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Special Issue

Call for Papers

International Journal of Emerging Markets


Cross-Border Mergers and Acquisitions in and out of Emerging Markets:
Success and Failure Factors


Guest Editors

Yaakov Weber

College of Management Academic Studies, Israel

Shlomo Tarba

University of Birmingham, UK

Consulting Editor

Daniel Rottig

Florida Gulf Coast University, USA

Mergers and acquisitions (M&As) of companies located in emerging markets
(EMs) as well as M&A deals that have originated from emerging market firms
in recent years account for a large share of foreign direct investment
(Rottig, 2017). Furthermore, the majority of outward foreign direct
investment from EMs is created through M&As that help firms to achieve
strategic objectives such as growth and acquisitions of technology and
resources. However, the number of studies that focus on M&As in and out of
EMs is much smaller than those studies that analyze M&As in and out of
developed economies, which constitute a major research gap and opportunity
for future studies. For example, a recent reviews of the literature on the
critical success factors of M&As (Gomes, Angwin, Weber and Tarba, 2013;
Rottig and Reus, 2018) concluded that there is a scarcity of theoretical and
empirical work examining cross-border M&As by EM firms.  Moreover, based on
a meta-analysis of culture's consequences for acquisition performance,
Rottig (2017: 28) notes that "the majority of culture-related acquisition
performance research is based on samples of acquirers and targets in
developed countries with a recent emergence of studies examining
acquisitions of Western-based firms in emerging markets. Interestingly,
however, we could not identify a single empirical study that examined the
effects of cultural differences on acquisition performance based on a sample
of acquisitions of emerging market targets by emerging market acquirers.
Against the background of the recent proliferation of acquisitions across
emerging markets - with emerging market acquirers accounting for 53 percent
of global cross-border acquisitions and 72 percent of targets being located
in emerging markets (UNCTAD, 2014) - future research is likely to make a
contribution by theoretically examining the unique institutional
environments of emerging markets, developing location-specific conceptual
models for the culture-based acquisition performance determinants in these
markets, and empirically analyzing such models based on samples of acquirers
and target firms that are indigenous to these markets." These reviews point
out the need for more research on M&As within EMs as well as M&As
originating from EM firms. 

Most of the scarce, extant literature on M&As in and out of EMs is based on
samples from only one single country such as China or India, and the results
are mixed. It is questionable whether conclusions drawn from studies of M&As
in one emerging market context can be generalized to other EM contexts and
other EM firms. Furthermore, there is a lack of research testing the
applicability of findings and theories from the literature on cross-border
M&As in developed countries in the context of M&As in and out of EM. For
example, more research is needed on the unique institutional (external and
internal) factors in EMs that impact the strategies, implementation and
performance of M&A in EMs (e.g., see Rottig, 2016). Studies have therefore
pointed to the fact that that there are significant differences in
institutional environments between developed economies and emerging
economies, and underscored the need for extending the existing knowledge on
M&As by exploring these transactions in new national and organizational
settings (Ahammad, Leone, Tarba, Glaister & Arslan, 2017; Buckley, Elia, &
Kafouros, 2014). 

This special issue aims to foster the research streams on antecedents
(factors affecting performance) and outcomes (performance) of cross-border
mergers and acquisitions in and out of emerging markets. This complex,
widespread and growing phenomenon of M&As will require the incorporation of
multidisciplinary, multi-level and cross-cultural models and analyses
(Junni, Sarala, Tarba, & Weber, 2015; Weber, 2012; Weber, Tarba, & Oberg,

We invite papers that focus on theories and findings that explain pre- and
post-M&A processes in EMs. We encourage both conceptual and empirical
(quantitative and qualitative) contributions that may address, but are not
limited to, the following topics: 

Multidisciplinary Approach and Interrelationships Among M&A Stages in and
out of EMs:

*	What insights can perspectives from strategy, organizational
behavior, international management, psychology, sociology, anthropology and
other disciplines provide to our understanding of M&A performance in and out
*	Given that some studies show that experience does not necessarily
lead to better performance, how can Learning theory, the
Knowledge-based-view and/or Resource-based-view explain M&A performance in
*	Do strategic goals, strategic choices and screening processes during
the pre-M&A stage lead to different psychological experiences and outcomes
that require different HR practices and implementation approaches in the
post-M&A stage in an emerging market context?


Success Factors at M&A Stages in and out of EMs

*	What are the success factors during the planning, closing and
implementation stages of M&A in EMs?
*	How do the unique institutional contexts of emerging markets affect
M&A performance across stages in the M&A process?
*	What are the roles of leadership and trust during different stages
of M&A in EMs?
*	What are the best practices for synergy realization in M&As in and
out EMs?
*	Under what circumstances (e.g., institutional contexts, industries,
firm size) are communication, training, staffing, recruiting, rewarding and
other practices during the pre and post-merger period the most effective?

Important Dates:

Paper Submission Deadline:      December 20, 2018

Guidelines on Submission:

.    Please visit the International Journal of Emerging Market website at
<> for details about author and submission
guidelines .
.    Please submit your papers directly through the ScholarOne submission
and review system, which you can access via
<> Please select this special issue in
ScholarOne when submitting your paper.


Ahammad, M. F., Leone, V., Tarba, S. Y., Glaister, K. W., & Arslan, A.
(2017). Equity ownership in cross-border mergers and acquisitions by British
firms: An analysis of real options and transaction cost factors. British
Journal of Management, 28 (2), 180-196.

Buckley, P. J., Elia, S., & Kafouros, M. (2014). Acquisitions by emerging
market multinationals: Implications for firm performance. Journal of World
Business, 49(4), 611-632.

Gomes, E., Angwin, D. N., Weber, Y., & Tarba, S. Y. 2013. Critical success
factors through the mergers and acquisitions process: Revealing pre- and
post-M&A connections for improved performance. Thunderbird International
Business Review, 55(1): 13-35.

Junni, P., Sarala, R., Tarba, S. Y., & Weber, Y. (2015). Strategic agility
in acquisitions. British Journal of Management, 26(4), 596-616. 

Rottig, D. 2016. Institutions and emerging markets: Effects and implications
for multinational corporations. International Journal of Emerging Markets,
11(1): 2-17.

Rottig, D. 2017. Meta-analys es of culture's consequences for acquisition
performance: An examination of statistical artifacts, methodological
moderators and the context of emerging markets. International Journal of
Emerging Markets, 12(1): 8-37.

Rottig, D. & Reus, T. H. 2018. Research on culture and international
acquisition performance: A critical evaluation and new directions.
International Studies of Management & Organization, 48(1): 3-42.

UNCTAD. 2014. World Investment Report: Investing in the SDGs: An action
plan. New York: United Nations Publications.


Weber, Y. 2012. Handbook of Research on Mergers and Acquisitions. Edward
Elgar, MA, USA.


Weber, Y., Tarba, S.Y., & Oberg, C. (2013). A Comprehensive Guide to Mergers
and Acquisitions: Managing the Critical Success Factors Across Every Stage
of the M&A Process. USA & UK: Financial Times Press.





Prof. Yaakov Weber

1. Director, Research Unit

School of Business Administration
College of Management
Rabin Blvd. 7
Rishon Lezion, Israel.
2. President, EMRBI and EMAB
EuroMed Research Business Institute and EuroMed Academy of Business



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