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Cross Border Mergers and Acquisitions in and out of Emerging Markets: Success and Failure Factors (20/12/2018)

Special issue call for papers from International Journal of Emerging Markets

Guest Editors

Yaakov Weber, College of Management Academic Studies, Israel
Shlomo Tarba, University of Birmingham, UK

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 (Gomes, 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). Other recent research studies point to the fact that that there are significant differences in institutional environments between developed economies and emerging economies, and underscore the need for exending of the existing knowledge on M&A by exploring them in new national and organizational settings (Ahammad, Leone, Tarba, Glaister & Arslan, 2017; Buckley, Elia, & Kafouros, 2014).
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 (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 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?

Important Dates:

Paper Submission Deadline:      December 20, 2018

Publication:                                  Around Mid 2020

Guidelines on Submission:

•    Please visit the International Journal of Emerging Market at 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


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-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.Y., & Oberg, C. (2013). A Comprehensive Guide to Mergers and Acquisitions: Managing the CriticalSuccess Factors Across Every Stage of the M&A Process. USA & UK: Financial Times Press.

About the special issue editors

Yaakov Weber, Ph.D. is a Professor of Management at the School of Business Administration, College of Management-Academic Studies, Rishon LeZion, Israel, and President of the strategic management consulting firm Strategy, Implementation, Results. He has practiced as a strategic management consultant for more than 30 years and has assisted executives of numerous companies in successfully managing various stages of domestic and international mergers and acquisitions, including planning, negotiation, and integration. He lectures at various universities in the United States, Western and Eastern Europe, and China, in graduate schools of business administration as well as executive programs. He has conducted numerous workshops to top executives in many countries.
Prof. Weber’s studies have been published in top international academic and practitioner journals such as Strategic Management Journal, Journal of Management, Management Science, Human Relations, Human Resource Management, California Management Review, British Journal of Management, Journal of Business Research, International Studies of Management & Organization, among others. He is the winner of the 2010 Outstanding Author Contribution Award. Professor Weber is co-founder and co-president of the EuroMed Research Business Institute (, the EuroMed Academy of Business, and the EuroMed Research Centre. Currently, he is the Editor of 3 book series on Business Models for Strategic Innovation (Rutledge), Innovation and Capacity Building (Palgrave Macmillan), and Cross-disciplinary perspectives of Management Ambidexterity (Emerald).

Shlomo Y. Tarba is an Associate Professor (Reader) in Business Strategy, Member of Senior Management Team, and Head of Department of Strategy & International Business at the Business School, University of Birmingham, UK, and a Visiting Professor in Coller Business School, Tel-Aviv University, Israel. He received his PhD in Strategic Management from Ben-Gurion University and Master's in Biotechnology degree at the Hebrew University of Jerusalem, Israel. His research interests include mergers and acquisitions, strategic agility, organizational ambidexterity and innovation. Prof. Tarba is a member of the editorial boards of Journal of Management Studies, Journal of World Business, British Journal of Management, and Long Range Planning. He has served as a guest-editor for the special issues at Human Resource Management (US), California Management Review (University of California, Berkeley), Journal of World Business, International Business Review, and Management International Review. His research papers are published/forthcoming in journals such as Journal of Management (SAGE), Journal of Organizational Behavior (US, Wiley), Human Relations, Journal of World Business, Management International Review, International Business Review, Academy of Management Perspectives, California Management Review, British Journal of Management, and his papers have received more than 2,600 citations in leading journals and books. One of his papers has been selected and published in Best Paper Proceedings of the Academy of Management (USA) in 2006.
Prof. Tarba's recent two co-authored books are A Comprehensive Guide to Mergers & Acquisitions: Managing the Critical Success Factors Across Every Stage of the M&A Process by Pearson & Financial Times Press (2014), and Mergers, Acquisitions, and Strategic Alliances: Understanding The Process by Palgrave Macmillan (2011). His consulting experience includes biotechnological and telecom companies, as well as industry association such as The Israeli Rubber and Plastic Industry Association, and The US – Israel Chamber of Commerce.