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Motives for Cross-border Mergers and Acquisitions: Some Evidence from Danish Firms

This study addresses two questions based on Danish firms’ practices: first, what are motives for cross-border mergers and acquisitions (CBM&As)? Second, how the external and internal factors influence the firms’ decisions? Based on the literature review, survey questionnaire and multiple-case study that were conducted amongst Danish firms, our empirical evidence supports that CBM&A motives are based on Rationality Hypothesis, including Synergy Theory, Resource Dependence Theory, and Resource-based View. Besides, overconfidence and imitation sometimes play a role in the firms’ decision-making process. However, agency problems cannot be identified. Instead, CBM&As are designed to fulfill the firms’ longor short-term business strategies. Furthermore, our findings show that expanding geographically, expanding or improving the product mix, achieving more rapid growth, gaining economies of scale, and acquiring technical knowledge & expertise are the top five motives for Danish firms. In addition, we found the nature of the firms’ businesses mainly determines their motives for conducting CBM&As. They focus on their core businesses rather than diversification, and horizontal CBM&As.