Article Dans Une Revue International Review of Financial Analysis Année : 2024

Investor sentiment and M&A withdrawal: International evidence

Résumé

Successfully achieving an integration strategy with a target depends on various factors. This paper examines how investor sentiment might influence the Merger and Acquisition (M&A) completion process. Using an international sample, the results indicate that a high level of investor sentiment significantly decreases the likelihood of a deal withdrawal and may lead bidders to make non-rational M&A decisions. Furthermore, cultural country factors such as collectivism, uncertainty avoidance, and masculinity accentuate the negative effect of investor sentiment on deal withdrawal, while strong institutions reduce this effect. Our findings are robust to several robustness checks.
Fichier non déposé

Dates et versions

hal-04779943 , version 1 (13-11-2024)

Identifiants

Citer

Fabrice Hervé, Ibtissem Rouine, Mohamed Firas Thraya, Mohamed Zouaoui. Investor sentiment and M&A withdrawal: International evidence. International Review of Financial Analysis, 2024, 96, pp.103728. ⟨10.1016/j.irfa.2024.103728⟩. ⟨hal-04779943⟩
14 Consultations
0 Téléchargements

Altmetric

Partager

More