The global cross-border mergers and acquisitions network between 1990 and 2021

The literature is characterized by a lack of research analyzing cross-border mergers and acquisitions (CBM&A) as a network. This article aims to evaluate the topology properties (the geographical and sectoral structure) of the global CBM&A network in 1990-2021. A quantitative study is conducted by using the social network analysis (SNA) method. The countries' structural power in this global system is measured by the centrality indicators. From a geographical perspective, the study shows that in 1990-2021, the United States, the United Kingdom, Germany, Canada, and France occupied the most central place in the network. From the beginning of the 21st century, there has also been a marked increase in the importance of Asian countries, with China and India receiving a large inflow of foreign capital. In turn, entities from Hong Kong, Singapore, Japan, and China invested heavily abroad through M&A. The Asian countries' economies also played the role of important intermediaries in the global CBM&A network. From a sectoral perspective, it can be stated that in 1990-2021, mainly entities operated in the financial, industrial, basic materials, technology, and consumer cyclical sectors made transactions in the global CBM&A network. They were also the main investment targets within this network.