LAUSR

ABSTRACT While cross-border mergers and acquisitions (M&As) are emerging in the Association of Southeast Asian Nations (ASEAN), a high percentage of M&As fails to complete. This research investigates the antecedents of likelihood to complete cross-border M&As between six ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) and developed countries from 2000 to 2013. Our empirical results show that greater distances in law-regulation and country risk lead to lower probability of completion. In contrast, acquirers with bigger size, a higher percentage of stake sought, and cash payment enhance the likelihood of completion. Our findings propose implications for engaging in international business with ASEAN countries.