arbiter
JournalsAccount

Worldwide board reforms and cross-border M&A flows

Qi Donga et al.

Journal of Corporate Finance2026https://doi.org/10.1016/j.jcorpfin.2026.102970article
AJG 4ABDC A*
Weight
0.50

Abstract

This study examines the influence of global board reforms on cross-border mergers and acquisitions (CBMAs). Using a difference-in-differences methodology, we find that CBMA flows increase significantly following board reforms in both home and host countries. The effect is more pronounced for countries with relatively weaker external governance mechanisms compared to their counterparts. Our findings suggest that board reforms enhance board functions, thereby facilitating firms' outbound investments. Simultaneously, improved board governance mitigates acquisition risks, attracting inward investments and, consequently, stimulating CBMA flows.

Open via your library →

Cite this paper

https://doi.org/https://doi.org/10.1016/j.jcorpfin.2026.102970

Or copy a formatted citation

@article{qi2026,
  title        = {{Worldwide board reforms and cross-border M&A flows}},
  author       = {Qi Donga et al.},
  journal      = {Journal of Corporate Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.jcorpfin.2026.102970},
}

Paste directly into BibTeX, Zotero, or your reference manager.

Flag this paper

Worldwide board reforms and cross-border M&A flows

Flags are reviewed by the Arbiter methodology team within 5 business days.

Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.