Do cross-border mergers-acquisitions in mature and emerging markets create similar value?

The objective of this article is to compare the value creation of cross-border MA their reaction after the announcement is clearly positive for M&As in mature markets and moderately positive for those in emerging markets. Future studies on M&A value creation should differentiate mature and emerging economies and adopt a more in-depth classification of target countries. This research emphasizes the necessity to consider country-specific factors for M&A value creation. The empirical study is based on a sample of French acquirers, who account for 3 per cent of the volume and value of M&As in the world and whose operations are rarely studied in the literature. We compare the reaction of financial markets before and after the announcement of M&As conducted in mature and emerging economies.