Literature has offered positive or negative results of the relationship between performance, cultural distance and experience. This study considers the possibility that cross-border deal experiences can affect the success of the deal and the subsequent benefit from cultural differences. By relying on the event study methodology, we analyzed the stock market reaction of a sample of Italian firms in response to announcements of M&As, joint ventures, and minority stake purchases and found a positive and significant market reaction in response to the announcements. We found that cross-border deal experience positively affects performance. Cultural distance and the interaction between cultural distance and cross-border experience do not have significant results.
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