Investor sentiment and M&A withdrawal: International evidence
基于国际样本，研究发现高投资者情绪显著降低并购撤回概率，可能导致竞标者做出非理性决策；集体主义、不确定性规避和男性气质等文化因素会强化这一效应，而强制度则削弱它。
Successfully achieving an integration strategy with a target depends on various factors. This paper examines how investor sentiment might influence the Merger and Acquisition (M&A) completion process. Using an international sample, the results indicate that a high level of investor sentiment significantly decreases the likelihood of a deal withdrawal and may lead bidders to make non-rational M&A decisions. Furthermore, cultural country factors such as collectivism, uncertainty avoidance, and masculinity accentuate the negative effect of investor sentiment on deal withdrawal, while strong institutions reduce this effect. Our findings are robust to several robustness checks.