Beyond education: International student inflow and outbound cross-border mergers and acquisitions

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-03-08 DOI:10.1016/j.intfin.2025.102143

Hao Wang , Shuting Tan , Yonghui Han

引用次数: 0

Abstract

This paper investigates the impact of international education exchange on cross-border mergers and acquisitions (CBMA). Using a comprehensive panel dataset covering 141 countries from 2006 to 2018, we find that international students studying in China have a positive impact on China’s outbound CBMA. Such an effect operates through diplomatic relations, economic cooperation and cultural convergence as the underlying mechanisms. The effect of international education exchange is more pronounced for degree-seeking students than for non-degree-seeking students. Moreover, non-degree-seeking scholarship recipients exert a stronger influence on CBMA than degree-seeking scholarship recipients.

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本文研究了国际教育交流对跨国并购（CBMA）的影响。利用 2006 年至 2018 年覆盖 141 个国家的综合面板数据集，我们发现在中国学习的留学生对中国对外并购产生了积极影响。这种影响通过外交关系、经济合作和文化趋同作为内在机制发挥作用。与非学位留学生相比，国际教育交流对学位留学生的影响更为明显。此外，与攻读学位的奖学金获得者相比，非攻读学位的奖学金获得者对 CBMA 的影响更大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.