Impact of Cultural Differences on the Results of Overseas Mergers and Acquisitions by Chinese Enterprises

Abstract

This study examines 154 Chinese enterprises that completed overseas mergers and acquisitions (M&As) between 2008 and 2017. Based on Hofstede's cultural dimension theory, the cultural distance variable is calculated and the short-term impact of cultural differences on Chinese enterprises’ overseas M&As outcomes is then quantitatively analyzed through multiple linear regression analysis.