Cross-border mergers and acquisitions activity in the tourism industry: A spatial econometrics analysis
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12 mai 2025
- ISIDORE Id: 10670/1.11bc8b...
- hal: hal-05068471
- doi: 10.1016/j.ijhm.2025.104238
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.ijhm.2025.104238
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Tourist traffic Tourism--Economic aspects Tourist trade Tourist industry Holiday industry Tourism industry Operators, Tour (Industry) Tourism operators (Industry) Tour operators (Industry) Visitor industry Travel industryCiter ce document
Muhammad Ahmad et al., « Cross-border mergers and acquisitions activity in the tourism industry: A spatial econometrics analysis », HAL SHS (Sciences de l’Homme et de la Société), ID : 10.1016/j.ijhm.2025.104238
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Résumé
The tourism industry is one of the largest sectors of the international economy with a 10.3 percent share in global GDP while cross-border mergers and acquisitions (M&A) activity contributes 42–45 percent to aggregate foreign direct investment (FDI) flows. However, little is known about the extent to which tourism activity may affect cross-border M&A activity. We employ a spatial econometrics framework over a sample of 3849 M&A transactions from 34 countries to examine the role of tourism activity in cross-border M&A in the tourism sector. Our results indicate that tourism activity reduces M&As investment uncertainty. In addition, cultural distance negatively affects tourism’s role as a channel for M&A activity.
