Legal origins and their influence on cross-border M&A volume across Europe

Abstract

This paper empirically examines the influence of legal origins on the cross-border European M&A market. Using a sample of 27 European countries with a random effects model, the empirical evidence does not confirm legal origins as an explanation for the volume of European cross-border M&A market, neither does it confirm a significant reduced effect of this influence by becoming a member of the EU. The results are robust for re-estimating the dependent variable by using the value of a cross-border M&A deal, instead of the volume.