We use a panel data set of European firms to analyse the effects of domestic and international M&As on target firms' investment, growth and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our results indicate that upon acquisition, target...

New patterns of globalisation are accelerating the internationalisation of industry and reshaping industrial structure at the global level. Rapidly growing cross-border mergers and acquisitions (M&As) and strategic alliances are distinctive features of globalisation in the current era. They have...