关键词：International education exchange；Cross-border mergers and acquisitions；Liability of foreignness
摘要：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.
作者简介：
Hao Wang, Guangdong Institute for International Strategies, Guangdong University of Foreign Studies, Guangzhou, China
Shuting Tan, Guangdong Institute for International Strategies, Guangdong University of Foreign Studies, Guangzhou, China
Yonghui Han, Core China Research Center, Universidad de Navarra, Campus Universitario, Pamplona, Spain
期刊名：《Journal of International Financial Markets, Institutions and Money》
期刊类别：SSCI、一类B
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