Formal institutions and cross-border mergers and acquisitions: A systematic literature review and research agenda
系统梳理了1995-2023年间156篇关于正式制度（如政府效能、公司治理、投资者保护）对跨境并购影响的实证研究，构建了涵盖并购各阶段的整合框架，并指出未来研究方向。
In the last three decades, cross-border mergers and acquisitions have been the most preferred vehicle for unprecedented internationalization and integration of the global economy. This paper synthesizes the empirical research examining the impact of formal institutions related to state effectiveness, corporate governance and investor protection, and inter-country institutional differences on cross-border mergers and acquisitions. Our review summarizes a total of 156 studies across strategy, international business, finance, and economics literature published from 1995–2023. It presents a synthesized framework across each phase of cross-border mergers and acquisitions. In parallel, we identify opportunities for future research that should address the limitations in the existing stream of research and push the boundaries through the novel integration of theoretical lenses.