For more than 100 years mergers and acquisitions (M&As) have represented an essential part in strategic management practice and research (Nahavandi & Malekzadeh, 1988). Cross-border mergers and acquisitions have become the most common tool for non-organic growth (Adler, 1981, pp. 341). Firms seeking competitive advantage in an increasingly complex and global business economy decide in favor of M&As, as it has been the most dominant mode for internationalization during the last decade (Cartwright & Cooper, 1993, p. 57; Haspeslagh & Jemison, 1991, p. 4; Melin, 1992, p. 111).
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