Please distribute to members

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, 2013).

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:


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

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



AIB-L is brought to you by the Academy of International Business.
For information:
To post message: [log in to unmask]
For assistance: [log in to unmask]
AIB-L is a moderated list.