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

Shlomo Tarba

University of Birmingham


The acquisitions of companies located in emerging markets 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 review of the literature on the critical success factors of M&As (Goems, Angwin, Weber and Tarba, 2013), 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 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 from one EM can be generalized to other EM firms. Furthermore, there is a lack of research testing the applicability of findings and theories from the literature on cross-border M&A in developed countries in the context of M&A 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)

This special issue aims to foster 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&A will require the incorporation of multidisciplinary, multi-level and cross-cultural models and analyses (Weber, 2012; Weber, Tarba and Oberg, 2014).

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 contributions that may address, but are not limited to, the following topics:


Multidisciplinary approach and interrelationships among M&A stages in and out EMs:

·         What insights can perspectives from strategy, organizational behavior, international management, psychology, sociology, anthropology and other disciplines provide to our understanding of M&As performance in and out EMs?

·         Given that some studies show that experience does not necessarily lead to better performance, how can    Learning theory, Knowledge-based-view and Resource-based-view explain the contribution of various stages on M&A performance in EMs?

·         Do strategic goals, strategic choices and screening processes during the pre-merger stage lead to different psychological experiences and outcomes that require different HR practices in M&As?

·         What is the link between HR practices, synergy expectations and synergy exploitation at M&As in EMs?


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

·         What are the success factors during the planning, due-diligence, and screening stages of M&A in EMs?

·         How the unique institutional contexts of emerging markets affect M&A performance?

·         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 (e.g., Weber and Tarba, 2010; Weber and Tarba, 2012; Weber, Shenkar and Raveh, 2006; )?


Important Dates:

Paper Submission Deadline:      December 20, 2018

Publication:                                  Around Mid 2020


Guidelines on Submission:

•    Please visit the International Journal of Emerging Market at  www.emeraldinsight.com/journal/ijoem to know more about the manuscript requirements.
•    Submissions to the International Journal of Emerging Markets are made using ScholarOne Manuscripts, the online submission and peer review system. Registration and access is available through 


Chatterjee, S., Lubatkin, M.H., Schweiger, D.M. and Weber, Y., (1992),”Cultural Differences and Shareholders Value: Explaining the Variability in the Performance of Related Mergers”, Strategic Management Journal, 13, 319-334    

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.

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-analyses 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.

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. and Reichal, A. (2009)"International Mergers and Acquisitions Performance Revisited - The Role of Cultural Distance and

           Post-  Acquisition Integration Approach" , Advances in Mergers and Acquisitions.  Vol. 8, 1-18


           Weber, Y. and Tarba, S. (2010) "Human Resource Practices and Performance of  Mergers and Acquisitions in Israel" Human Resource Management

           Review,  20, 203-211.


Weber, Y. and Fried Y. (2011) "The Role of HR Practices in Managing Culture Clash during Post Merger Integration process" Human Resource Management, Vol. 50 (5), 565-569.


Weber, Y., and Tarba, S.Y. (2012). Mergers and Acquisitions Process:The Use of Corporate Culture Analysis. Cross-Cultural Management:An International Journal


Weber, Y. Rahman-Mor, D. and Tarba, S. (2012) "Managing Cross Cultural Conflicts in Organizations" International Journal of Cross Cultural Management, 12(1): 73-99


          Weber, Y., Shenkar, O. and Raveh, A., (1996), “National and Corporate Culture Fit in Mergers/ Acquisitions: An Exploratory Study.” Management

           Science, Vol. 42, No. 8, 1215-1227.                     


Weber, Y, Tarba, S. and Oberg, C. A comprehensive Guide to Mergers and Acquisitions Management: Integration and Implementation. Financial Times Press, New York, NY, 2014.


 Prof. Yaakov Weber

Director, Research Unit

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


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