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With the advent of globalization, the number of mergers and acquisitions (M&As) has increased exponentially all over the world (e.g., Cartwright & Schoenberg, 2006; Stahl & Mendenhall, 2005) and also in Japan (e.g., Bebenroth, 2015; Herbes, 2016; Schaede, 2008; Tang & Metwalli, 2006). Researchers in the field of M&A distinguish between purely domestic M&As and international M&As; the latter are also frequently referred to in academic literature as cross-border M&As. The amount of cross-border M&A transactions worldwide has increased dramatically in recent years, accounting for an estimated 55% of the foreign direct investment (FDI) worldwide (Bruner, 2004).
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