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An analysis of firm level data from 393 completed Chinese firm cross-border mergers and acquisitions (CMA) from 2002 to 2019 revealed that there was a herd effect in Chinese CMA activities. The heterogeneity factors in the host country effects on the herd index found that the political environment was a significant positive herd effect determinant and exchange rate volatility, openness degree, and cultural distances were negative determinants. This research sheds light on Chinese firm CMA decision-making, which could assist in the development of appropriate policies to assist firms achieve better performances.

The Herd Effect and Cross-Border Mergers and Acquisitions by Chinese Firms