactions and when bidders face severe liability of foreignness. Moreover, bilateral trust between the parties is also associated positively with merger performance. These results support the importance of bilateral trust as a deal facilitator in negotiation settings characterized by contract incompleteness and liability of foreignness.