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.

中文翻译：

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投资者情绪和并购撤退：国际证据


成功实现具有目标的集成策略取决于各种因素。本文研究了投资者情绪如何影响并购 （M&A） 完成过程。使用国际样本，结果表明，高水平的投资者情绪会显著降低交易退出的可能性，并可能导致投标人做出非理性的并购决策。此外，集体主义、不确定性规避和男子气概等文化国家因素加剧了投资者情绪对交易退出的负面影响，而强大的机构则降低了这种影响。我们的研究结果对几项稳健性检查具有稳健性。