Abstract
Despite extensive research on cross-border mergers and acquisitions (CBMAs) and initial public offerings (IPOs), significant gaps remain in understanding how institutional and cultural factors shape these corporate transactions. This thesis examines three interconnected aspects of these corporate deals by analyzing formal and informal institutional determinants across different market contexts. Specifically, this thesis investigates worldwide board reforms’ impact on CBMA flows, gender equality proximity’s influence on CBMA decisions, and the effect of mandatory disclosure requirements on IPO underpricing.The empirical chapters reveal several findings. First, worldwide board reforms increase CBMA flows in both home and host countries. Second, U.S. firms are more likely to acquire targets from countries with similar gender equality levels, with this effect being stronger for firms with gender-diverse boards, particularly when targeting countries that have lower gender equality standards than the U.S. Third, firms subject to mandatory pre-IPO financial reporting requirements experience significantly lower underpricing, with this effect mitigated for VC-backed firms and in countries with stronger institutional quality, more developed stock markets, and more transparent information environments. These results also reveal that treated firms provide higher-quality IPO prospectuses, suggesting pre-IPO reporting requirements enhance transparency during public market transitions. Overall, this thesis highlights the critical role of both formal and informal institutional frameworks in shaping cross-border investments and public market entries.
| Date of Award | 10 Dec 2025 |
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| Original language | English |
| Awarding Institution |
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| Supervisor | Chen Zheng (Supervisor) & Hanwen Sun (Supervisor) |